Lincoln Park Home Sales
Have Proven to be a Fantastic Investment since 1993!
Today, the average home is listed at $ 2,490,000. Granted, this is not the average SALES price — homes in 2013 sold, on average, for $ 1,573,344.
Homes haven’t always sold at this price level!
I did some research to find out exactly how homes have sold over the last 20 years.
Below is a chart showing the number of homes that closed in Lincoln Park for 1993, 2003, and 2013 for various price levels. The number of homes in total didn’t vary by much – in fact, exactly 216 sold in 1993 AND 2013.
The interesting part, though, is how the prices were distributed.
In 1993, only one home sold for over $2 MM – in fact, it sold for $ 2,700. By 2003, the highest priced home closed at $3,925,000. Last year, one home sold for $ 9,035,000.
Home Price Appreciation
How did the average priced home do over these 20 years?
Average Price for Single Family Homes Sold
1993: $ 434,741
I’m not a math whiz, so I can’t dazzle you with return on investment numbers,
nor can I calculate the gain if you leveraged your investment with a 20% down payment.
How, though, did real estate sales compare to the S&P 500?
We are all thrilled with how high the stock market has grown, aren’t we?
The S&P closed at 1756.65 on 12/31/2013, according to my source.
That’s 3.765 times the closing value (466.45) on 12/31/1993.
During the same time period,
Lincoln Park homes sold for 3.619 times the 1993 average price.
We think of the market as being so strong, but are we giving the real estate market the same love?!
Congratulations to those of you who bought real estate before 1993!
If you were late to the party, perhaps due to your birth year, or another circumstance,
Real Estate continues to be a fantastic investment opportunity!
Rates are still low!
Now is the time to find your next (or first) real estate purchase!
Contact Anne Rossley today!