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 Been Climbing

Bridgeport Single Family Home Median Sales Price

Bridgeport's median condo prices have seen rapid growth from 2015 into 2018, with prices sharply rising with some consistency, from lows below $200K to a high well above $325K as of late 2018. Based on market trends, we can expect these prices to hold steady or continue to climb for the foreseeable future.

2. The Bridgeport Condo Market Is Headed into Seller's Market Territory

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 three months, meaning that it is a situation that is fairly balanced for buyers and sellers, though it may move toward favoring sellers in the near future. This suggests that condo prices might rise in the area. 

3. The Average Bridgeport Condo Spends Two to Three Months 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 above two months. 

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; given some variation, the median sales price has essentially hovered around $400-420K from early 2016 through late 2018. 

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 just below three months, making it a relatively balanced market that tips slightly in favor of the seller at present. Still, 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 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 hover 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, the Real Group team would love to help you find a new home in Bridgeport! To begin the process and explore the neighborhood even moredrop us a line today!

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