What are the Real Estate Market Conditions in Lakeview?

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:

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 is Balancing Out After Historic Highs

 

The average sale price of a condominium in Lakeview accelerated steadily from 2013 onward, hitting a high around $410K in mid-2018. Since then, condo prices in the area have come down somewhat but remain high, sitting right around $400K as of fall 2019. 

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 currently sits at just below four months. This means that Lakeview's condo market is fairly balanced for both buyers and sellers at the moment, perhaps with a slight edge in favor of the seller.

3. The Average Condo Stays on the Market For 75 Days or Fewer

The average Lakeview condo spends between two and three months on the market as of fall 2019 - another sign that Lakeview is a great 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 Roughly $1.4M

 

The price for a Lakeview single-family home climbed steadily from 2013 until 2016, at which point prices turned a corner and began to fall, albeit in fits and starts. Since 2017, the market has turned a corner, and we saw prices rise notably throughout 2019 and 2019. As of the time of this writing, fall 2019, the average sales price for a Lakeview home sits right around $1.4M - down slightly from a high of $1.46M earlier this year. 

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

 

We currently see between five and six months of single family home inventory in Lakeview, which tells us that the market is relatively balanced for buyers and sellers at the moment. A look at the average market time metric, below, helps reinforce this analysis.

3. Lakeview Homes Are Spending About Four to Five 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 come down somewhat before slowing down once again. As of fall 2019, the average Lakeview single family sits on the market for between 130 and 140 days. 

Ready to Purchase a Lakeview Property? 

When you're ready to live in a scenic, welcoming area full of great culture and a lot of the best that Chicago has to offer, Real Group RE would love to help you find your new home in Lakeview! To begin the process, why not drop us a line?

Are you thinking about selling your home?

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