What are the Current Market Conditions for Roscoe Village?

What are the Current Market Conditions for Roscoe Village? (Source: Wikimedia.Commons - used as royalty free image)

Roscoe Village has been called a "village within the city," and it's easy to see why: This quiet little area is home to lots of small boutiques, independent shops, mouth-watering brunch places, and off-the-beaten-path cafes and taverns, each with their own eclectic feel and classic Chicago sense of hospitality. 

Tucked in near North Center and Lakeview, Roscoe Village is bounded by Addison Street (to the north), Belmont Avenue (south), Ravenswood Avenue (east), and the Chicago River (west). Home to lots of parks and other places for children to play, Roscoe Village is also notable for its central location, which makes it easy to walk, bike, or take public transportation to just about anywhere you want to go in Chicago. 

Curious about what this vibrant spot has to offer? Here are a few resources worth checking out:

Ready to join Roscoe Village's thriving community? Here are the current market statistics for Roscoe Village:

Roscoe Village's Current Condo Market

1. The Median Sale Price of a Roscoe Village Condo Remains High

Roscoe Village Single Family Home Median Sales Price

After plateauing in 2015 and 2016, condo prices in Roscoe Village have climbed fairly steadily, give or take a few notable drops (such as in late 2017 and, more recently, late 2018). We saw one of the sharpest price jumps in recent memory occur in early 2018, when prices reached a high of nearly $470K.

2. Condo Prices are Expected to Remain Steady, Based Upon Months Supply of Inventory

Roscoe Village 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 Roscoe Village is climbing rapidly toward four months, making it a market that is becoming more balanced for both buyer and seller. 

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

Roscoe Village Single Family Home Days on Market

The average condo in Roscoe Village spends less than two months on the market - more specifically, around 55 days or fewer - as of the beginning of 2019. We have seen this rate hold fairly steady, give or take some variation, for some time now. 

Roscoe Village's Current Single-Family Home Market

1. The Median Sales Price of a Single-Family Home Is Roughly $1 Million

Roscoe Village Condo Median Sales Price

The average single-family home in Roscoe Village held relatively steadfast from 2015 into 2018, fluctuating between highs of $1.22 million and lows near $1.10 million. In 2018, prices took a sharp downward turn, falling to just below $1 million for the first time in more than three years. 

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

Roscoe Village Condo Inventory

The months supply of inventory for single-family homes in Roscoe Village currently sits just below four months, making it a balanced situation for buyers and sellers.

3. The Average Single-Family Home Spends Fewer Than 120 Days on the Market

Roscoe Village Condo Days on Market

Wait times climbed steadily over the course of 2015 and sat right around 80 days through 2016. In 2017 and 2018, average market time increased considerably, before turning a corner in early 2018. Today, the average Roscoe Village home stays on the market for around 120 days, or just fewer than four months.

Ready To Purchase a Roscoe Village Home? 

When you're ready to live in a neighborhood with lots of small local businesses and a ton of character, the Real Group team would love to help you find a new home in Roscoe Village! To begin the process and explore the neighborhood even moredrop us a line!

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