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

Looking for the very best of North Side living?

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 Has Come Down From Recent Highs

Edgewater Single Family Home Median Sales Price

Median condo prices in Edgewater rose steadily for some time (despite a brief downturn in 2016), before topping out at a high around $220,000 as of 2018. Since then, we've seen a slight drop in the median condo price, down to roughly $200K as of summer 2019. 

2. Condo Prices are Expected to Climb 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 two and three months, making it fairly balanced condo market that tips in favor of the seller. We believe that this can result in steady growth and higher sale prices, over time. 

3. The Average Condo Spends Fewer Than 70 Days 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 slightly. As of summer 2019, the average condo now spends just more than two months on the market, on average. 

Edgewater's Current Single Family Home Market

1. The Median Sales Price of a Single-Family Home Is Quite Steady

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 has held fairly steady throughout 2018 and 2019. As of the time of this writing in summer 2019, prices currently sit around $670K, down from a recent high greater than $700K earlier in the year, but on par with the long view of this market. 

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

Edgewater Condo Inventory

The months supply of inventory for single-family homes sat consistently between four and five months for the better part of three years, making the Edgewater market fairly balanced, and a good situation for both seller and buyer! In the last few months of 2018 and into 2019, however, we saw months supply of inventory decline sharply, before rebounding in summer 2019. 

3. The Average Single-Family Home Spends 110 Days or Fewer on the Market

Edgewater Condo Days on Market

The average single-family home felt a sharp decline in average market time between 2014 and 2015, accelerating from 80 days to about 40 over that period. 2015 and 2016 saw average market time begin to climb, reaching a high near 110 days in mid-2017. We saw a sharp acceleration again in mid-2018. Since then, wait times have slowed down once again, with the average home now spending between 100-110 days on the market. 

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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