What are the Current Market Conditions for North Center?

Want a little bit of everything? Chicago's North Center - a community area bordered on the north by Montrose Avenue, on the south by Diversey Parkway, west by the Chicago River, and on the east by Ravenswood Avenue - is notable for its small community feel, proximity to great schools, and easy access to the best that Chicago's North Side has to offer, including live theater, comedy, music, and just about every cuisine you could imagine, from traditional German pub fare to cutting edge sushi. 

North Center also boasts some of Chicago's most charming residential architecture, large parks, and pristine, tree-lined streets.

Want to learn more about this lovely neighborhood and all it has to offer? Here are a few great resources on North Center:

Ready to get a feel for North Center's quiet charms? Here are the current market statistics for North Center you should know:

North Center's Current Condo Market

1. The Median Sales Price of a North Center Condo Is Fairly Steady

North Center Single Family Home Median Sales Price

The median sales price of a North Center condo climbed fairly consistently between 2016 and 2018, with median sales prices for condos in the area climbing from $390K to roughly $440K during this period. Since then, we have seen prices in this market hold fairly steady, hovering right around $430-440K since mid-2018. 

2. Condo Prices are Expected to Remain High Based Upon Months Supply of Inventory

North Center Single Family Home 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. 

For some time now, inventory in North Center has tended to sit between two and three months, making it a seller's market. We believe that this will result in steady growth and the potential for higher sale prices for the foreseeable future. 

3. The Average Condo Spends Just More Than Two Months on the Market

North Center Single Family Home Days on Market

The average market time for a condo in North Center held steady, between 50 and 60 days, for the better part of three years. As of fall 2019, we've seen wait times increase slightly over the last few months, climbing above the 65 day mark in early 2019. This indicates that the market is balancing out, and there is consistent, steady demand for condos in this area as they become available. 

North Center's Current Single Family Home Market

1. The Median Sales Price of a Single Family Home Is More Than $1M

North Center Condo Median Sales Price

Looking back, the median sales price for a single family home in North Center saw steadfast growth for some time, with the sharpest increase - from $900K up to $1.05 million - happening in the middle of 2015. Since then, prices have held steady at more than $1 million, reaching a recent high of $1.10M in mid-2019. 

2. The Sales Price of Single Family Homes is Expected to Maintain Based Upon Months Supply of Inventory 

North Center Condo Inventory

The months supply of inventory for single family homes in North Center climbed consistently between 2014 and early 2017, before turning the corner. Currently, months supply of inventory sits at slightly more than four months. This means that North Center has a fairly balanced home market, with benefits to offer to both buyers and sellers. 

3. The Average Single Family Home Spends 100 Days or Fewer on the Market

North Center Condo Days on Market

Since reaching a fever pitch in 2015 and 2016, average wait times for North Center sellers slowed and this metric climbed steadily, reaching a high around 135 days in late 2017. Since then, timelines have accelerated significantly, with the average home staying on the market for fewer than 100 days as of fall 2019. 

Ready To Purchase a North Center Home? 

When you're ready to live in a neighborhood with plenty to do and a real community feel, Real Group RE would love to help you find a new home in North Center! To begin the process and explore the neighborhood even more, drop us a line today!

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Chicago, IL 60614

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