What are the Current Market Conditions for Douglas, including Bronzeville and Prairie Shores?

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For anyone looking to buy a piece of Chicago history, the Douglas community area is a great place to start searching.

One of 77 officially designated community areas in Chicago, Douglas stretches from 26th Street South to Pershing Road along the Lake. This area contains some or all of the Bronzeville, Prairie Shores, and Groveland Park neighborhoods.

Looking for things to do? Burnham Park runs along the shoreline of the Douglas area, including the 31st street beach, which is now named for the famous artist, educator and museum founder, Margaret Taylor-Burroughs.

Bronzeville is home to the Illinois Institute of Technology, and is one of the most culturally rich neighborhoods in the city, having once been the home of Ida B. Wells, Gwendolyn Brooks, Sam Cooke, and Lou Rawls, among countless other luminaries.

Looking for more information? Here are some handy resources to help get you acquainted with the Douglas area:

Ready to call these great neighborhoods home? Here are the housing and condo market stats you need to know about the Douglas community, including Bronzeville and Prarie Shores:

Douglas/Bronzeville/Prairie Shores Current Condo Market

1. The Median Sales Price of a Douglas/Bronzeville/Prairie Shores Condo Is Holding Steady

Douglas/Bronzeville/Prairie Shores Single Family Home Median Sales Price

After holding steady throughout 2016 and much of 2017, prices in this area's condo market saw rapid growth in late 2017 and throughout 2018, reaching a high near $160K before leveling off in 2019. As of the time of this writing (fall 2020), the median condo price currently sits at roughly $148K - down a bit from a recent high near $162K earlier in the year.  

2. The Condo Market Is Fairly Balanced For Both Buyers and Sellers

Douglas/Bronzeville/Prairie Shores Single Family Home Months Supply of 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 the Douglas/Bronzeville/Prarie Shores area currently sits near four months, as of fall 2020, meaning that it is a situation that is equally balanced for buyers and sellers.

3. The Average Bronzeville/Douglas Condo Spends Just About Three Months on the Market

Douglas/Bronzeville/Prairie Shores Single Family Home Days on market

On the whole, the average wait times in Douglas have been speeding up for some time now. As of fall 2020, the average condo spends right around 90 days or fewer on the market - a significantly faster tunaround time than we saw as recently as spring 2019, when condos in this area tended to remain on the market for more than 110 days. 

Douglas/Bronzeville's Current Single Family Home Market

1. The Median Sale Price of a Home Has Come Down Slightly From a Recent High

Douglas/Bronzeville/Prairie Shores Single Family Home Median Sales Price

After a brief plateau over the course of 2016 (and a pronounced dip in mid-2017), median home prices in Bronzeville recovered and continued climbing, reaching a high near $500K in early 2020. As of fall 2020, the median sales price for a single-family home sits just around $430K, down slightly from that local benchmark.

2. Based Upon Months Supply of Inventory, Douglas/Bronzeville/Prairie Shores Offers a Fairly Balanced Home Market

Douglas/Bronzeville/Prairie Shores Single Family Home Months Supply Inventory

Currently, inventory in the Douglas community area sits between two and three months, making it a market that is tipped in favor of the seller at present. Still, we have consistently seen this metric hover around four to six months for some time now, indicating a market that historically tends to be fairly balanced for both buyers and sellers. 

3. The Average Single Family Home Spends Fewer Than 100 Days on the Market

Douglas/Bronzeville/Prairie Shores Single Family Market Time

Wait times in Douglas peaked in mid-2015 at a high near 200 days. Since then, market times have accelerated substantially. As of fall 2020, we expect a single family home to sit on the market for between 80 and 90 days.

Ready To Purchase a Douglas/Bronzeville/Prairie Shores Home? 

When you're ready to live in a community full of great properties and steeped in history, Real Group RE would love to help you find a new home in Douglas or Bronzeville! To begin the process and explore the neighborhoods even more, drop us a line today!

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