What Are the Current Real Estate Market Conditions for Jefferson Park?

jefferson park chicago

Located on the northwest side of Chicago, Jefferson Park is one of the city’s 77 designated community areas. It is bordered by nearby Norwood Park and Forest Glen, and is located directly north of 
Portage Park.

Originally founded as a settlement for traders, hunters, and farmers, Jefferson Park was annexed by the city of Chicago all the way back in 1889. Today, you can still feel the history in this quiet, residential-focused community. Poke around Jefferson Park, and you won’t only find lovely homes, tasty restaurants, and top-notch parks and green spaces - you’ll find a stunning old movie palace-turned-cultural center. You’ll find the headquarters of the Gift Theatre, one of Chicagoland’s top companies. You’ll find cultural festivals that woo visitors from around the region - and around the country.

Interested in learning more about this charming Chicago neighborhood? Here are a few local resources worth taking a look at:

Want to buy or sell in Jefferson Park? Here are the current housing market statistics you should know:

Jefferson Park's Current Condo Market

1. The Median Sale Price of a Jefferson Park Condo Is Stabilizing

After climbing substantially from 2016 into 2018, the average sale price of a Jefferson Park condo has been falling, after reaching a high near $182K in spring 2018. Given some of the market trends that we'll discuss below, we expect this decline to level off or even turn the corner in the near future. 

2. Condo Prices are Expected to Grow Gradually Based Upon Months Supply of Inventory

The months supply of inventory counts the number of months it would take to sell all of the condos 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. 

Currently, inventory in Jefferson Park sits between two and three months, making it a fairly balanced market that may tip slightly in favor of the seller at the moment. Broadly speaking, we believe that this will result in a slight growth in sale prices in the near future. 

3. The Average Condo Currently Spends 60 Days or Fewer on the Market

 

The average market time for condos in Jefferson Park currently sits between 50 and 60 days. This suggests that there is substantial buyer interest for condos in this neighborhood, and they do not stay on the market for too long. 

Jefferson Park's Current Single Family Home Market

1. The Median Sales Price for a Single Family Home Has Been Climbing

We have been seeing prices climbing in Jefferson Park for some time now, and the median sales price for a single-family home currently sits at more than $320K. Based on the graphs we'll look at below, we expect prices to continue their steady growth, as Jefferson Park continues to grow in popularity with buyers.  

2. Months Supply of Inventory for Single Family Homes Indicates a Market That Tips In the Seller's Favor

Months supply of inventory dropped steadily over the course of 2015, then held steady, before dropping again over the course of 2018. At the time of this writing, there is currently about 2.5 months supply of inventory for Jefferson Park, suggesting a fairly balanced market with high prices, which may tip the scales slightly in favor of sellers at the moment. 

3. Single Family Homes Spend Between 2-3 Months on the Market

In another sign that the single-family home market in Jefferson Park is strong, the average wait time for homes has held quite steady for some time now, hovering between two and three months.

Ready To Purchase or Sell a Jefferson Park Home? 

When you're ready to live in Jefferson Park, the Real Group team would love to help you find your new home! To begin the process and explore the community even more, feel free to drop us a line!

Are you thinking about selling your home?

Real Group Real Estate

Contact Our Team Today

Contact Us
Please enter your name!
Please enter your email!
Write your message!

Search Our Blog

 

 

Subscribe to our Newsletter


Baird & Warner

2762 N Lincoln Ave C2
Chicago, IL 60614

Login Form

© 2013 - 2017 Real Group Real Estate at Baird & Warner. All Rights Reserved. Designed By Geek Chicago
Baird & Warner, 2762 N Lincoln Ave. Chicago, IL 60614 - Privacy Policy