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?

Photo credit: Nitram242 via Wikimedia Commons

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 West Town Condo Was Incredibly Steady in 2020 and 2021

West Town Single Family Home Median Sales Price

The median condo price in West Town rose fairly steadily in the area from 2017 into 2020, reaching a high around $500K in mid-2020, where this metric has since plateaued. We expect to see prices to remain high and steady or begin to rise moving forward, due to a combination of market factors, including months supply of inventory, which we'll explore below.

2. Condo Prices Are Expected to Rise 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. 

As of January 2022, this metric hovers between 2 and 2.2 months - meaning that the West Town market is offering some advantages to sellers at present. 

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

West Town Single Family Home Days on Market

As recently as the beginning of 2018, average market time hovered around just 45 days for West Town condos. More recently, we've seen homes spend between 55 and 65 days on the market throughout 2021, as the area's condo market moves toward a somewhat more balanced level. 

West Town's Current Single Family Home Market

1. The Median Sales Price of a Single Family Home Is Quite Cyclical

West Town Condo Median Sales Price

As of January 2022, the median price of a single family home in West Town is roughly $975,000, down from a recent high of $1M in mid-2019, but up from a comparable time period in 2020 and 2021. This activity is in line with patterns we have observed in this market for several years now, as the West Town home market appears to be quite cyclical.

2. The Market Is Somewhat Tipping in the Seller's Favor, Based Upon Months Supply of Inventory

West Town Condo Inventory

Currently, detached single-family inventory in West Town sits at just above 2 months, making it a sellers market. It is worth keeping an eye on this plunging graph and it's impact on market times and home prices in the months ahead. 

3. The Average Single Family Home Spends Fewer Than 70 Days on the Market

West Town Condo Days on Market

Market time in West Town rose steadily between 2015 and 2018, before balancing out after reaching a high near 115 days. As of late January 2022, the average West Town single family home spends just 70 days or fewer 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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