Photo credit: Alanthebox via Wikimedia Commons

Why Lakeview?

Lively and accessible, Lakeview is the perfect blend of everything Chicago has to offer. Not only is the neighborhood home to the legendary Chicago Cubs baseball team and their iconic ballpark, Wrigley Field, but it's also the spot for a wide array of nightlife and entertainment.

For those looking for something scenic, Lakeview lives up to its name, offering residents gorgeous views of Lake Michigan with easy access to the Lakefront Trail. It's also host to Chicago's annual LGBTQ Pride Parade, and Lakeview's chunk of Halsted Street is home to numerous LGBTQ resources and support centers.

Lakeview is the second largest ward in the city, with a population of more than 98,000 folks - a group that once included Charlie Chaplin, among other famous film and music stars. Here are a few handy resources for learning more about Lakeview:

• Lakeview Chamber of Commerce
• TimeOut Chicago's Guide to Lakeview
• Choose Chicago's Guide to Lakeview
• Lakeview entry in the Encyclopedia of Chicago
• Baird & Warner's guide to Lakeview

If you're looking for a new home, you should also be looking into Lakeview for not just its abundant charms, but its vibrant housing market! Whether you're looking to buy or sell a condo or a single family home, Lakeview's market is worth a look this year. Here's what to know right now:

Lakeview's Current Condo Market 

1. The Average Sales Price of a Lakeview Condo Have Declined In 2021; Retained Much of 2020 Growth

 

The average sale price of a condominium in Lakeview hit a high around $410K in mid-2018. Over the better part of the next two years, condo prices in the area plateaued somewhat, falling to a low near $395K in late 2019. In 2020, the average sales price of a Lakeview condo rebounded dramatically, and hit a high of almost $440K at the end of 2020. In 2021, despite a decline in inventory (more on that below), prices have stabilized, and are off about 2 1/2% for the yearcas of November 1, 2021. 

2. Inventory Levels in Lakeview Are Fairly Balanced

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 mutually beneficial 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 Lakeview, the months supply of inventory has declined from 4.2 months at the start of the year, to just over 3 months of inventory in mid-fall. This means that while Lakeview's condo market is fairly balanced for both buyers and sellers, we expect the price adjustment that brought slowly declining prices in 2021 to halt, and prices to remain level through the winter. If history is any indicator, we'll see some price growth again around April 2022 (la lagging indicator, as those contracts will be written in February 2022.) 

3. The Average Condo Stays on the Market For Fewer Than 70 Days

The average Lakeview condo spends between two and three months on the market as of fall 2021 - another sign that Lakeview offers a balanced and robust condo market for sellers and buyers alike.  

Lakeview's Current Single Family Home Market

1. The Average Selling Price of a Lakeview Single Family Home Is Currently Between $1.4-$1.5M

 

After plateauing for much of 2017, the Lakeview market turned a corner in 2018, and we saw prices rise notably for the better part of a year, when this metric hit a high near $1.46M in 2019 before dipping into early 2020. As of the time of this writing, fall 2021, the average sales price for a Lakeview home is coming close to reaching that 2019 high again, with median sales prices currently sitting between $1.40 and $1.5M.

2. Lakeview's House Market Is Fairly Balanced for Buyers and Sellers

 

We currently see less than three and a half months of single family home inventory in Lakeview, which tells us that the market is relatively balanced for buyers and sellers at the moment. At the moment, inventory is on about a 12 month decline, an indication that balance is beginning to change in favor of sellers. A look at the average market time metric, below, helps reinforce this analysis.

3. Lakeview Homes Are Spending About Two to Three Months on the Market

The average market time for a Lakeview home rose dramatically between 2015 and 2017, when this measure reached the 150 day mark. Since then, we have seen market times fall out to around 70 as of fall 2021.