Photo credit: Gerald Farinas via Wikimedia Commons
Why Rogers Park?
Located just south of Evanston, Rogers Park is a quiet community with a rich history, offering the best of suburban and city living in one lovely package.
An extremely walkable neighborhood boasting a fair share of restaurants, easy access to Lake Michigan, and a thriving arts scene, Rogers Park is one of the most eclectic and charming neighborhoods in Chicago - and maybe even in the entire state! Part of the reason why? As the home of Loyola University and just a short commute away from Northwestern, Rogers Park is a haven for students and academics alike.
Interested in learning more about Rogers Park? Here are a few handy resources worth checking out:
- TimeOut Chicago's Rogers Park neighborhood guide
- Rogers Park Chamber of Commerce
- Choose Chicago's "Rogers Park Neighborhood Guide"
- RedEye's guide to "What to Eat, Drink, and Do in Rogers Park"
- Baird & Warner's guide to Rogers Park real estate
Ready to join a charming community bursting with opportunities? Here are the current stats to know for Rogers Park's condo and housing market:
Rogers Park's Current Condo Market
1. The Average Sale Price of a Rogers Park Condo Is Flattening Out
The median sale price of a condominium in Rogers Park climbed consistently from 2017 to 2018, reaching a high around $185,000 in fall 2018 before leveling off and reaching a low point near $170,00 in early 2020. Since then, prices turned the corner and are climbing rapidly and steeply once again, with the median sales price climbing toward $200K as of late summer 2021. Five months later, in early 2022, we see home prices settling in, at least for the moment, at that $200,000 mark.
2. Months Supply of Inventory Suggests a Fairly Balanced Condo Market
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 Rogers Park, the months supply of inventory currently sits at just above two and a half months when it comes to condos. This means that Rogers Park's condo market may slightly favor the seller, but is also balanced for buyers who are interested in the area.
3. The Average Condo Stays on the Market For Roughly 55 Days
The average Rogers Park condo spends fewer than 60 days on the market as of early 2022. This high level of market activity aligns with the climbing sales prices we observed above.
Rogers Park's Current Single Family Home Market
1. The Median Selling Price of a Rogers Park Single Family Reached a New High in 2021
After climbing significantly in 2016, the median home price in Rogers Park began to creep downward gradually, hitting a bottom around $385K in fall 2018. Since then, the median price has rebounded dramatically, reaching a notable local high around $525K in early 2020 before leveling off. As early 2022, the median sales price for a Rogers Park home currently sits around $575K.
2. Rogers Park's Single Family House Market Favors the Seller
As of the time of this writing, January 2022, we currently see fewer than 2 months of inventory available in Rogers Park, indicating that we are currently in a market period that favors the seller. For this reason, we expect Rogers Park to be a very hot home market - for both condo and single family properties - through the foreseeable future.
3. Rogers Park Homes Are Spending Fewer Than Two Months on the Market
Starting in 2014, houses in Rogers Park tended to stay on the market for fewer than 100 days. That held true until early 2017, when average market time stalled and crossed the 100 days threshold. The market sped up significantly once again in 2018, before leveling off throughout 2019 and into early 2020, when wait times hit the hundred-day mark again before speeding up. As January 2022, wait times for single family homes in Rogers Park sit around 40 days after a period of steep acceleration.
Ready to Purchase a Rogers Park Property?
When you're ready to live in an inviting neighborhood bursting with winning charm and steeped in Illinois history, Real Group RE would love to help you find a home in Rogers Park. To begin the process, why not drop us a line?
