1st half Lincoln Square home median price over $1M for first time

 

Lincoln Square Community Area new construction and high-end renovations coupled with low inventory continues to push the single family home median price to record levels. All photos Eric Rojas, Broker, Kale Realty

My neighbor (fellow school parent and golf buddy) asked me when home prices will come down.  We're in Lincoln Square... don't hold your breath! For the first time Lincoln Square single family home sales over the 1st half of any year have a median price over $1 million. 

-From Jan 1st to June 30th of this year 49 Lincoln Square single family homes have sold with a median price about $1,025,000.  The median price is up $300,000 since 2019. Unit sales are down due to low inventory coupled with high mortgage interest rates pricing out buyers.

-In 2022 over the same period 87 homes sold with a median price of about $950,000. 

-In 2021, 87 homes sold with a median price about $875,000. Mortgage interest rates hit the 2s and 3s!

-The 1st half of 2020 was the beginning of the pandemic shutdowns. Only 36 homes closed Jan 1st to June 30th, 2020 with a median price of $732,500 (2nd half of 2020, 81 homes closed with a median price of $828,000!). 

-2019 - a relatively hot market before the pandemic and record low interest rates - 47 single family homes sold over the 1st half with a median price of only $705,000. 

To buy, sell, invest in Chicago and burbs or just get real estate related help
(contractors, attorney, survey, appraisals) contact me! 

Eric Rojas, Broker, Kale Realty

2447 N Ashland, Chicago IL 60614

erojas@kalerealty.com - Office 312-939-5253 

Portage Park single family home sales come back to earth

A typical Portage Park block west of North Cicero Avenue.  Pleasant, well cared for brick bungalows and tidy blocks are common for the area. Many home renovations have featured "pop top" second stories to add loads of living space. All photos Eric Rojas, Broker, Kale Realty

Portage Park Community Area of Chicago has gone on a hot run of single family home rehabs and new construction over the past 10 years.  The low mortgage interest rates of 2020-2022 and "pandemic phenomenon" of buying for more space helped produce more new construction and higher-end renovations than typical for the neighborhood.  Easy access to highways for the burbs or downtown is convenient.  The eastern portion of Portage Park is near Grayland Metra stop (Milwaukee District- North) making public transportation to downtown or the North Shore easy.

Portage Grounds is my favorite coffee shop in the neighborhood and has the best soundtrack bumping! 

174 single family homes have sold this year (Jan 1st to July 7th) with a median price of $380,000. That's down from the $405,000 same period last year. The highest price sale this year is 3450 N Keating for $901,000.  The fully gut renovated house is located west of Kilbourn Park and a half-mile from the Grayland Metra station. While it's more common to buy homes pushing the $800-$1M over-all unit sales and median price have come down off the pandemic run. Interest rates and low inventory remain the common culprits. 

In 2022 over the same period 226 single family homes sold with a median price of $405,000.  The highest priced home sold during that time was 4722 W Belle Plaine for $835,000.  This home was a little west of North Cicero Ave and over a half-mile from the Grayland Metra. During same period of 2021 and the pandemic boom roaring 268 single family homes closed with a median price of $377,000.  

Single Family Home Sales Jan 1st to July 7th

2023: 174 single family homes sold with a median price of $380,000
2022: 226 single family homes sold with a median price of $405,000
2021: 268 single family homes sold with a median price of $377,000
2020: 160 single family homes sold with a median price of $351,500
2019: 217 single family homes sold with a median price of $335,000
2018: 240 single family homes sold with a median price of $327,000
2017: 249 single family homes sold with a median price of $313,000

Prior the pandemic we saw very active unit sales numbers and home prices steadily moving up. Rehabs were snatched up! The quality of homes (better finish level) has increased in Portage Park attracting new buyers with higher budgets to the area that want space and may need less proximity to the office.

*All data MREDLLC.com and analyzed/ organized by Eric Rojas, Broker, Kale Realty

Contact me to buy and sell in Chicago and near suburbs! 

Eric Rojas - Broker - Kale Realty
Lincoln Pak - 2447 N Ashland, Chicago IL 60614
Office: 312-939-5253
erojas@kalerealty.com