0
0
0

The 10 Most Competitive Neighborhood Housing Markets in Chicago

by Peter Thomas Ricci

Housing in Chicago’s city market is doing quite well, but what neighborhoods are particularly competitive?

chicago-top-selling-suburbs-housing-market

Good news abounded in the latest Real Time Housing Market Tracker from Redfin, which offered an exhaustive overview of Chicago’s housing market in April.

Among the tracker’s findings were: median sale price in the city of Chicago rose 10 percent from April 2014, rising to $275,000; sale-to-list ratio was 96.6 percent, the highest it’s been since July 2014; and most encouraging of all, inventory jumped nearly 23 percent year-over-year, the largest such jump since Jan. 2011.

Still, inventory remains low the city over, and the graph below utilizes Redfin’s numbers to chart the neighborhoods with the smallest number of homes for sale:

chicago-housing-inventory-may

Keep in mind that a healthy level of housing inventory is typically between 6- and 7-months supply.

Such low inventory levels have, in turn, led to remarkably low market times in many of those same neighborhoods; the graph below charts the lowest median days on market:

median-days-market-chicago-may

 

According to NAR, the median days on market nationwide is 52, which is not only consistent with recent historical trends, but also a further indicator of just how competitive Chicago’s housing market is in 2015.

Related articles

Join the conversation

New Subscribe