What are the Current Real Estate Market Conditions for Edgewater?

What are the Current Market Conditions for Edgewater? (Source: wikimedia.commons)

Chicago's Edgewater Neighborhood

Chicago's Edgewater - a community area bordered on the north by Devon Avenue, on the south by Foster Avenue, west by Ravenswood Avenue, and on the east by Lake Michigan - is located about seven miles north of the Loop.

Once a popular haunt of celebrities, politicians, and other big shots, Edgewater is still notable for its easy access to beaches, its plethora of winning local businesses, and its central Bryn Mawr historic district, which comes complete with vintage lamp posts and architecture that instantly whisks you back to the roaring 1920s. 

Want to get a better feel for this unique slice of Chicagoland? Here are a few resources worth checking out:

Want to call Edgewater home? Ready to buy or sell in this amazing area? Here are the current housing market statistics for Edgewater that you need to know now:

Edgewater's Current Condo Market

1. The Median Sales Price of an Edgewater Condo Is Climbing

Edgewater Single Family Home Median Sales Price

Median condo prices in Edgewater rose steadily for some time before topping out at a high around $220,000 in 2018. In 2019, we saw the median condo price in Edgewater dip below $200K for the first time since 2017, before recovering and climbing steadily thereafter - reaching a high of roughly $240K in fall 2020.

2. Condo Prices are Expected to Continue Climbing or Remain Steady Based Upon Months Supply of Inventory

Edgewater Single Family Home 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 Edgewater sits between three and four months, making it fairly balanced condo market that may tip slightly in favor of the seller. We believe that this will result in steady growth and higher sales prices in the near-term. 

3. The Average Condo Spends 75 Days or Fewer on the Market

Edgewater Single Family Home Days on Market

The wait time for the average condo in Edgewater held steady, between 80 and 90 days, throughout much of 2015 and 2016. In 2017, however, average market times accelerated rapidly before leveling off. As of fall 2020, the average condo now spends right around 75 days or fewer on the market.

Edgewater's Current Single Family Home Market

1. The Median Sales Price of a Single-Family Home Is Starting to Climb

Edgewater Condo Median Sales Price

The median sales price for a single-family home in Edgewater saw steadfast growth for the better part of three years, with the sharpest increase - to roughly $800K - happening in the last few months of 2016. That growth leveled off significantly in 2017, and this metric held fairly until 2020, when prices started to climb upward notably once again. In fact, the median sales price for an Edgewater single-family just reached $750K, a level we haven't seen since 2017. 

2. The Sales Price of Single-Family Homes Is Expected to Hold Steady Based Upon Months Supply of Inventory 

Edgewater Condo Inventory

In the last few months of 2018, we saw months supply of inventory plummet sharply, before creeping upward throughout 2019 and into 2020. We saw another sharp drop in early 2020, with months supply of inventory falling from more than 5 months to 3.5 months very rapidly. Looking at the big picture, however, the months supply of inventory for single-family homes has consistently hovered around four to five months for the better part of four years, making the Edgewater market fairly balanced - though we do expect prices to remain high or continue climbing for the foreseeable future. 

3. The Average Single-Family Home Spends Roughly 100-110 Days on the Market

Edgewater Condo Days on Market

As of fall 2020, the average single-family home in Edgewater is expected to remain on the market for between 100 and 110 days. Average wait times for single family homes in the Edgewater market have fluctuated pretty sharply within the range of 80 to 120 days over the past four years. 

Ready To Purchase an Edgewater Home? 

When you're ready to live in a historic neighborhood with lots of Chicago charm, Real Group RE would love to help you find a new home in Edgewater! To begin the process and explore the neighborhood even more, drop us a line!

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