What Are the Current Real Estate Market Conditions in Lincoln Park?

Why Lincoln Park?

We've got two words for you: "Free Zoo." 

Lincoln Park is home to one of the country's last free zoos, meaning that your neighbors would be actual party animals. But if a sweet sloth and its friends aren't enough to draw you to the neighborhood, there are lots of other perks to living in Lincoln Park. It offers institutions devoted to preserving Chicago's history and culture, including the Lincoln Park Conservatory, the Chicago History Museum, and the Peggy Notebaert Nature Museum. 

And, if you're hungry, there are a ton of diverse dining spots, along with plenty of beloved old school mainstays (the Wiener's Circle, anybody?).

Looking to learn more about this iconic Chicago neighborhood? Check out some of these handy resources:

Lincoln Park blends sophistication with Chicago's salty sense of humor and history, and is a great place to call home. Ready to take a look for yourself? Here are the current stats for Lincoln Park's condo and housing market:

Lincoln Park's Current Condo Market 

1. The Median Sale Price of a Lincoln Park Condo Has Come Down from Recent Highs

Single family home prices Lincoln Park, Chicago

Over the course of the last four years, the median sales price of a Lincoln Park condominium has climbed fairly steadily. After a brief plateau in 2018, average prices for the area spiked upward in early 2019 and again in 2020. As of the time of this writing (summer 2020), the median sales price for a Lincoln Park condo currently sits around $490K - down from a high of nearly $515K earlier in the year. 

2. The Months Supply of Inventory for Condos in Lincoln Park Sits Between Four and Five Months

Lincoln 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 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 Lincoln Park, the months supply of inventory for condos climbed higher than four months in spring 2019, and sits at 4.5 months as of summer 2020. This indicates that Lincoln Park is a fairly balanced market, with major advantages to offer to both buyers and sellers. Before climbing in 2018 and 2019, this metric consistently hovered at or below three months, contributing to that steady climb in median sales prices we've observed over the last several years.

3. The Average Condo Stays on the Market in Lincoln Park For 90 Days or Fewer

Single family home days on market in Lincoln Park?

As of summer 2020, the average Lincoln Park condo spends between 85 and 90 days on the market. Before beginning to climb sharply upward in mid-2019, the average condo spent 65 days or fewer on the market - a number that held steady for the better part of three years. 

Lincoln Park's Current Single Family Home Market

1. The Median Selling Price of a Lincoln Park Single Family Home is Nearly $1.6M

Condo prices in Lincoln Park

The median sales price for a Lincoln Park single-family maintained fairly well around $1.6M throughout 2016, then dropped approximately 10% as we moved into 2017. Since then, prices rebounded and have remained fairly steady, give or take some peaks and valleys. As of summer 2020, the median sales price for single-family homes in Lincoln Park hovers between $1.55 and $1.6M. 

2. Lincoln Park's House Market Favors the Buyer

Condominium inventory in Lincoln Park, Chicago

When it comes to the months supply of inventory, Lincoln Park shows that the number of homes and the number of buyers is fairly well in sync. This can result in a market that favors competitive pricing, which can be a benefit to buyers. As of summer 2020, we see between seven and eight months of single family home inventory in Lincoln Park, indicating a buyer's market. This will be a graph to keep an eye on in the months ahead, as we wait to see if inventory levels decline further due to the economic uncertainty around coronavirus, which has largely defined 2020 so far.

3. Lincoln Park Homes Spend More Time On the Market Than Condos

Condo market time in Lincoln Park?

Lincoln Park is an area with steady demand and exclusive ownership, hence the generally lengthy market times you can observe on the graph above. Though this number is high compared to that for condos, it reaffirms to us that Lincoln Park is a great neighborhood for the right buyers. In terms of trends, it's also worth noting the market acceleration that occurred in late 2018 into 2019, with wait times plunging from 171 days down to 145 over the span of just a few months. Since then, wait times have stabilized, and currently hover between 150 and 160 days as of summer 2020. 

Ready to Purchase a Lincoln Park Property? 

When you're ready to live in area that combines sophistication and humor, Real Group RE would love to help you find your home in Lincoln Park. To begin the process and explore the neighborhood even more, drop us a line today!

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2526 N Lincoln Ave
Chicago, IL 60614

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