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