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 opportunities? Here are the current stats to know for Rogers Park's condo and housing market:

Rogers Park's Current Condo Market 

1. The Average Sale Price of a Rogers Park Condo Has Balanced After a Market High

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 for much of 2019 and well into 2020. 

2. Months Supply of Inventory Suggests a Fairly Balanced Condo Market

Rogers Park Single Family Home Months Supply of Inventorymedia

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 between three and four 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 buyers who are interested in the area. 

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

Single family home days on market in Lincoln Park?

The average Rogers Park condo spends about 70-75 days on the market as of late fall 2020. While this means that condos are spending bit longer on the market than they did in early 2020 or throughout 2019, it is still a significant acceleration compared to as recently as 2016, when 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 Reached a New High in 2020

Condo prices in Rogers Park

After climbing significantly in 2016, the median home price in Rogers Park began to creep downward gradually, hitting a bottom around $385K in fall 2018. Since then, the median price has rebounded dramatically, reaching a notable local high around $525K in early 2020. As of late fall 2020, the median sales price for a Rogers Park home currently sits around $475K. 

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, late fall 2020, we currently see fewer than 2.5 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 - through the foreseeable future

3. Rogers Park Homes Are Spending Between Two and Three Months 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 throughout 2019 and into early 2020, when wait times hit the hundred-day mark again before speeding up. As of late fall 2020, wait times for single family homes in Rogers Park tend to sit around 70 days, or right around two to three 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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