What Are the Current Real Estate Conditions in Rogers Park?

What Are the Current Real Estate Conditions in Rogers Park? (Source: Wikimedia Commons)

Photo credit: Gerald Farinas via Wikimedia Commons

Why Rogers Park?

Located just south of Evanston, Rogers Park is a quiet community with a rich history, offering the best of suburban and city living in one lovely package. 

An extremely walkable neighborhood boasting a fair share of restaurants, easy access to Lake Michigan, and a thriving arts scene, Rogers Park is one of the most eclectic and charming neighborhoods in Chicago - and maybe even in the entire state! Part of the reason why? As the home of Loyola University and just a short commute away from Northwestern, Rogers Park is a haven for students and academics alike.

Interested in learning more about Rogers Park? Here are a few handy resources worth checking out: 

Ready to join a charming community bursting with housing opportunities? Here are the current stats for Rogers Park's condo and housing market:

Rogers Park's Current Condo Market 

1. The Average Sale Price of a Rogers Park Condo Is Leveling Off From Recent Highs

Single family home prices Lincoln Park, Chicago

The median sale price of a condominium in Rogers Park climbed consistently from 2017 to 2018, reaching a high around $185,000 in fall 2018. Since this peak, we've seen the median condo price take a slight turn downward before leveling off around $175,000, where it has held steady for much of 2019. 

2. Months Supply of Inventory Suggests a Fairly Balanced Market

Rogers 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 Rogers Park, the months supply of inventory currently sits just above three months when it comes to condos. This means that Rogers Park's condo market may slightly favor the seller, but is also quite balanced for both buyers who are interested in the area. 

3. The Average Condo Stays on the Market For 65 Days or Fewer

Single family home days on market in Lincoln Park?

The average Rogers Park condo spends between 60 and 65 days on the market as of fall 2019, a number that has held fairly steady since mid-2018. This comes after a period of significant acceleration from 2016 to 2018; as recently as 2016, condos in Rogers Park tended to sit on the market for more than 100 days. 

Rogers Park's Current Single Family Home Market

1. The Median Selling Price of a Rogers Park Single Family Is Climbing Higher

Condo prices in Rogers Park

The median price for a Rogers Park single family climbed and fell through 2014 and 2015 before leaping upward as we moved into the early months of 2016. Shortly thereafter, prices began to creep downward gradually, hitting a bottom around $385K in fall 2018. Since then, the median price has bounced back, and has reached a high above $440K as of fall 2019.

2. Rogers Park's Single Family House Market Slightly Favors the Seller

Condominium inventory in Rogers Park, Chicago

As of the time of this writing, fall 2019, we currently see fewer than four months of inventory available in Rogers Park, indicating that we are currently in a market period that favors the seller.

For this reason, we expect Rogers Park to be a hot home market - for both condo and single family properties - throughout the foreseeable future

3. Homes Are Spending Four Months or Fewer on the Market

Condo market time in Rogers Park

Starting in 2014, houses in Rogers Park tended to stay on the market for fewer than 100 days. That held true until early 2017, when average market time stalled and crossed the 100 days threshold. The market sped up significantly once again in 2018, before leveling off. As of fall 2019, wait times for single family homes in Rogers Park tend to sit between 90 and 100 days, or right around three to four months. 

Ready to Purchase a Rogers Park Property? 

When you're ready to live in an inviting neighborhood bursting with winning charm and steeped in Illinois history, Real Group RE would love to help you find a home in Rogers Park. To begin the process, why not drop us a line?

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