Chicago real estate prices have seen incredible highs and lows in the last few years, but for condominium and single-family home owners in one of the city’s priciest neighborhoods, there’s been no reason to accept less-than-ideal sell prices. Interestingly enough, and to the surprise of many market analysts, the persistence and stubbornness of some Lincoln Park homeowners is paying off – both figuratively and literally.
Unlike other Chicago neighborhoods, Lincoln Park has sustained a steady home buying environment. Of course purchases have been made in other neighborhoods, but it has become a widely known, and begrudgingly accepted, fact amongst homeowners that they must lower their asking price to attract buyers.
Not in Lincoln Park – this simply hasn’t been the case. Here, homeowners have, on average, been able to stand firm on their initial asking price. In fact, between 2007 and 2011, the median selling price of Lincoln Park condos only fluctuated from $340,000-$420,000. This is an incredibly minor gap, considering the severe hit taken by the housing market in 2008 and 2009.
Though homeowners in Lincoln Park have been thrilled with not having to lower prices, they have had to accept that, typically, the stability of pricing comes at the expense of sales volume. In the third quarter of 2007, 640 Lincoln Park condos and townhomes were sold; by the last quarter of 2011, a mere 336 were sold. So while a firm asking price works well for those who have the most wanted entities on home buyers’ wish lists, others are taking the hit due to decreased sales volumes.
Another neighborhood that appears to be following in Lincoln Park’s footsteps – showing relatively consistent condominium pricing – is West Town, which includes most of Buck Town and Wicker Park. Although the median selling prices for condos decreased to $311,000 in the 4th quarter of 2011, it has fluctuated only between $315,000 and $385,000 since 2007.
This ever-popular neighborhood continues to grow both in terms of Chicago residents and new commercial developments. Popular restaurants, bars and shops continue to flock to West Town, which makes this neighborhood an even hotter commodity to buyers. West Town is quickly becoming Lincoln Park’s biggest competitor in all that it offers both sellers and buyers.
Whether you’re looking to buy or sell a condo in the Chicagoland area, Lincoln Park and West Town have both proven their worth in the city’s real estate market.