Can you believe this market? 2017 has been one for the books, already! And yes, the Chicagoland market overall is stronger than it has been in years, but some neighborhoods are truly off the charts this year. I’ve compiled a list of the four hottest neighborhoods in Chicago right now, and a few may surprise you!
Closed sales (all properties): +27% overall
Median sales price (detached): $980,000 +38% since 2016
Average market time (attached): 58 days -38% since 2016
Uptown is a less surprising entry on this list since it is home to some of the most beautiful lakefront real estate in the city. Plus, the new Wilson El stop is nearly finished, and new retail is opening up in the area every day. With an average condo sales price of $262K (+7% since 2016), Uptown is a great opportunity to get in on now.
2. Lincoln Square:
Closed sales (all properties): +20% overall
Average sales price (detached): $832,664 +11% since 2016
Average market time (attached): 65 days -10% since 2016
The tiny area of Lincoln Square is a less shocking entry since Chicagoans have been settling in this northern enclave for years. What is a bit more surprising (and exciting for condo hunters!) is the vast price difference between single family homes ($832,664) and attached ($273,000), though attached values are up nearly 10% since last year
3. Albany Park:
Closed sales (all properties): +18.5% overall
Average sales price (detached): $420,402 +11% since 2016
Average market time (attached): 76 -18% since 2016
Located just west of Lincoln Square (on the west side of the Chicago River), Albany Park is considered a combination of Ravenswood Manor, Kimball, Albany Park and North Mayfair. With single family homes selling for an average of $420,402, Albany Park is a great opportunity for anyone looking to stay within the city limits at under $500K.
Closed sales (all properties) +14%
Average sales price (detached): $454,992 +12% since 2016
Average market time (attached): 61 days +11% since 2016
Avondale has seen a major boom in recent years, and it doesn’t show any signs of stopping--especially with inventory down 39%, demand is at an all-time high. Located just west of Roscoe Village on the west side of the Chicago River, and spanning west to the I-90, Avondale covers a lot of conveniently-located territory.
Can you see why studying the market is one of my all-time favorite hobbies?! Studying the current market helps me get a pulse on what is to come, so I can help my clients make the most informed decisions possible.