What are the Current Market Conditions for Ukrainian Village, Wicker Park, and All of West Town?

What are the Current Market Conditions for Ukrainian Village, Wicker Park, and All of West Town?

West Town refers to the large neighborhood northwest of the Loop, and is more commonly referenced by its sub-neighborhoods, which include Wicker Park, Ukrainian Village, River West, East Village, part of Bucktown, and Noble Square. Lively communities entrenched in diverse histories and languages, the homes in West Town reflect the hippest and most old-fashioned sides of Chicago, all at once.

Wicker Park, named for the beautiful park at its heart, welcomes artists, families, and foodies alike, and is home to trendy bars, galleries, theater spaces, and countless other quirky gems. You can get a cup of coffee from a number of different shops, most of which are independently owned and burst with eclectic charm.

Ukrainian Village is a more mellow choice. Lined with old trees and filled with classic brick architecture, “Uke Village,” as it's sometimes called, is home to lots of small family businesses, many of which have historically employed Ukrainian or Russian as a first language. Ukrainian Village was also named 2016's "Hottest Neighborhood in the Country" by our colleagues over at Redfin.

For more information on the rest of the neighborhoods that comprise West Town, we encourage you to check out some of these handy resources:

Ready to buy or sell a house or condo in one of these charming neighborhoods? Here are the current market statistics for all of West Town:

West Town's Current Condo Market

1. The Median Sales Price of a Condo is More Than $460K

West Town Single Family Home Median Sales Price

The average condo price in West Town has risen steadily since 2014, and has fluctuated between $465,000 and $470,000 since fall 2018. We expect to see prices to remain high or continue to rise moving forward, due to a combination of market factors, including months supply of inventory.

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

West Town Single Family Home Inventory

The months supply of inventory counts the number of months it would take to sell all of the units 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. 

The months supply of inventory for condos in West Town currently crossed the three month threshold in January of this year, meaning that the market conditions are still in favor of the seller, but are hovering into a more balanced territory. It's worth noting that this metric has been climbing in small increments, meaning that the West Town market is gradually moving towards one that looks like it will be more balanced for buyers and sellers. 

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

West Town Single Family Home Days on Market

As recently as the end of 2017, average market time hovered around 45 days for West Town condos - a rate that had held fairly steady since the middle of 2016. More recently, we've seen homes spend just above 60 days on the market, as the area's condo market moves towards a more a balanced level. 

West Town's Current Single Family Home Market

1. The Median Sale Price of a Single Family Home Is Leveling Out

West Town Condo Median Sales Price

Between 2014 and 2016, the average sale price of a West Town detached single family home boomed. After a brief plateau over the course of 2016, prices hit a new recent high, and then returned to mid-2018 prices. As of fall 2019, the average price of a single family home in West Town is roughly $930,000. 

2. The Market Is Fairly Balanced, Based Upon Months Supply of Inventory

West Town Condo Inventory

 

Currently, inventory in West Town sits between 5.5 and 6 months, making it a relatively balanced market for both buyers and sellers

3. The Average Single Family Home Spends Between 100 and 110 Days on the Market

West Town Condo Days on Market

Market time in West Town has risen steadily since 2015. As of early 2019, the average West Town single family home spends just shy of four months on the market.

Ready To Purchase a West Town Home? 

When you're ready to live in a neighborhood with a rich history and an engaged community, Real Group RE would love to help you find a new home in West Town! To begin the process and explore the neighborhood even more, be sure to drop us a line today!

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