What are the Current Real Estate Market Conditions for Hyde Park?

Photo credit: Marco Verch via flickr

One of 77 designated community areas in Chicago, the Hyde Park neighborhood is home to some of the city’s most beautiful and iconic institutions, ranging from the Museum of Science and Industry to the world-renowned University of Chicago.

Located about seven miles south of the Loop, Hyde Park is officially bounded by 51st Street/Hyde Park Boulevard to the north, the Midway Plaisance to the south, Washington Park on the west, and Lake Michigan on the east. Some locals stretch their definition of Hyde Park to include some of the southernmost parts of Kenwood, which is, officially, a separate community area.

A popular destination for locals and tourists alike, Hyde Park played home to the 1893 World’s Fair. Also known as the Columbian Exposition, this major turning point in American history introduced the idea of electricity – not to mention the modern ferris wheel – to nearly 30 million people.

Today, Hyde Park still has plenty to offer, including Frank Lloyd Wright’s world famous Robie House, great access to the beaches of Lake Michigan, the DuSable Museum of African American History, and the Hyde Park Art Center, which has been an influential institution in Chicago’s art scene for decades.

Want to learn more about this historic and welcoming neighborhood? Here are a few resources worth checking out:

Curious about Hyde Park’s housing market? Here are the market conditions you need to know right now:

Hyde Park's Current Condo Market

1. The Median Sales Price of a Hyde Park Condo Is More Than $240K

Hyde Park Single Family Home Median Sales Price

Hyde Park's condo market saw rapid growth over the course of 2016 and 2017, with prices sharply rising for some time. In 2018 and 2019, the average sales price was a little more variable, reaching a low near $225K in spring 2019. Condo prices in the neighborhood have rebounded since then, and, as of summer 2020, the average sales price sits right around $245K.

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

Hyde Park 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. 

For some time now, the months supply of inventory for condos in the Hyde Park area has hovered between four and five months, meaning that it is a situation that is fairly balanced for buyers and sellers.

3. The Average Hyde Park Condo Spends Less Than Three Months on the Market

Hyde Park Single Family Home Days on market

After stalling in 2016 and 2017, average market time has substantially sped up for Hyde Park condos, with the average condo spending 80 days or fewer on the market as of summer 2020.

Hyde Park's Current Single Family Home Market

1. The Median Sale Price of a Hyde Park Home Is Quite Cyclical

Hyde Park Single Family Home Median Sales Price

Prices for homes in the Hyde Park area are quite cyclical, and tend to rise and fall with some regularity. Recent years have seen closings consistently fall between $750K and $1 million. Though variation is to be expected in this market, prices have hovered within this broad range for some time now. As of summer 2020, for example, the median sales price for a Hyde Park home sits just below $800K.

2. Based Upon Months Supply of Inventory, the Hyde Park Market Is Fairly Balanced 

Hyde Park Single Family Home Months Supply Inventory

For the better part of two years, inventory in Hyde Park has remained between five and six months, making it a fairly balanced market for both buyers and sellers.

3. The Average Single Family Home Spends 140 Days or Fewer on the Market

Hyde Park Single Family Market Time

After hitting a significant low near 80 days in mid-2017, wait times for Hyde Park single-family homes climbed upward slightly before leveling off. As of summer 2020, we can expect a Hyde Park home to remain on the market for roughly 140 days or fewer. This is still significantly less than time than we saw as recently as 2017, when the average home spent more than 200 days on the market. 

Ready To Purchase Your Hyde Park Home? 

When you're ready to live in a neighborhood full of Chicago history and all the modern amenities, Real Group RE would love to help you find a new home in Hyde Park! To begin the process and explore the neighborhood even more, drop us a line today!

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