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 Rising for Some Time

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, though this trend hasn't been without its peaks and valleys. Nevertheless, between spring 2015 and spring 2018, median sales prices for North Center condos have climbed from $380K to roughly $430K, with prices reaching a high of $440K earlier in 2018. 

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. 

For some time now, inventory in North Center has tended to sit between two and three 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 Right Around Two Months on the Market

North Center Single Family Home Days on Market

The average market time for a condo in North Center has held steady, between 50 and 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, recently topping out at a high of 61 days. 

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 saw steadfast growth for some time, with the sharpest increase - from $900K up to $1.05 million - happening in the middle of 2015. Since then, prices have held steady at more than $1 million, reaching a high around $1.08M in early 2018. 

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 between 2014 and early 2017, before turning the corner. Currently, months supply of inventory sits at slightly more than four 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 Four Months on the Market

North Center Condo Days on Market

Since reaching a fever pitch in 2015, wait times for North Center sellers climbed steadily, with the average home staying on the market for just about 120 days as of mid-2018.

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!

What is my home worth?

Real Group Real Estate

Contact Our Team Today

Contact Us
Please enter your name!
Please enter your email!
Write your message!

Baird & Warner

2762 N Lincoln Ave C2
Chicago, IL 60614

© 2013 - 2017 Real Group Real Estate at Baird & Warner. All Rights Reserved. Designed By Geek Chicago
Baird & Warner, 2762 N Lincoln Ave. Chicago, IL 60614 - Privacy Policy