Photo credit: Peter Fitzgerald via Wikimedia Commons
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:
- Choose Chicago’s Guide to Bridgeport
- “A Guide to Bridgeport,” from Chicago Magazine
- “Bridgeport,” an entry from the "Encyclopedia of Chicago"
- Baird & Warner's guide to "10 Things to See and Do In Bridgeport"
- Baird & Warner's guide to homes for sale in Bridgeport
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 Climbed From a Recent Low
Bridgeport's median condo prices saw rapid growth for the better part of three years, with prices sharply rising with some consistency, from lows below $200K in 2015 to a high near $375K in late 2018. Since then, the median condo price in Bridgeport has come down a bit. It hit a recent low of about $275k in January of 2021, and then has climbed approximately 15% so far this year - as of fall 2021. We largely expect these prices to steady or continue rising gradually within the foreseeable future, based on additional market trends we'll explore below.
2. The Bridgeport Condo Market Has Tipped in Favor of Sellers
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 as of fall 2021, meaning that it is a situation that is favorable to sellers. It is worth noting that this metric consistently hovered around the four month mark for some time, indicating a market where we might yet expect condo prices to remain fairly steady moving forward.
3. The Average Bridgeport Condo Spends Between Two to Three Months on the Market
After reaching a high of 109 days on the market in early 2018, average market time for Bridgeport condos began to accelerate rapidly, before leveling off slightly in 2019 and 2020. As of fall 2021, we generally expect a Bridgeport condo to remain on the market for roughly 70 days or fewer - that is, right between two to three months. This metric has been surprisingly consistent over the past year or two, as inventory and pricing have adjusted notably, they have held market time near constant.
Bridgeport's Current Single Family Home Market
1. The Median Sales Price of a Bridgeport Home Is Falling
2019 saw a massive jump in median single-family home prices in Bridgeport, which reached a high near $490K in the last months of the year. Prices climbed once again throughout 2020, reaching a high of about $505K. Prior to this, however, you can see that prices in the Bridgeport area tended to hold fairly steady. Give or take some variation, the median sales price essentially hovered around $400-430K from early 2016 through fall 2019. Despite falling inventory in 2021, single family home prices have hovered back to late-2019 and early 2020 pricing, around 450K.
2. Based Upon Months Supply of Inventory, the Bridgeport Market Slightly Favors the Seller
As of fall 2021, inventory in Bridgeport sits between two and three months, on a steady decline from the 4 month market in summer 2020. On face, it would seem this is a seller's market, and we would not be surprised to see pricing moving back the other way in the near future.
3. The Average Single Family Home Spends Roughly 50 Days on the Market
After hitting a significant high near 130 days in 2016, wait times for Bridgeport single-family homes have sped up substantially in recent years. As of fall 2021, average market time sits at roughly 51 days. This move is consistent with a decline in inventory, and current pricing seems to be a bit of an outlier. Expect prices to rise again.
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!
