Lincolnwood: Cheap gas, great bagels annnnnnd... single family home sales!

 

New York Bagel & Bialy located at 4741 West Touhy Avenue, Lincolnwood IL 60712 is a destination worth going "out-of your-way". It's also a convenient stop before hopping on the Edens Expressway to the North Shore or Wisconsin. Just check out the photos of the food!

I often find myself crossing the border to Lincolnwood.  Hey, there's a Home Depot, Panera, cheap BP gas station (with an amazing Jewish deli!) and many shops a handful of minutes from my house.  Not to mention one of the best bagel joints I've ever been to... NYB&B!

I mostly walk/ bike ride around my Lincoln Square neighborhood.  When I drive for errands I often go north to the Lincolnwood BP gas station at 6599 N Lincoln Avenue. It has the best prices... and an awesome deli inside the station. Locals know!

There are houses too! Occasionally we have Chicago clients interested in relocating to Lincolnwood.  Let's take a look at recent single family home sales.  

Lincolnwood single family homes can run on the elaborate side but much of the town is filled with modest brick split-levels, raised ranch homes and Georgians.

Lincolnwood single family home sales January 1st through November 25th

103 single family homes have closed from January 1st to December 31st, 2022.  The median price of a sold house was $535,000. That can get you a good condition three or four bedrooms house of varying size and location around town.

153 single family homes closed in 2021 with a median price of $455,000. Despite the mortgage interest rate hikes over the year median price increased at a large margin in 2022.

 

 

Lincolnwood area single family home sales volume down 42% in 1st quarter 2016

Photo of Lincoln Wood "Towers" sub-division Eric Rojas, Broker, Kale Realty

We often spill into the North Shore for clients trading downtown for the north burbs.  Lincolnwood is just across the border of Chicago on the North Side. It's an attractive alternative for those already living in Lincoln Square, Lake View, Albany Park, Rogers Park etc... many whom are members of Proesel Park Family Aquatic Center.

In the first quarter of 2015 (January- March) 26 single family homes closed in Lincolnwood with a median price of $422,000.  The total dollar volume of sales first quarter was $11,542,185.  In 2016, only 15 houses sold with a median price about the same at $428,000. 

Dollar volume in 2016 is only $6,639,000 (down 42% from same period 2015).

Housing economists have attributed heated markets and high asking prices for a slowdown in buyers pulling the trigger in some areas.  Actual home prices stay steady while sales volume drops. Basically there is a price threshold for every house and market at a given time.

In an area like Lincolnwood my guess is many sellers who bought their homes just before the bubble are again testing the market to see if they can recoup most of their investment. Buyers are not having it.  In one study North Shore housing prices are still below their peak before the crash.

Single family home sales in "The Towers", Lincolnwood

The mature lush landscaping and circle drives of The Towers, Lincolnwood. All photos Eric Rojas, Broker, Kale Realty

We're working with clients looking to buy in Lincolnwood just outside the city. Access to I-94 a little northwest of the city is key.  One area with particular appeal is "The Towers" section.  The area west of the Edens expressway is home to angled and curved streets, large mature trees, circle driveways and sprawling custom homes.

The Towers area of Lincolnwood

13 houses have closed in The Towers over the last 12 months (Edens expressway to North Central and West Devon to West Pratt).  The median price of a sold (closed) single family house is about $600,000.  There is a diverse housing stock of two bedrooms to six bedrooms homes built from the 1930s through the 2000s.

11 homes are currently listed for sale with a median asking price of about $760,000.   Two homes are currently under contract, both priced in the $700,000s.

An amazing back yard vignette from The Towers, 6487 N Sauganash, Lincolnwood IL 60712.  I've always been more about the lot and location over the finish level of a house. This photo doesn't capture the 180 degrees of gorgeous serene backyards around the home! No alleys LOL