What are the Current Market Conditions for Roscoe Village?

Photo credit: Vxla via Flickr

Roscoe Village has been called a "village within the city," and it's easy to see why: This quiet little area is home to lots of small boutiques, independent shops, mouth-watering brunch places, and off-the-beaten-path cafes and taverns, each with their own eclectic feel and classic Chicago sense of hospitality. 

Tucked in near North Center and Lakeview, Roscoe Village is bounded by Addison Street (to the north), Belmont Avenue (south), Ravenswood Avenue (east), and the Chicago River (west). Home to lots of parks and other places for children to play, Roscoe Village is also notable for its central location, which makes it easy to walk, bike, or take public transportation to just about anywhere you want to go in Chicago. 

Curious about what this vibrant spot has to offer? Here are a few resources worth checking out:

Ready to join Roscoe Village's thriving community? Here are the current market statistics for Roscoe Village:

Roscoe Village's Current Condo Market

1. The Median Sale Price of a Roscoe Village Condo Has Been Climbing

Roscoe Village Single Family Home Median Sales Price

After plateauing in 2015 and 2016, condo prices in Roscoe Village have climbed fairly steadily for the past several years, give or take a few quick, notable dips (such as in late 2017 and, more recently, late 2018). We saw one of the sharpest price jumps in recent memory occur in early 2018, when prices reached a high of nearly $470K. Condo prices have climbed slowly but surely throughout 2019 and into 2020, with the median sales price in Roscoe Village coming in just above $475K as of spring 2020. 

2. Condo Prices are Expected to Continue Climbing, Based Upon Months Supply of Inventory

Roscoe Village 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. 

As of spring 2020, inventory in Roscoe Village sits between two and three months. We expect prices to remain high or continue rising in this situation. 

3. The Average Condo Spends Fewer Than 100 Days on the Market

Roscoe Village Single Family Home Days on Market

The average condo in Roscoe Village spends just about three months on the market - more specifically, right around 90 days or fewer - as of spring 2020. 

Roscoe Village's Current Single-Family Home Market

1. The Median Sales Price of a Single-Family Home Is Roughly $1.18 Million

Roscoe Village Condo Median Sales Price

The median sales price for a single-family home in Roscoe Village held relatively steadfast from 2015 into 2018, fluctuating between highs of $1.22 million and lows right around $1.05 million. In late 2018, however, prices took a sharp downward turn, falling to just below $1 million for the first time in more than three years. Since then, this metric has bounced back, with the median hovering around $1.18M as of spring 2020, down slightly from a recent high of $1.21M in late 2019.

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

Roscoe Village Condo Inventory

The months supply of inventory for single-family homes in Roscoe Village currently sits between five and six months, making it a balanced situation with advantages to offer to both buyers and sellers.

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

Roscoe Village Condo Days on Market

Wait times in Roscoe Village sat right around 80 days through 2016. In 2017, average market time increased considerably, before turning a corner in early 2018 and accelerating throughout 2019. As of spring 2020, the average Roscoe Village home stays on the market for roughly 100 days or fewer.

Ready To Purchase a Roscoe Village Home? 

When you're ready to live in a neighborhood with lots of small local businesses and a ton of character, Real Group RE would love to help you find a new home in Roscoe Village! To begin the process and explore the neighborhood even more, drop us a line!

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