Chicago Condo Market Activity – May 2016

Home Prices in Chicago South Real Estate for May 2016 – Condos/Townhouses
Real estate market data for Chicago South real estate provided by Millie Lumpkin of Exit Strategy Realty.
Consistent with the trends for the Chicago metropolitan area as a whole, the condo/townhouse market also continues to experience a seller’s market with a median sales price for twelve months ending May 2016 of $182,000. This was 6.4% over prior year levels.
The median sales price for the city of Chicago condo market is $305,000, a 1.7% increase over prior year levels. Although, median price growth has slowed down over the last twelve months for the city as a whole, the number of closed sales was 6.9% higher.  The average days for a listed condo/townhome to get to contract in Chicago is 45 days.
The inventory of condos/townhomes in some south side neighborhoods reflect a more balanced supply than the citywide average.  Bridgeport, Bronzeville, Kenwood and South Shore all have higher supply levels although not high enough to be considered a buyer’s market.  The impact of higher supply appears to have resulted in average days to contract which are in some neighborhoods 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.
condo market activity
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Millie C. Lumpkin, Broker