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| I mostly post about our local city markets. Looking at more macro trends in the state can help form our client strategy. Unit sales were trending up late last year. My guess is we'll have an active early spring despite stagnant mortgage interest rates. |
We spend a lot of time in January doing research for our clients. Many are planning to buy, sell or rent a property early this year. I've been posting some local neighborhood stats and looking at over-all trends. Unit sales and median price were up in Illinois late last year.
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| Photo of one interior at 1307 W Wrightwood, Lincoln park by Eric Rojas, Broker, Kale Realty |
New year, new condo buyers! Let's take a look at one of our favorite markets to work... Lincoln Park!
Our local MLS and Illinois Realtors sales numbers showed an increase in residential unit sales over the fourth Quarter of 2024 across the state and Chicago Metro Area. Illinois residential unit sales were up 2.8% in November year over year. Chicago Metro are sales were up 2.9% in November with the median price of a sold residential property up 7.8%. That bucked the recent trend of decline in total unit sales due to low inventory and relatively high interest rates.
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| A top floor unit at 4854 N Damen in Chicago's Lincoln Square neighborhood has sold for $1,057,000. It appears to be a record price. Photo Realtor.com and VHT.com |
Last week I looked at Lincoln Square condo sales specifically on North Western Avenue. I buried the lead! An attached condo sold for $1M for the first time in Lincoln Square. There had been a couple new construction units closed at $940,000 in 2021 (the precious record) but nothing over a million until this summer.
4854 N Damen Unit 3, Chicago IL 60625 sold for $1,057,000 earlier this year. The "duplex-up" penthouse features a 2nd floor family room and amazing walk-out terrace. It appears to be a record price sale for any attached unit (condo, townhouse) listed on the MLS in Lincoln Square. Despite the milestone, overall median price of a sold attached unit decreased 3.5% year over year. This could be due to high mortgage interest rates putting pressure on overall pricing or simply lower-end options becoming more readily available on the market.
Eric Rojas, Broker
Chicago Real Estate Broker with Kale Realty
Over $100M sold! Have a question... ask Eric!
Kale Realty 2447 N Ashland, Chicago IL 60614 in Lincoln Park
Illinois Licensed Real Estate Broker No. 475.126105
Fair Housing Opportunity
PH: 773-510-1597
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| Condo buildings along Western Avenue in Lincoln Square |
Lincoln Square condo sales on Western Avenue
Western Ave condo development has been popular due to it's central location in Lincoln Square. City zoning also allows for larger buildings and less parking spaces when in range of the CTA Western Brown Line (Transit Oriented Development). The corridor is a great opportunity to add much needed housing units.
Eight Lincoln Square condos have sold in the past 12 months with a Western Avenue address. The median price of a sold condo is a hefty $550,000. That's just the buildings listed on Western Ave. Several condo buildings that front North Western use a east/ west side street address (psssst we still know it's Western).
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| New construction condo building facing North Western Avenue but has a West Farragut Ave address 😉 |
The highest priced condo sold with a western address is 5442 N Western Unit 3A, Chicago IL 60625 for $832,000. The four beds duplex-up has terrific outdoor space. There is a higher sale in a building listed on West Farragut (but faces Western Ave) for $859,570.
Contact Eric Rojas, Broker to buy, sell, rent real estate in Chicago
Chicago Real Estate Broker with Kale Realty
Over $100M sold! Have a question... ask Eric!
Kale Realty 2447 N Ashland, Chicago IL 60614 in Lincoln Park
Illinois Licensed Real Estate Broker No. 475.126105
Fair Housing Opportunity
PH: 773-510-1597
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| Large traditional homes in Logan Square, Chicago |
Logan Square Home Sales
200 Logan Square single family homes were sold on the MLS from January 1st to November 22nd this year. The median sales price is about $1,080,000. The median is slightly up from the same period last year ($1,012,000). It does mark two straight years Logan Square single family homes have hit the $1M median price mark.
In 2021 - when my clients bought their home - about 300 single family homes sold with a median price of $880,000.
Over the same period in 2014 the median price of a single family home in Logan square was $529,000! In ten years the median price is up over 100%.
Eric Rojas, Chicago Real Estate Broker with Kale Realty
Over $100M sold! Have a question... ask Eric!
Kale Realty 2447 N Ashland, Chicago IL 60614 in Lincoln Park
Illinois Licensed Real Estate Broker No. 475.126105
Fair Housing Opportunity
PH: 773-510-1597
The median price of a single family home in Lincoln Square Community Area is about $1,050,000 this year. When we moved to Lincoln Square permanently in 2007 the median price of a sold home was $615,000. I've watched many changes in Lincoln Square to the streets, business, schools, politics... and the real estate!
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| Lincoln Square area map via Chicago Cityscape The area sprawls West Montrose to West Peterson and North Ravenswood all the way west to the North Branch Chicago River. |
95 single family homes have sold from January 1st to November 15th, 2024. The median price is about $1,050,000. Seven single family homes have closed over $2M and one house closed for $3.8M.
Over the same period last year (2023) only 75 homes closed with a median price of about $1,020,000.
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Homes in the furthest northwest portion of Lincoln Square sell for considerably less than those in the southeast portion. Proximity to the CTA Brown Line, Metra and retail/ shopping has much to do with the value discrepancy. For instance, homes NORTH of West Foster Avenue and WEST of North Western Avenue have a median closed price of about $561,000. While homes SOUTH of West Foster Avenue and EAST of North Western Avenue have a median sales price of $1.2M.
To buy, sell, rent or if you have nay questions involving real estate (attorneys, condo associations, improvements) please reach out to me! Ask Eric!
Eric Rojas, Broker
Chicago Real Estate Broker with Kale Realty
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| Kedzie CTA Brown Line station in Albany Park 4648 N Kedzie, Chicago IL 60625. This strip of Kedzie has slowly churned out retail and residential developments despite it's fantastic proximity to transportation. Homes just east of North Kedzie have higher value than homes west of Kedzie in the Greater Albany Park Community Area. All photos Eric Rojas, Broker, Kale Realty |
A client will need to sell her parents long time single family home in Albany Park Community Area. We looked at the immediate comparable sales for the house based on location, condition, current market trends and client goals. I also checked out recent sales in greater Albany Park.
Albany Park single family homes sales January 1st to October 31st.
Brick bungalows in the eastern portion of Albany Park
95 single family homes have sold in Albany Park from January 1st to October 31st, 2024. The median price this year is $520,000. Over the same period of 2023, 96 single family homes sold with a median price of $518K. Two year sales are as even as you can get in any Chicago community area.
In 2022, 115 single family homes sold with a median price of $550,000. The high amount of closings and high median price are a reflection of the low mortgage interest rates of 2021 and 2022. The low rates were a supercharger especially for relatively affordable neighborhoods further out from the Chicago lakefront.
In 2021, 133 homes sold with a median price of $495,000
Values can swing from eastern Albany Park's Ravenswood Manor neighborhood along the river to the western edge near North Pulaski Road.
Over the past twelve months 18 homes sold in the smaller area of Albany Park east of Kedzie. The median price of a closed house is $800,000. 90 single family homes closed west of Kedzie with a median price of $465,000.
To buy and sell Albany Park properties and real estate all over the North Side, Loop and near suburbs contact:
Eric Rojas, Broker
Kale Realty
Chicago Real Estate Broker with Kale Realty
Over $100M sold! Have a question... ask Eric!
Kale Realty 2447 N Ashland, Chicago IL 60614 in Lincoln Park
Illinois Licensed Real Estate Broker No. 475.126105
Fair Housing Opportunity
PH: 773-510-1597
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| The living room at 4022 N Western, Unit 2, Chicago IL 60618 All photos and exclusively listed by Eric Rojas, Broker, Kale Realty |
North Center rental prices over the last twelve months
The median price of a one bedroom rental in North Center is about $1,700 per month. A unique 1,800 sq/ft loft with garage parking rented for as high as $3,600 / month.
Two bedroom rental apartments have a median price of $2,200 / month.
Three bedrooms or more units have a median rent price of about $3,600 a month (this includes single family homes). The lowest priced single family home rental over the past twelve months is $3,800 / month.
Chicago Real Estate Broker with Kale Realty
Over $100M sold! Have a question... ask Eric!
Kale Realty 2447 N Ashland, Chicago IL 60614 in Lincoln Park
Illinois Licensed Real Estate Broker No. 475.126105
Fair Housing Opportunity
PH: 773-510-1597
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| The living room at 1585 N Ridge, Unit 411, Evanston, IL 60201. We sold the large one bedroom, one bathroom unit pre-MLS for $130,000 Eric Rojas, Broker, Kale Realty |
Check out some of the differences purchasing into a co-op apartment building.
Contact me to buy, sell, rent or invest in Chicago and near suburban real estate. erojas@kalerealty.com
