Lincoln Park Real Estate Stats
Now let’s take a look at the ever popular Lincoln Park neighborhood.
Lincoln Park has definitely weathered the real estate storm.
Now granted, sales are probably off 15% compared to last year, but keep in mind, everything is relative. They could be down 30%, and still do better numbers than most other neighborhoods in Chicago.
Lincoln Park neighborhood residents enjoy a lively cultural scene, exceptional architecture, lovely gardens and of course, the 1,200-acre park that runs along Lake Michigan.
Lincoln Park is one of the most popular neighborhoods in Chicago. It has the most restaurants per capita in the city. Lincoln Park offers just about anything from the Lincoln Park Zoo, a Nature Museum, beaches, golf, tennis courts, theaters, and comedy clubs along with hundred of restaurants and bars to choose from. Shopping includes a mixture of independent and one-of-a kind businesses. It is also home to the acclaimed Old Town School of Folk Music, a popular entertainment venue and music school.
The neighborhood population is primarily made up of young professionals, recent college graduates, and young families. It is home to DePaul University.
This report will give you a good idea of what to expect if youre thinking about buying or selling in Lincoln Park. The Lincoln Park boundaries are loosely defined. But for the purpose of this report, I am focusing on the following boundaries:
Lincoln Park
North Boundary: Diversey (2800 North)
South Boundary: North Ave (1600 North)
East Boundary: 200 West
West Boundary: Ashland (1600 West) ———————————————————-
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The following results are based on Real Estate activity for the last 6 months (roughly Feb 2008 –> Aug 2008)
This data is taken from the Multiple Listing Service.
Executive Summary
1) Single Family Homes:
The median asking price = 1.8 Million
There are currently 166 Single Family Homes on the market.
The average market time is 6 1/2 months.
Heres the breakdown on average asking prices:
a) 2 or less bedrooms = 749K
b) 3 bedrooms = 900K
c) 4 bedrooms = 1.4M
d) 5+ bedrooms = 5.53M (yikes)
Now lets take a look at what sold:
The average selling price = 1.68 Million
66 Single Family Homes sold in the last 6 months.
The average market time was 5 months.
On average, sellers got 95% of their asking price.
0% of the listings expired (were not sold).
That’s right..not one listing expired. WOW!
That’s a big difference from Bronzeville (a popular area on the Southside) where 50% of the listings are expiring.
It just goes to show you, that Real Estate is a very local business. So, don’t pay too much attention to the “gloom
and doom” that the media is throwing at us daily. Chicago is holding up relatively well in comparison to other parts of the country (i.e. California, Nevada, Arizona, and Florida).
At the current rate of sales, Lincoln Park has a 15 month
supply of Single Family Homes.
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2) Condos
The average asking price = 618K
There are currently 693 condos on the market.
The average market time is 4 1/2 months.
Heres the breakdown on average asking prices for condos:
a) 2 or less bedrooms = 398K
b) 3 bedrooms = 692K
c) 4 bedrooms = 1.58M
d) 5+ bedrooms = 5.53M
Now lets take a look at what sold:
The average selling price = 478K
484 condos sold in the last 6 months.
The average market time was 3 1/2 months.
On average, sellers got 97% of their asking price.
Also, 0% of the listings expired (were not sold).
Heres the breakdown on average selling prices for condos:
a) 2 or less bedrooms = 376K
b) 3 bedrooms = 676K
c) 4 bedrooms = 858K
d) 5+ bedrooms = 1.2M
At the current rate of condo sales, Lincoln Park has
about an 8 1/2 month supply of inventory.
It is generally considered a “Seller’s Market” when inventory
levels are at 6 1/2 months. So, apparently, Lincoln
Park has been largely unaffected by the current housing slump.
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IN SUMMARY:
Lincoln Park is surviving, and excelling, in the current housing
slump. It’s really amazing that Lincoln Park is still selling 80 condos per month. We’re not talking about cheap condos either.
These are $480,000 condos!
It is interesting to note that the current average asking price,
for condos, is significantly higher than the average selling price for condos in the last 6 months. This probably indicates that prices will be trending higher over the next several months.
After analyzing the data for this post, I am strongly
considering focusing my Real Estate business on Lincoln Park. That way, I could possibly benefit from all this action.
So if you’re looking to buy or sell in Lincoln Park, and you
need a great Realtor…. I am here to serve you!
For more information on Chicago Real Estate,
please contact me. Until the next time
Until the next time,
Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!
Visit me online: www.773property.com
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