Apostal Group

Chicago housing market update: Summer 2016 edition Niko Apostal 08/24/16

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It’s that time of year again: time to take stock of how the Chicago housing market is performing compared to similar seasons in previous years. Here are some of the highlights:

  • The neighborhood with the most homes selling over asking price: Humboldt Park. Almost 46% of homes listed in Humboldt Park sold above asking price during the period the report examined.
  • Other strong neighborhoods for homes selling over asking: the West Loop and the South Loop.
  • Neighborhoods where homes spent the least amount of time on the market: Logan Square and Ukrainian Village.
  • Overall, Chicago home prices increased 3.7% over the same period last year.
  • Inventory of homes for sale was down significantly since last year. There were more than 23% fewer total sales this year compared to last.
  • Median market time for homes in Chicago was 57 days, which is four days fewer than the same period last year.
  • The top five most expensive neighborhoods in they city? The Gold Coast, Wicker Park, North Center, Lincoln Park and Bucktown.

Interested in learning more about the Chicago housing market right now? We’d love to chat! Contact us.

File: Chicago housing market