What are the Current Real Estate Market Conditions for Bridgeport?

One of 77 officially designated community areas in Chicago, Bridgeport stands out from the rest of the pack thanks to its culturally-rich history and trendy present.

Located about three miles southwest of the Loop, Bridgeport is a neighbor to Pilsen, McKinley Park, and Armour Square, and puts sports fans in convenient proximity to Guaranteed Rate Field, home to the Chicago White Sox. It’s also been called “a haven for artists and creative types” by Choose Chicago, and was named one of the city’s “coolest neighborhoods” by CNN.

Before its current status as a destination for art and culture, Bridgeport was renowned for being one of the oldest neighborhoods in all of Chicago. It has been the home or birthplace for five mayors, and is also home to the breaded steak sandwich, a Chicago original that still draws visitors to the city.

Want to know more about this quintessential Chicago neighborhood? Here are some resources worth checking out:

Curious what this area’s condo and home markets look like? Let’s take a look:

Bridgeport's Current Condo Market

1. The Median Sales Price of a Bridgeport Condo Has Come Down from Recent Highs

Bridgeport Single Family Home Median Sales Price

Bridgeport's median condo prices saw rapid growth from 2015 into 2018, with prices sharply rising with some consistency, from lows below $200K to a high near $375K as of late 2018. Though prices have dipped slightly at the time of this writing, we largely expect these prices to hold steady or continue to climb for the foreseeable future, based on additional market trends we'll explore below. 

2. The Bridgeport Condo Market Is Fairly Balanced

Bridgeport Single Family Home Months Supply of Inventory

The months supply of inventory counts the number of months it would take to sell all of the units currently on the market if no other new homes were added. It is a theoretical predictor of the housing market's growth and stability. 

Typically, three months of inventory or fewer indicates a seller's market, and we expect prices to rise in this situation.  

A balanced months supply of inventory is about four to six months, meaning that the situation is well balanced for both buyer and seller.

A buyer's market is typically a market that reaches more than six months. Because the number of homes on the market is disproportionate, prices would be expected to drop. 

The months supply of inventory for condos in the Bridgeport area currently sits just above four months, meaning that it is a situation that is fairly balanced for buyers and sellers. This metric sat below four months for some time, though, indicating a market that offers a lot to sellers, and where we might expect condo prices to remain fairly steady for the foreseeable future.

3. The Average Bridgeport Condo Spends About Two Months or Fewer on the Market

Bridgeport Single Family Home Days on market

After accelerating over the course of 2014 to mid-2015, the average market time stabilized for Bridgeport condos, then began to increase. After reaching a high of 109 days on the market in early 2018, timelines have begun to accelerate rapidly once again, and wait times currently sit just around 60 days, or roughly two months, as of fall 2019. 

Bridgeport's Current Single Family Home Market

1. The Median Sales Price of a Bridgeport Home Is Historically Quite Steady

Bridgeport Single Family Home Median Sales Price

Prices in the Bridgeport area tend to hold fairly steady. 2018 saw a massive leap in the median, up to $450K, but this value promptly came back to just below $410K. In this market, we largely expect prices to remain consistent; give or take some variation, the median sales price has essentially hovered around $400-430K from early 2016 through fall 2019. 

2. Based Upon Months Supply of Inventory, the Bridgeport Market Is Fairly Balanced, Slightly Favors the Seller

Bridgeport Single Family Home Months Supply Inventory

Currently, inventory in Bridgeport sits near three months, making it a relatively balanced market that tips slightly in favor of the seller at present. Still, overall market trends suggest that this is a fairly well-balanced market, appealing to buyers and sellers alike. 

3. The Average Single Family Home Spends Roughly Two to Three Months on the Market

Bridgeport Single Family Market Time

After hitting a significant high near 130 days in 2016, wait times for Bridgeport single-family homes have sped up substantially and currently sit right around 75 days, or between two and three months.

Ready To Purchase Your Bridgeport Home? 

When you're ready to live in a neighborhood full of Chicago history and all the modern amenities, Real Group RE would love to help you find a new home in Bridgeport! To begin the process and explore the neighborhood even more, drop us a line today!

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