What Are the Current Real Estate Market Conditions in Lincoln Park?

What Are the Current Real Estate Conditions in Lincoln Park? (Source: wikimedia.commons)

Why Lincoln Park?

We've got two words for you: "Free Zoo." 

Lincoln Park is home to one of the country's last free zoos, meaning that your neighbors would be actual party animals. But if a sweet sloth and its friends aren't enough to draw you to the neighborhood, there are lots of other perks to living in Lincoln Park. It offers institutions devoted to preserving Chicago's history and culture, including the Lincoln Park Conservatory, the Chicago History Museum, and the Peggy Notebaert Nature Museum. 

And, if you're hungry, there are a ton of diverse dining spots, along with plenty of beloved old school mainstays (the Wiener's Circle, anybody?).

Looking to learn more about this iconic Chicago neighborhood? Check out some of these handy resources:

Lincoln Park blends sophistication with Chicago's salty sense of humor and history, and is a great place to call home. Ready to take a look for yourself? Here are the current stats for Lincoln Park's condo and housing market:

Lincoln Park's Current Condo Market 

1. The Median Sale Price of a Lincoln Park Condo Remains High

Single family home prices Lincoln Park, Chicago

Over the course of the last four years, the average sale price of a Lincoln Park condominium has climbed steadily; after a slight but notable dip in the middle of 2016, average prices have continued to skyrocket and now sit just higher than $490,000.

2. The Months Supply of Inventory for Condos in Lincoln Park Sits Just Higher Than Three Months

Lincoln Park Single Family Home 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 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 Lincoln Park, the months supply of inventory for condos reached a high of 3.1 months as of summer 2018. Prior, this metric had been consistently hovering at or below three months. This suggests that Lincoln Park's condo market tends to fall into the the seller's favor (as evidenced by the high sale prices in the graph above).

3. The Average Condo Stays on the Lincoln Park Market For Fewer Than 65 Days

Single family home days on market in Lincoln Park?

The average Lincoln Park condo continues to spend just about two months on the market, a number that has held steady, with some minor fluctuations, for more than three years now.

Lincoln Park's Current Single Family Home Market

1. The Median Selling Price of a Lincoln Park Single Family Home is More Than $1.6M

Condo prices in Lincoln Park

Over the course of 2014, home prices accelerated rapidly in Lincoln Park; that growth stalled through 2015, due to growing home inventory in the neighborhood. Prices maintained fairly well around $1.6M throughout 2016, then plunged as we moved into 2017. Since then, prices have rebounded once more, reaching highs greater than $1.6M in early 2018.

2. Lincoln Park's House Market Favors the Buyer

Condominium inventory in Lincoln Park, Chicago

When it comes to the months supply of inventory, Lincoln Park shows that the number of homes and the number of buyers is fairly well in sync. This can result in a market that favors competitive pricing, which can be a benefit to buyers. As of summer 2018, we see just about eight months or fewer of single family home inventory in Lincoln Park, indicating a buyer's market. 

3. Lincoln Park Homes Spend More Time On the Market Than Condos

Condo market time in Lincoln Park?

Lincoln Park is an area with steady demand and exclusive ownership, hence the slow and steady upward tick and generally lengthy market times you can observe on the graph above. Though this number is high compared to that for condos, it reaffirms to us that Lincoln Park is a great neighborhood for the right buyers. 

Ready to Purchase a Lincoln Park Property? 

When you're ready to live in area that combines sophistication and humor, the Real Group team would love to help you find your home in Lincoln Park. To begin the process and explore the neighborhood even more, drop us a line today!

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Chicago, IL 60614

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