What are the Real Estate Market Conditions in Lakeview?

What are the Real Estate Market Conditions in Lakeview? (Source: wikimedia.commons)

Why Lakeview?

Lively and accessible, Lakeview is the perfect blend of everything Chicago. Not only is the neighborhood home to the World Series-champion Cubs and their iconic ballpark, Wrigley Field, but it's also the spot for a wide array of nightlife and entertainment.

For those looking for something scenic, Lakeview lives up to its name, offering residents gorgeous views of Lake Michigan with easy access to the Lakefront Trail. It's also host to Chicago's annual LGBTQ Pride Parade, and Lakeview's chunk of Halsted Street is home to numerous LGBTQ resources and support centers.

Lakeview is the second largest ward in the city, with a population of more than 98,000 folks - a group that once included Charlie Chaplin, among other famous film and music stars. Here are a few handy resources for learning more about Lakeview:

If you're looking for a new home, you should also be looking into Lakeview for not just its abundant charms, but its vibrant housing market! Whether you're looking for a condo or a single family home, Lakeview's market is worth a look this year. Here's what to know right now:

Lakeview's Current Condo Market 

1. The Average Sale Price of a Lakeview Condo is Historically High

 

The average sale price of a condominium in Lakeview accelerated through 2013 and 2014, before leveling off around $370K in 2015. Since then, the price has risen sharply once again, and hit a high of $410K in 2018 before leveling off slightly.

2. Inventory Levels in Lakeview Favor the Seller

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 mutually beneficial 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. 

In Lakeview, the months supply of inventory hovers between two and three months. This means that Lakeview's condo market plainly favors the seller at the moment, and we can expect to see sales prices continue to rise. 

3. The Average Condo Stays on the Market For Approximately 60 Days

The average Lakeview condo spends right around two months on the market. Market times have fallen from 2015 highs of around 78 days to just more than 60, another sign that Lakeview is a great condo market for sellers. 

Lakeview's Current Single Family Home Market

1. The Average Selling Price of a Lakeview Single Family Home Is Nearly $1.4M

 

The price for a Lakeview single-family home climbed steadily from 2013 until 2016, at which point prices turned a corner and began to fall, in fits and starts. Since 2017, the market has turned a corner, and we are seeing home prices continue to rise once again, above $1.35 million.

2. Lakeview's House Market Is Fairly Balanced for Buyers and Sellers

 

We currently see just less than six months of single family home inventory in Lakeview, which tells us that the market is relatively balanced for buyers and sellers at the moment. A look at Average Market Time, below, will reinforces this analysis.

3. Lakeview Homes Are Spending Less Time On the Market

The average market time for a Lakeview home rose dramatically between 2015 and 2017, when this measure crossed the 140 day threshold. Recently, we have seen market times come down a bit, edging closer to 130 days. 

Ready to Purchase a Lakeview Property? 

When you're ready to live in a scenic, welcoming area full of great culture and a lot of the best that Chicago has to offer, the Real Group team would love to help you find your new home in Lakeview! To begin the process, why not drop us a line?

Are you thinking about selling your home?

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