Chicago Home Prices Hit New High In April As Supply Tumbled - Redfin Real Estate News

Chicago Home Prices Hit New High In April As Supply Tumbled

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Updated on October 5th, 2020

Chicago home prices rose 10 percent in April to their highest since at least 2010, with the typical property selling for $280,000. As prices jumped, sales reversed course, falling nearly 5.3 percent from a year earlier.

The supply of homes for sale tumbled 12.3 percent compared to a year earlier, the eighth-straight drop and the biggest decrease in more than two years. Fewer sellers put their houses on the market, pushing new listings down more than 18 percent from the same time last year.

Chicago home prices

Supply grew particularly tight in Montclare, where inventory was down more than 56 percent compared to a year ago. The inventory of houses for sale also shrunk dramatically in Tri-Taylor, down 48 percent, and Washington Park, down nearly 38 percent.

“I’ve been kicking off consultations with new homebuyers by explaining that supply is tight, which means the most desirable homes sell within days in a bidding war more often than not,” Redfin agent Lamar Austin said.

“For competition-averse clients, I highlight homes that have been on the market for at least 30 to 60 days. These tend to be the ones that other buyers have passed on because don’t have the clearest listing photos or modern finishes,” Austin said. “Most new homeowners would rather spend some money upgrading a home to make it their own than feel like they overpaid in a bidding war.”

chicago home sales

Hot Neighborhoods

Ukrainian Village, this year’s hottest neighborhood, was the most expensive in the city, with a typical home selling for $577,450. North Center was a distant second at $465,000. Bucktown ($459,950), Roscoe Village ($449,900), and Lincoln Park ($448,858) rounded out the top five.

In Pullman and South Shore, two of the city’s most affordable neighborhoods, and McKinley Park, median sale prices jumped more than 50 percent.

See our city page for the most up-to-date data on Chicago home prices.

Here’s what’s happening in your neighborhood:

Place Median Sale Price Year-Over-Year Homes Sold Year-Over-Year Inventory Year-Over-Year New Listings Median Days on Market Avg Sale-to-List
Albany Park $246,500 0.6% 94 19.0% 148 -17.3% 177 94 96.6%
Andersonville $355,000 10.1% 34 21.4% 67 -1.5% 83 60 96.9%
Archer Heights $212,500 40.5% 15 -25.0% 28 21.7% 27 99 94.4%
Austin $83,000 10.7% 92 -25.2% 156 -17.0% 137 59 103.1%
Avondale $290,000 -4.1% 69 -19.8% 112 -8.2% 156 75 98.9%
Beverly $240,000 4.5% 54 58.8% 109 4.8% 90 145 97.5%
Bridgeport $364,440 42.9% 37 0.0% 79 -16.8% 67 74 98.6%
Brighton Park $158,000 14.5% 32 -25.6% 53 -20.9% 60 79 101.8%
Bucktown $459,950 -2.7% 84 -2.3% 101 -18.6% 148 58 98.0%
Clearing $160,500 11.8% 61 -6.2% 103 1.0% 108 75 97.8%
Edgewater $213,500 25.2% 202 20.2% 295 -21.8% 364 84 96.8%
Edison Park $305,000 7.7% 37 15.6% 61 10.9% 74 97 95.9%
Englewood $21,500 26.5% 50 -35.1% 203 -15.8% 129 55 93.9%
Evanston $308,500 4.8% 106 0.9% 422 -17.9% 154 64 97.3%
Garfield Ridge $198,000 7.0% 76 -12.6% 141 -2.8% 142 79 97.9%
Gold Coast $402,500 37.6% 117 12.5% 262 -14.9% 237 95 95.0%
Humboldt Park $275,000 14.6% 140 3.7% 170 -15.8% 227 52 99.0%
Hyde Park $215,000 8.3% 45 0.0% 121 -25.3% 108 66 95.2%
Irving Park $266,750 -3.2% 138 12.2% 193 -16.4% 220 89 96.8%
Jefferson Park $276,250 -1.0% 76 13.4% 132 3.1% 149 63 97.5%
Joliet $156,000 16.2% 232 4.5% 676 -30.3% 305 72 98.1%
Kenwood $157,500 6.8% 32 -20.0% 97 -6.7% 87 111 97.2%
Lakeview $380,750 3.8% 498 5.1% 722 -17.8% 955 66 98.0%
Lakeview / Wrigleyville $381,000 3.5% 501 5.5% 725 -17.6% 960 66 98.0%
Lincoln Park $448,858 3.8% 148 0.0% 289 7.0% 351 58 97.2%
Lincoln Square $385,750 7.1% 46 -16.4% 121 7.1% 122 112 97.2%
Logan Square $422,500 24.3% 174 5.4% 189 -8.2% 290 58 100.1%
McKinley Park $236,000 50.3% 19 5.6% 33 -28.3% 30 32 98.6%
Montclare $182,000 -11.5% 24 -14.3% 26 -56.7% 28 108 98.3%
Mount Greenwood $227,500 49.4% 48 9.1% 75 33.9% 79 69 98.2%
Naperville $365,750 2.7% 277 18.4% 1,293 -0.8% 481 77 97.0%
Near North Side $405,000 0.0% 620 7.6% 1,111 -10.6% 1,253 72 97.6%
North Center $465,000 10.7% 61 -24.7% 113 -24.2% 135 76 97.3%
Oakland $270,000 12.5% 11 -31.2% 25 -21.9% 25 141 95.2%
Old Town $335,000 -8.0% 83 13.7% 113 -11.7% 164 63 98.3%
Portage Park $266,250 6.5% 134 12.6% 186 -16.2% 225 110 98.6%
Pullman $52,000 51.8% 12 -25.0% 21 -27.6% 19 79 101.4%
Ravenswood $334,000 -3.8% 58 -19.4% 107 -10.1% 151 49 97.7%
River North $415,204 2.5% 223 22.5% 304 -8.7% 400 54 99.3%
Rogers Park $181,545 12.6% 120 15.4% 205 -13.5% 189 87 97.1%
Roscoe Village $449,900 -11.8% 117 56.0% 123 -12.8% 175 69 98.7%
Sauganash $399,500 2.4% 34 100.0% 71 4.4% 80 114 95.4%
South Lawndale / Little Village $90,000 21.6% 25 -32.4% 50 -26.5% 44 49 99.1%
South Loop $327,000 -4.5% 312 42.5% 373 -20.6% 498 66 100.2%
South Shore $60,000 56.9% 83 9.2% 154 -6.7% 112 100 99.0%
Streeterville $415,000 -3.9% 145 -5.2% 323 -15.7% 330 104 96.4%
The Loop $366,000 -4.9% 151 15.3% 300 -2.3% 391 67 98.6%
Tri-taylor $184,950 -29.7% 16 -5.9% 14 -48.1% 16 81 98.1%
Ukrainian Village $577,450 16.7% 34 36.0% 46 0.0% 69 63 97.5%
Uptown $253,700 5.7% 193 -0.5% 291 -18.7% 404 65 97.0%
Washington Park $39,000 -8.1% 9 -67.9% 23 -37.8% 19 77 92.0%
West Loop $387,500 6.6% 175 -15.9% 196 1.0% 363 42 101.0%
West Town $445,000 4.7% 417 6.1% 491 -10.1% 741 56 99.1%
Wicker Park $439,250 1.1% 95 -20.8% 124 -5.3% 188 48 98.6%
Chicago, IL $280,500 10.0% 2,714 -5.3% 11,453 -12.3% 4,135 58 98.4%

NOTE: Not all neighborhoods are listed, but totals for Chicago encompass entire city. Data is based on listing information and might not reflect all real estate activity in the market. Neighborhood-specific data is measured over a three-month span that ended April 30. Inventory measures listings active as of April 30.

For more information, contact Redfin journalist services:

Phone: 206-588-6863
Email: press@redfin.com

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Lorraine Woellert

Lorraine is enjoying her first real job after a career in journalism. She’s based in Washington, D.C., where she writes about housing and the economy. Before joining Redfin, Lorraine was at Bloomberg News reporting on politics, financial mayhem, housing and the economy. Her dream home is a top-floor loft with a pool, friendly neighbors and a terrace for throwing parties. Everyone's invited. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our "Why Redfin?," page.

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