Chicago Condo Market Stats – July 2016
Home Prices in Chicago South Real Estate for July 2016 – Condos/Townhouses
Real estate market data for Chicago South real estate provided by Millie Lumpkin of Coldwell Banker Residential.
The Chicago metropolitan area condo market continues to experience a seller’s market with a median sales price for twelve months ending July 2016 of $183,500. This was 4.9% over prior year levels.
In Chicago, the median sales price for the condo/townhouse market is $305,000, a 0.3% increase over prior year levels. In addition to the basically flat price growth, the number of closed sales was a modest 2.8% higher than prior year levels. The average days on market for Chicago condo/townhomes is 74 days.
The median sales price for Chicago overall is heavily weighted by condo prices on the north side and the Loop area. These areas contain roughly 2/3 of the condo inventory in the city of Chicago. These neighborhoods also tend to have a lower supply of inventory in relation to demand.
The inventory of condos in some south side neighborhoods reflect a more balanced supply than the citywide average of 3.3 months of supply. Bridgeport, Bronzeville, Kenwood and South Shore have supply levels compared to be in balance with buyer demand. The impact of higher supply in these areas appears to have resulted in average days on market in some neighborhoods to be significantly higher than the citywide average.
Listed below are some select neighborhoods south of the Loop. For other Chicago neighborhoods and suburban areas, click here for full list of market activity by community for condos/townhomes.
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Source: Midwest Real Estate Data