What are the Current Market Conditions for Ukrainian Village, Wicker Park, and All of West Town?

What are the Current Market Conditions for Ukrainian Village, Wicker Park, and All of West Town?

Photo credit: Nitram242 via Wikimedia Commons

West Town refers to the large neighborhood northwest of the Loop, and is more commonly referenced by its sub-neighborhoods, which include Wicker Park, Ukrainian Village, River West, East Village, part of Bucktown, and Noble Square. Lively communities entrenched in diverse histories and languages, the homes in West Town reflect the hippest and most old-fashioned sides of Chicago, all at once.

Wicker Park, named for the beautiful park at its heart, welcomes artists, families, and foodies alike, and is home to trendy bars, galleries, theater spaces, and countless other quirky gems. You can get a cup of coffee from a number of different shops, most of which are independently owned and burst with eclectic charm.

Ukrainian Village is a more mellow choice. Lined with old trees and filled with classic brick architecture, “Uke Village,” as it's sometimes called, is home to lots of small family businesses, many of which have historically employed Ukrainian or Russian as a first language. Ukrainian Village was also named 2016's "Hottest Neighborhood in the Country" by our colleagues over at Redfin.

For more information on the rest of the neighborhoods that comprise West Town, we encourage you to check out some of these handy resources:

Ready to buy or sell a house or condo in one of these charming neighborhoods? Here are the current market statistics for all of West Town:

West Town's Current Condo Market

1. The Median Sales Price of a West Town Condo Has Been Climbing

West Town Single Family Home Median Sales Price

The median condo price in West Town has risen fairly steadily since 2017. After a brief plateau around $470K in 2018 and 2019, prices rose sharply in the area, reaching a high around $500K in 2020. We expect to see prices to remain high or continue to rise moving forward, due to a combination of market factors, including months supply of inventory, which we'll explore below.

2. Condo Prices Are Expected to Rise or Remain Steady Based Upon Months Supply of Inventory 

West Town Single Family Home Inventory

The months supply of inventory counts the number of months it would take to sell all of the units 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 fall 2020, this metric hovers between 3 and 3.25 months - meaning that the West Town market is fairly balanced, while still offering some advantages to sellers at present. 

3. The Average West Town Condo Spends About 65 Days on the Market

West Town Single Family Home Days on Market

As recently as the end of 2017, average market time hovered around just 45 days for West Town condos. More recently, we've seen homes spend between 60 and 70 days on the market, as the area's condo market moves toward a somewhat more balanced level. 

West Town's Current Single Family Home Market

1. The Median Sales Price of a Single Family Home Is Quite Cyclical

West Town Condo Median Sales Price

As of fall 2020, the median price of a single family home in West Town is roughly $950,000, down from a recent high of $1M in mid-2019. Though a bit shy of seasonal expectations, this activity is in line with patterns we have observed in this market for several years now, as the West Town home market appears to be quite cyclical.

2. The Market Is Fairly Balanced, Based Upon Months Supply of Inventory

West Town Condo Inventory

Currently, inventory in West Town sits at just above four months, making it a relatively balanced market for both buyers and sellers. It is worth keeping an eye on this plunging graph in the months ahead, to see if the West Town market begins to favor buyers or sellers. 

3. The Average Single Family Home Spends Between 90 and 100 Days on the Market

West Town Condo Days on Market

Market time in West Town rose steadily between 2015 and 2018, before balancing out after reaching a high near 115 days. As of fall 2020, the average West Town single family home spends between three and four months on the market.

Ready To Purchase a West Town Home? 

When you're ready to live in a neighborhood with a rich history and an engaged community, Real Group RE would love to help you find a new home in West Town! To begin the process and explore the neighborhood even more, be sure to drop us a line today!

Real Group Real Estate

Contact Our Team Today

Contact Us
Please enter your name!
Please enter your email!
Write your message!
© 2013 - 2020 Real Group Real Estate at Baird & Warner. All Rights Reserved. Designed By Geek Chicago
Baird & Warner, 2526 N Lincoln Ave. Chicago, IL 60614 - Privacy Policy