Post By homes4sale in Neighborhoods
Every year reports on the city’s “hottest” neighborhoods come out and while the term “hot” doesn’t exactly apply to the U.S. housing market right now, there are areas in Chicago where properties are still selling for a profit. Lincoln Park, the Loop, West Rogers Park and Edgewater all have steady home prices and continue to attract buyers.
Much of the housing in Lincoln Park is high-end single-family homes, new construction condos or rehabbed flats. The average market time for a home in Lincoln Park is around 95 days with an average sales price in the mid $500,000s. There are currently about 160 listings for detached single-family homes in the Lincoln Park neighborhood. These houses vary in price from $550,000 to the multi-millions. As for attached properties, you’re looking at roughly 650 units up for sale with asking prices from $150,000 to $5 million+ (that better be some penthouse!).
The Loop is also doing well when it comes holding value. The average market time in the Loop is approximately 80 days with an average sales price in the low to mid $400,000s. The type of Chicago homes for sale in the Loop is limited purely to attached units (like condos, lofts, penthouses, etc.). You’d be hard pressed to find a single-family house in downtown Chicago! There are currently about 670 units listed on the market in the Loop with prices ranging from below $150,000 to over $5 million.
Chicago homes in West Rogers Park (also called West Ridge) have an average market time of around 115 days. For the most part, prices for current listed properties in this area range from under $100,000 to $500,000. There are about 100 attached units for sale in West Rogers Park and 621 detached properties on the market in this Chicago neighborhood right now. In Edgewater, the average market time is about the same as in West Rogers Park but the average home sale price is slightly higher at around $265,000 as opposed to $250,000. Number of active detached property listings in Edgewater is only 35 or so, but the number of attached units up for sale in this Chicago neighborhood is nearly 650.