Update on Chicago Home Sales
60618 Zip Code
As of today’s post, 160 single family homes are for sale in Chicago’s 60618 zip code. They range in price from $159,000 to $ 2,599,000.
The following chart shows median sales prices for the 60618 zip code area – it’s interactive- feel free to explore!
Prices – 87.8% of Jan 2009 Levels
As of this month, median sales prices of homes ($495,000) are 87.8% of the January, 2009 median price level of $ 565,000.
Market Times – Lowest in Over 5 Years
The average market time hit its peak in October, 2009, when it took 175 days to sell a house in 60618. Last month, the average market time of 54 days was the shortest in over 5 years!
Inventory – Extremely Low!
It’s a Sellers’ Market!
At the worst of the market (January, 2009), there was over a year’s worth of homes for sale. This has steadily declined, and since February, we’ve been hovering between 2.7 and 2.8 months of homes for sale.
Lenders consider 6 months a stable market, so you can see, we’re WELL BELOW that 6 months threshold!
Find homes for sale TODAY by selecting this link:
Homes for sale – Chicago’s 60618 zip code
To find out what your home’s worth,
Baird & Warner
New vintage homes for sale – built 1880’s – early 1900’s — there are some great historic properties for sale on Chicago’s north side neighborhoods
Tour New Listings – Vintage Homes for Sale
Select this link
3627 N Bell
4 Bedroom / 4 Bath
2124 W Eastwood
Lincoln Square 3 Bedroom 2 Bath
3757 N Bosworth – 2 blocks from Blaine
3 Bedroom 2.1 Bath
3023 N Hamilton
4 Bedroom 3.1 Bath
3752 N Wayne – Greystone in Blaine School District
5 Bedroom 3.1 Baths
2454 W Winona
3 Bedroom 3 Bath
See Recently Listed Historic Homes for Sale on Chicago’s North Side
| || || || ||Price||Rms||BR||BA
Want to see more properties?
Ready to begin your historic home search?
As a StreetAdvisor contributor, I have been considering how to answer the question,
This is a loaded question, indeed!
Here are the reasons I CANNOT answer the question:
- What’s “upper middle class”? Certainly, the cost of living in Chicago is higher than the cost of living where I grew up — in Bloomington, Illinois. We’re not Manhattan, however. Chicago has 77 neighborhoods, or communities, all with their own charms.
- What’s “best” ? Best in terms of location? Amenities? Value? What’s best for the young professional right out of college may not be best for a family of 5 with 3 kids in elementary school, nor the same for empty nesters in their mid 60’s.
Here’s what I CAN answer:
- Average (mean) cost of single family homes by neighborhood,
- Published demographic information by neighborhood
- Amenities for each neighborhood
Relative Prices of Some Chicago North Side Neighborhoods
For purposes of this post, I’m including a few examples of neighborhoods in which I’m most familiar. This is NOT an all-inclusive list of neighborhoods in Chicago. The chart below shows average (mean) prices for single family homes – resale only (not new construction) for
As of today’s writing, the average prices are:
Lincoln Park $1,350,000
North Center $875,000
The prices aren’t surprising – essentially, the closer the neighborhood lies in relation to the loop, the more expensive the homes.
Micro-Neighborhoods in Chicago
These neighborhoods include many sub- or micro-neighborhoods. Sales prices within each neighborhood can vary greatly, depending on many factors (proximity to public transportation, conformity, school district…)
For example, Edgewater has multiple micro-neighborhoods, delineated by block clubs, as seen in this map:
There are so many neighborhoods, micro-neighborhoods, and even preferred areas within the micro-neighborhoods that giving an average price for Edgewater is somewhat misleading. I live, for example, in Lakewood Balmoral (# 16 above). This block group, the Lakewood Balmoral Historic District, is part of Andersonville, which is part of the Edgewater Community. To give an average resale price for all areas above is not at all indicative of the values within LBRC (or #16).
Here are the differences:
| ||# Properties Closed||# Days on Market||Median Sales Price
|Lakewood Balmoral Historic District||11||67||$940,000
Beyond Home Prices – Other Criteria for Choosing a Neighborhood
So far, we’ve just talked about average prices.
Other things to consider when choosing a “best” neighborhood:
- Crime by block, neighborhood, police beat, community – See Clear Map – Select this link
- Elementary Schools – See my website to learn more about Chicago Elementary Schools and specifically, CPS Elementary School Districts on the city’s north side.
- Proximity to Public Transportation/Highways – See Map Below and click on photo to pull up website.
Having said all this, I find there’s no way to easily answer the question, “What is the best upper middle class neighborhood in Chicago”.
This post is just a long-winded way of saying that it’s critical that buyers work with an experienced Realtor who’s familiar with the neighborhoods AND MICRO-NEIGHBORHOODS in Chicago, who can help clients best understand their priorities, and who can then provide all options that meet those needs.
Chicago parents are maneuvering now to make sure they’re in the right neighborhood school district before the August 1 CPS deadline.
Here’s a great Chicago real estate bargain – across the street from Audubon Elementary School…
This is a terrific starter home – priced under $700,000, it’s a on the smaller side, but what’s there is finished well. As you check out the pictures on my website (select this link), you’ll see that there are more pictures than necessary. Don’t let that put you off – it’s well worth making an appointment to see it in person.
One of the 3 bedrooms is on the first floor, and the home has 2 full baths. The basement offers a family room and laundry, and the 2nd level includes a HUGE master bedroom, 2nd bedroom, and den. The back yard is lush and landscaped! It was originally built in 1894, and there’s still lots of charm left after the recent rehab.
It’s not my listing – I’m posting this because I think that given today’s market, the home’s condition and location, and the timing (near school starting), I think this is a true…
Chicago Real Estate Bargain!
To find homes for sale in CPS Elementary School Districts,
go to Anne’s website by selecting this link
Anne Rossley, CRB, CRS, SRES
Baird & Warner
This gem of a condo is a first time buyer’s dream!
This newly listed condo in North Center/Lincoln Square is an unbelievable opportunity! It’s not a typical Chicago condo – it’s better!
Loft-like 2 bedroom with exposed brick, hardwood floors, huge chef’s kitchen with stainless steel appliances and stainless tile backsplash — select this link for a video tour
View 2139 Montrose Favorites in a larger map
Near the brown line, Welles Park (tennis, pool, work-out center…), in-unit washer and dryer
Terrific Floor Plan
Two Bedrooms, Gallery (Room for home office without stealing from a bedroom), Dining Area (Room for large eating area) and EXTRA LARGE kitchen for this size condo
FHA approved means low down payment and dangerously low interest rates!
Best Retail and Restaurants anywhere
You’ll love your life! Sellers love living here more than they anticipated (trust me, only a job transfer is taking them – kicking and screaming – from this home!). Their favorite haunts:
Favorite Retail – North Center
To view this terrific condo, contact Anne Rossley at Prudential Rubloff
I just love driving on Ashland Avenue during the first week of May — Happy Birthday Buddha! Truc Lam Temple, which replaced the old Masonic Lodge, is bright and cheerful this week.
I know nothing about this festival, but I did pick up a book by the Dalia Lama this week.
What can I say? I was inspired!
Some people commenting on the Uptown Update expressed dismay over how bright and eye-catching the decorations are…. personally, I love it!
Buddhist Temple takes over Masonic Lodge
I normally post market activity from the Gold Coast north through Edgewater, (and I will this week) but this article ONLY includes single family home sales from Uptown, Edgewater, North Center, and Lincoln Square neighborhoods.
Single Family homes closed (in these neighborhoods) during April 2009 topped Apr ’08 sales figures. This is the first time since August ’08 that home sales surpassed monthly sales for the previous year.
At the same time, median sales prices were down 17% vs April ’08 to $ 603,750. This could be due to
- More lower priced homes selling, such as first time buyers getting into the market; and/or
- Homes selling below previous market prices due to seller need to move the property at any price.
In any event, there are currently 293 homes for sale in this northern geographic area, and the current median listing price is $ 799,900. The currently available homes in these neighborhoods represent an 11.5 month inventory of product — high and certainly not indicative of a healthy market — but closer to normal than we’ve seen in previous months.
For more information on homes for sale in these neighborhoods:
To see these communities on the Chicago Area Community Map, select this link.