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 your 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 Holding Steady

Edgewater Single Family Home Median Sales Price

After rising steadily for some time, median condo prices held fairly steady throughout 2016, hovering consistently around a high of $200,000 (and even dipping slightly). As we moved into 2017, though, prices resumed their upward trajectory. Since then, they have topped out at a high around $220,000. We expect prices to continue holding steady, or perhaps increase slightly, as we head further into 2018. 

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

3. The Average Condo Spends Fewer Than 65 Days on the Market

Edgewater Single Family Home Days on Market

After a sharp drop in 2014, 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, with the average condo now spending slightly more than two months on the market. 

Edgewater's Current Single Family Home Market

1. The Median Sales Price of a Single-Family Home Has Been Slowly Falling

Edgewater Condo Median Sales Price

The average 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 that trend has continued into 2018, with prices recently falling to the $650K mark for the first time since 2016. 

2. The Sales Price of Single-Family Homes is Expected to Maintain Based Upon Months Supply of Inventory 

Edgewater Condo Inventory

The months supply of inventory for single-family homes has sat consistently between four and five months for the better part of three years now. This means that the housing market is fairly balanced, and a good situation for both seller and buyer!

3. The Average Single-Family Home Spends Roughly 100 Days 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. Based on other market trends, we expect to see this number hold steady or continue to decrease in the months ahead, as buyers continue to flock to Edgewater.

Ready To Purchase an Edgewater Home? 

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

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