What Are the Current Real Estate Market Conditions for Jefferson Park?

jefferson park chicago

Located on the northwest side of Chicago, Jefferson Park is one of the city’s 77 designated community areas. It is bordered by nearby Norwood Park and Forest Glen, and is located directly north of 
Portage Park.

Originally founded as a settlement for traders, hunters, and farmers, Jefferson Park was annexed by the city of Chicago all the way back in 1889. Today, you can still feel the history in this quiet, residential-focused community. Poke around Jefferson Park, and you won’t only find lovely homes, tasty restaurants, and top-notch parks and green spaces - you’ll find a stunning old movie palace-turned-cultural center. You’ll find the headquarters of the Gift Theatre, one of Chicagoland’s top companies. You’ll find cultural festivals that woo visitors from around the region - and around the country.

Interested in learning more about this charming Chicago neighborhood? Here are a few local resources worth taking a look at:

Want to buy or sell in Jefferson Park? Here are the current housing market statistics you should know:

Jefferson Park's Current Condo Market

1. The Median Sale Price of a Jefferson Park Condo Has Declined and is Due for Growth

Climbing substantially from 2016 into 2018, the median sale price of a Jefferson Park condo fell off significantly in 2018 after reaching a high near $182K that spring. Since then, we have seen some buoyancy in condo pricing, with pricing returning to highs in Spring of 2019, and leveling off between $155k-160k as of Fall 2021. 

2. Condo Prices are Expected to Remain Rise Soon, Based Upon Months Supply of Inventory

The months supply of inventory counts the number of months it would take to sell all of the condos 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. 

In 2021, inventory in Jefferson Park has seen a steady decline, sitting at it's lowest point in years - 2.2 months of condo inventory, in September 2021. We would rate this as a market strongly in favor of the seller at the moment. Broadly speaking, we believe that this will result in climbing sales prices for this market for the foreseeable future. 

3. The Average Condo Currently Spends Roughly Three Months or Fewer on the Market

The average market time for condos in Jefferson Park currently sits just above 50 days on the market, down substantially from between 80 and 90 days as of spring 2021.

 

Jefferson Park's Current Single Family Home Market

1. The Median Sales Price for a Single Family Home Has Climbed Steadily in 2021

The median sales price for a single-family home currently sits at roughly $370K, a 6% increase since spring 2021. In comparison, single family home prices were  just beneath $340K in the spring of 2019, showing an obvious acceleration of price growth in the neighborhood this year. Based on the graphs we'll look at below, we expect to see even more growth, as Jefferson Park continues to increase in popularity with buyers, who are facing substantially limited inventory.  

2. Months Supply of Inventory for Single Family Homes Indicates a Market Strongly In the Seller's Favor

Months supply of inventory in Jefferson park has been on a steady decline since early 2020, seemingly unrestrained by the Covid-19 pandemic. This metric dropped steadily over the course of 2015, then held steady, before bouncing down and then up again over the course of 2018 and 2019. At the time of this writing, there is currently 1.4 months supply of inventory for Jefferson Park, which suggests a market that suggests rising prices and which heavily favors sellers.

3. Single Family Homes Spend Between 40 days or Fewer on the Market

In another sign that the single-family home market in Jefferson Park is strong, the average wait time for homes has held quite steady for some time now, hovering between 60 and 80 days since 2016. At the time of this writing (fall 2021), the average wait time in the area sits around 40 days.

Ready To Purchase or Sell a Jefferson Park Home? 

When you're ready to live in Jefferson Park, Real Group RE would love to help you find your new home! To begin the process and explore the community even more, feel free to drop us a line!

Are you thinking about selling your home?

Real Group Real Estate

Contact Our Team Today

Contact Us
Please enter your name!
Please enter your email!
Write your message!

Search Our Blog

 

 

Subscribe to our Newsletter


Baird & Warner

2526 N Lincoln Ave
Chicago, IL 60614

Login Form

© 2013 - 2020 Real Group Real Estate at Baird & Warner. All Rights Reserved. Designed By Geek Chicago
Baird & Warner, 2526 N Lincoln Ave. Chicago, IL 60614 - Privacy Policy