Super tight Ravenswood Gardens / Ravenswood Manor home sales market

Ravenswood Gardens and Ravenswood Manor neighborhoods are popular for their vintage custom homes and leafy riverside location close to CTA Brown Line transportation. 

Our clients are prepping their home for sale in the Ravenswood Manor neighborhood of the Albany Park Community Area.  The greater area of Ravenswood Gardens (east of the river) / Ravenswood Manor (west of the river) is known for it's custom over-sized bungalows, Craftsmans and stately stuccos. Let us not forget the riverside views, local businesses and great schools.

Ravenswood Gardens / Ravenswood Manor sales area. 

So far in 2022 only five homes have sold in the Ravenswood Gardens / Ravenswood Manor neighborhoods.  About 45 Ravenswood Gardens/ Ravenswood Manor single family homes sold over the past twelve months. The median price of a home sale during that time is about $815,000.  

Currently there are only two homes actively for sale in the above pictured area, both listed at over $1.6M.  Only two homes are currently under contract. Active listings, contracts and sold units reflect incredibly low inventory for this spring market!

Recent home sales:

2021: 44 single family homes sold with a median price of about $800,000

2020: 38 single family homes sold with a median price of about $650,000

2019: 39 single family homes sold for a median price of $650,000

2018: 34 single family homes sold for a median price of about $790,000

2017: 34 single family homes sold for a median price of about $787,000

2016: 39 single family homes sold for a median price of about $620,000

Did you buy a house around 2010? If so you're house wealthy

 

The sun has been shining on home ownership over the last decade

A recent report by the national Association of Realtors researches shows homeownership brought tremendous wealth gains over the past decade:

• A homeowner who purchased a typical single-family existing home 10 years ago at the median sales price of $162,600 is likely to have accumulated $229,400 in housing wealth
• Total housing wealth rose $8.2 trillion from 2010 through 2020, with 6.3 million more new homeowner households.
• From 2010 through 2020, the metro areas with the greatest increase in middle-income homeowners were Phoenix, Austin, Nashville, Dallas, Houston, Atlanta, Orlando, Portland (Oregon), Seattle and Tampa.
• The aggregate value of housing wealth rose across all income groups, but those in the high-income group gained 71% of the increase in housing wealth.

If you bought just about anything in Chicago in over 2010-2012 you are doing really well on re-sale.  This is not always the case.  Often too many people look at their home as an investment rather than where they really need or want to live.  However it is undeniable you have a chance to gain wealth over time by owning your home. You almost always get something back when selling real estate after holding for a little while... never the case when renting.

Bucktown condo sales in 2022

"Newer" construction condos and mixed use buildings with popular Bucktown businesses line North Damen Avenue.

We're working with clients on the sale of their Bucktown condo.  The three bedrooms, two baths home with two car parking and enormous deck will hit the market this spring. The neighborhood is among the best in Chicago for walkable restaurants, cafes, shops and transportation. Let's take a look at over-all condo sales around Bucktown.

Bucktown sales area

Bucktown condo sales January 1st to March 11th

58 condos sold so far in 2022 with a median price of $467,500. 75 condos sold in the crazy market of 2021 over the same period with a median price of $480,000. 

• 8 one bedroom condos sold with a median price of  $250,000
• 24 two bedrooms condos sold with a median price of  $410,000
• 25 three bedrooms condos sol with a median price of $607,000
• Only one four bedrooms condo has sold thus far for $660,000

 

Lincoln Square home sales (new construction pushes up price-point)

 

Green wind screens and new construction are the norm around Lincoln Square, Chicago. Single family home construction and prices have been soaring. Pictured is one of three homes under construction on West Ainslie near Lincoln Ave. The homes have 165' long lots. (Photos Eric Rojas, Broker, Kale Realty)

Home Sales This Year

28 single family homes have closed in Lincoln Square from January 1st to March 10th of this year.  The median price of a closed home during this time is $784,000. That median price isn't eye popping for the area... BUT 12 of the homes closed sold for over $1M and one home sold for over $2M.   

Currently 22 single family homes are under contract with a median asking price of $1.1M (much higher than the $784,000 closed median price so far this year). 13 of the 22 homes under contract are listed over $1M and one is $2.45M.

A two-flat building sits between newly built homes on West Winona of Lincoln Square.  The house  pictured on the right sits on          a 30'x150' lot.

I know of over a dozen new construction homes in Lincoln Square currently under contract from $1.395M to $2M. Many of these new construction homes under contract are not listed (shown) on the MLS.   We'll probably see a record average price and record median price for homes by the end of 2022.

Chicagoland area residential prices up as inventory lags last year

New construction is the name of the game in Chicago (all photos Eric Rojas, Broker, Kale Realty)

 The story of spring 2022 in our MRED market? From January 1st to March 7th of the year:

🤔UNDER CONTRACT UNITS are DOWN

🤔NEW LISTINGS are DOWN

BUT

🧐OPEN HOUSES are UP

🧐SOLD PRICES are UP🔥

🧐NEW residential listings lag same time last year

Tight inventory and high prices have slowed sales a little bit from last year's record pace. However people are lining up for open houses and every transaction we are personally involved in is a MULTIPLE OFFER

Check out all the recent stats HERE