What are the Current Market Conditions for North Center?

What are the Current Market Conditions for North Center? (Source: wikimedia.commons - used as royalty free image)

Want a little bit of everything? Chicago's North Center - a community area bordered on the north by Montrose Avenue, on the south by Diversey Parkway, west by the Chicago River, and on the east by Ravenswood Avenue - is notable for its small community feel, proximity to great schools, and easy access to the best that Chicago's North Side has to offer, including live theater, comedy, music, and just about every cuisine you could imagine, from traditional German pub fare to cutting-edge sushi. 

North Center also boasts some of Chicago's most charming residential architecture, large parks, and pristine, tree-lined streets.

Want to learn more about this up-and-coming area and all it has to offer? Here are a few great resources on North Center:

Ready to get a feel for North Center's quiet charms? Here are the current market statistics for North Center you should know:

North Center's Current Condo Market

1. The Median Sale Price of a North Center Condo Has Been Steadily Rising

North Center Single Family Home Median Sales Price

The median sale price of a North Center condo has been climbing fairly consistently for some time now. Between spring 2015 and spring 2018, median sales prices have climbed from $380K to roughly $430K.

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

North Center 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 North Center tends to sit just above two months, making it a seller's market. We believe that this will result in steady growth and even higher sale prices for the foreseeable future. 

3. The Average Condo Spends Fewer Than 60 Days on the Market

North Center Single Family Home Days on Market

The average market time for a condo in North Center has held steady, just below 60 days, for the better part of three years. With that said, there are some minor trends worth observing. For instance, mid-2017 saw average market time accelerate to just 51 days, indicating a hot market. Since then, wait times have begun to climb slightly once again.  

North Center's Current Single Family Home Market

1. The Median Sales Price of a Single Family Home Is More Than $1M

North Center Condo Median Sales Price

Looking back, the median sales price for a single family home in North Center has seen steadfast growth for some time, with the sharpest increase - from $900K up to $1.05 million - happening in the middle of 2015. After a slight leveling off to $1 million in 2016, prices have begun to climb again, reaching new highs around $1.08 million. 

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

North Center Condo Inventory

The months supply of inventory for single family homes in North Center climbed consistently betwee 2014 and early 2017, before leveling off. Currently, months supply of inventory sits between four and five months. This means that North Center has a fairly balanced home market, with benefits to offer to both buyers and sellers. 

3. The Average Single Family Home Spends About 130 Days on the Market

North Center Condo Days on Market

Since reaching a fever pitch in 2015, wait times for North Center sellers have climbed steadily, and the average home stays on the market for just about 130 days as of early 2018. Based on market trends, we may see this number continue to hold steady or increase in the months ahead. 

Ready To Purchase a North Center Home? 

When you're ready to live in a neighborhood with plenty to do and a real community feel, the Real Group team would love to help you find a new home in North Center! To begin the process and explore the neighborhood even moredrop us a line today!

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