Real estate market glance

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Chicago’s real estate market continues to perform well.  There have been market fluctuations, particularly in the luxury segment, but the overall tempo is consistent and there are a number of healthy omens. 

The economic recovery in our nation and city is being felt the strongest downtown where a key jobs measure—private-sector employment—is at its highest level since 9/11.  Those trends impact commercial and residential development growth not only in the greater downtown but in the adjoining Near North, West, and South sides.  We’re seeing that take shape around our neighborhood, particularly along the Clybourn Corridor.

While the degree of the city’s pending property tax increase has definitely presented some challenges in the market, its recent approval provides clarity, which the market likes.   The planned increase of nearly $600 million over four years is substantial, but the mayor and legislators are actively seeking measures to lessen the burden on homeowners.    This summer’s tax bill will reflect the increase.  It’s something we are closely watching and managing in our real estate businesses and transactions.*

Lincoln Park Market Highlights**

  • New listings of Single-Family Homes are up 13% year to date (YTD) through September over year prior; condo listings are up 4% over same period
  • Market times are ticking up, particularly among Single-Family Homes, but prices are holding steady and are even experiencing slight increases YTD
  • Average market times for Single-Family Homes are up 14% with an average of 112 days on market; condo market times are up 5%, averaging 61 days
  • Sales prices for Single-Family Homes are up 2% YTD with a median sales price of $1,585,000; condo prices are also tracking up slightly with a median sales price of $441,000

Discussions among community members, other real estate agents, developers, and my own experiences indicate some cooling in the top end of the luxury market.  Still, numerous projects are underway in the DePaul area, including a new custom home spanning four lots on Dayton north of Armitage.  

Cadey O’Leary is a broker associate with Jameson Sotheby’s International Realty in Lincoln Park.  She is a Board member of the SNA and serves on the Planning and Communications committees.  She specializes in luxury sales and new development and works with buyers and sellers across the city’s north side.  Cadey can be reached at coleary@jamesonsir.com, 773-710-4202, or CadeyOlearyCollection.com.

*Data from recent news coverage in Crain’s Chicago Business.

**Courtesy of Midwest Real Estate Data.