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:
- Choose Chicago’s “Guide to Jefferson Park”
- Chicago Traveler’s “10 Best Restaurants in Jefferson Park”
- Jefferson Park Chamber of Commerce
- “Jefferson Park,” in the Encyclopedia of Chicago
- Baird & Warner's neighborhood guide to Jefferson Park
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 Grown 17% Since Summer 2021
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 bottoming out below $150k as of Summer 2021. In July of last year, on the backs of low inventory, home prices began a dramatic climb to $175k as of January 2022, nearly reaching their previous highs.
2. Condo Prices are Expected to Slow Their Rise, 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 early 2022, inventory in Jefferson Park has begun to creep back up, currently at 2.5 months of condo inventory. We would still rate this as a market in favor of the seller, but it is moving in the direction or a more healthy balance. Broadly speaking, we believe that this will result in sales prices begin to level out, but still with a bit of room for growth.
3. The Average Condo Currently Spends Roughly Forty-Five Days on the Market
The average market time for condos in Jefferson Park currently sits just around 45 days on the market, down substantially from between 80 and 90 days, as of January 2022.
Jefferson Park's Current Single Family Home Market
1. The Median Sales Price for a Single Family Home Climbed Steadily in 2021
The median sales price for a single-family home currently sits at roughly $380K, an 8% 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 a slowing of growth, while 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. In spring 2021, there was an incredible 1.4 months supply of inventory for Jefferson Park, a market heavily favors sellers. Since that time, the inventory has slowly worked its way in a healthy direction, albeit still decently below the 2 month mark as of early 2022.
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 (early 2022), the average wait time in the area sits just below 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!
