1st half Lincoln Square home median price over $1M for first time

 

Lincoln Square Community Area new construction and high-end renovations coupled with low inventory continues to push the single family home median price to record levels. All photos Eric Rojas, Broker, Kale Realty

My neighbor (fellow school parent and golf buddy) asked me when home prices will come down.  We're in Lincoln Square... don't hold your breath! For the first time Lincoln Square single family home sales over the 1st half of any year have a median price over $1 million. 

-From Jan 1st to June 30th of this year 49 Lincoln Square single family homes have sold with a median price about $1,025,000.  The median price is up $300,000 since 2019. Unit sales are down due to low inventory coupled with high mortgage interest rates pricing out buyers.

-In 2022 over the same period 87 homes sold with a median price of about $950,000. 

-In 2021, 87 homes sold with a median price about $875,000. Mortgage interest rates hit the 2s and 3s!

-The 1st half of 2020 was the beginning of the pandemic shutdowns. Only 36 homes closed Jan 1st to June 30th, 2020 with a median price of $732,500 (2nd half of 2020, 81 homes closed with a median price of $828,000!). 

-2019 - a relatively hot market before the pandemic and record low interest rates - 47 single family homes sold over the 1st half with a median price of only $705,000. 

To buy, sell, invest in Chicago and burbs or just get real estate related help
(contractors, attorney, survey, appraisals) contact me! 

Eric Rojas, Broker, Kale Realty

2447 N Ashland, Chicago IL 60614

erojas@kalerealty.com - Office 312-939-5253 

Portage Park single family home sales come back to earth

A typical Portage Park block west of North Cicero Avenue.  Pleasant, well cared for brick bungalows and tidy blocks are common for the area. Many home renovations have featured "pop top" second stories to add loads of living space. All photos Eric Rojas, Broker, Kale Realty

Portage Park Community Area of Chicago has gone on a hot run of single family home rehabs and new construction over the past 10 years.  The low mortgage interest rates of 2020-2022 and "pandemic phenomenon" of buying for more space helped produce more new construction and higher-end renovations than typical for the neighborhood.  Easy access to highways for the burbs or downtown is convenient.  The eastern portion of Portage Park is near Grayland Metra stop (Milwaukee District- North) making public transportation to downtown or the North Shore easy.

Portage Grounds is my favorite coffee shop in the neighborhood and has the best soundtrack bumping! 

174 single family homes have sold this year (Jan 1st to July 7th) with a median price of $380,000. That's down from the $405,000 same period last year. The highest price sale this year is 3450 N Keating for $901,000.  The fully gut renovated house is located west of Kilbourn Park and a half-mile from the Grayland Metra station. While it's more common to buy homes pushing the $800-$1M over-all unit sales and median price have come down off the pandemic run. Interest rates and low inventory remain the common culprits. 

In 2022 over the same period 226 single family homes sold with a median price of $405,000.  The highest priced home sold during that time was 4722 W Belle Plaine for $835,000.  This home was a little west of North Cicero Ave and over a half-mile from the Grayland Metra. During same period of 2021 and the pandemic boom roaring 268 single family homes closed with a median price of $377,000.  

Single Family Home Sales Jan 1st to July 7th

2023: 174 single family homes sold with a median price of $380,000
2022: 226 single family homes sold with a median price of $405,000
2021: 268 single family homes sold with a median price of $377,000
2020: 160 single family homes sold with a median price of $351,500
2019: 217 single family homes sold with a median price of $335,000
2018: 240 single family homes sold with a median price of $327,000
2017: 249 single family homes sold with a median price of $313,000

Prior the pandemic we saw very active unit sales numbers and home prices steadily moving up. Rehabs were snatched up! The quality of homes (better finish level) has increased in Portage Park attracting new buyers with higher budgets to the area that want space and may need less proximity to the office.

*All data MREDLLC.com and analyzed/ organized by Eric Rojas, Broker, Kale Realty

Contact me to buy and sell in Chicago and near suburbs! 

Eric Rojas - Broker - Kale Realty
Lincoln Pak - 2447 N Ashland, Chicago IL 60614
Office: 312-939-5253
erojas@kalerealty.com

Developer looking for $2M record price in Lincoln Square

 

New construction homes in Lincoln Square north of West Lawrence Avenue continue to break price records. All photos by Eric Rojas, Broker, Kale Realty

The Lincoln Square Community Area could see the highest priced home sold north of West Lawrence Avenue this year. 5115 N Claremont, Chicago IL 60625 is for sale at the nice round number of  $2,174,999.  The high-end developer home sits on an over-sized 39'x133' lot in a desirable school district of Chappell Elementary and Amundsen High Schools. The former two-flat and property at 5115 N Claremont sold for $650,000 before the redevelopment.

Anywhere near that two million closing price will blow away the current record of $1,740,000 at 4945 N Claremont, Chicago IL 60625 (sold in July of 2022).  Lincoln Square north of Lawrence Avenue features the popular areas of Winnemac Park, Bowmanville and Budlong Woods.  The median price of a home in this area is $850,000.  The median price of Lincoln Square homes south of West Lawrence Avenue is about $1,090,000. 

I do not have financial interest in nor represent any of the mentioned listings.  To buy, sell, invest in and around Lincoln Square and surrounding Chicago neighborhoods please reach out to me at erojas@kalerealty.com !!

New listings currently down 34% around Chicago and suburbs

 

Dude, where's my house? Inventory remains very tight in Chicago and most Illinois areas. Residential listings were DOWN 34% year to year for the week of April 3rd-April 10th. Great listings that hit the market continue to get multiple offers!

Check out all MRED (MLS) week to week stats here: https://infogram.com/snapshot_residential-1hzj4odkm3wd6pw

Lots of condo buildings line Lincoln Square streets... but few units are for sale.

For example... There are 13 available condos (attached units, town homes) for sale in #LincolnSquare on the MLS. There are 34 under contract! Single family home ratio is better for buyers... There are 11 single family homes under contract and 15 available for sale. But those homes come with a median asking price of $1M!

Cook County property tax exemption applications

 

Cook County property tax emption applications are NOW available. Every year I find at least one of my clients has not taken their homeowner exemption. Have your parents look into senior exemptions. Missed a year? Get a certificate of error for a refund. Need help? Have a real estate tax question? Our real estate attorney can help! https://www.cookcountyassessor.com/exemptions

Lincoln Square getting more apartments on "booming" Lawrence Avenue

The former furniture store building at 1950 W Lawrence Avenue, Chicago IL 60640 will be redeveloped. FUN FACT: My wife bought a couple kitchen tables for two of our properties in the early 2000s.  (All photos Eric Rojas, Broker, Kale Realty) 

A vacant retail building at 1950-1952 West Lawrence Avenue in Lincoln Square will be demolished to make way for new apartments.  A permit was issued March 21st of this year for a five (5) story building with 12 residential units, ground floor retail and private garage. The building most recently housed a furniture store. 

The property has exchanged hands and features a history of liens and lis pending foreclosures over the past dozen years. That seems to be sorted out. The new building development is permitted "as of right" and won't need any zoning changes nor trigger any public forums.  The new construction will further consolidate a long running series developments from 1800 block of West Lawrence to the 2000 West block of Lawrence in Lincoln Square.

Yummy Falafel across the street from 1950 W Lawrence has recently opened in the former taco restaurant space.

R@A Sourdough on the corner of Lawrence of Winchester is just steps from the new development. Fantastic bagel, bialys and sandwiches. 

The old Sears store redevelopment is only a half block away. It houses DeVry University and 59 rental apartments. 

Falcon's at 1968 W Lawrence has taken over the old Chez Simo space. Sweet Moon Bakery at 1964 W Lawrence has established itself as a popular café in a space that has turned over several times.

 

100s residential units have been added from 1800 West Lawrence to 2400 West Lawrence with more to come.  It is a great site to see all the people and local business regenerating this commercial stretch of Lincoln Square over the past 20yrs. The Damen CTA stop, Western CTA stop and Ravenswood Metra all service the area.  Check out some of the Lawrence and Damen development I've written about HERE

All photos and stats gathered by Eric Rojas, Broker, Kale Realty - 2447 N Ashland Chicago IL 60614 - 312-939-5253. 

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.

 

 

Slow roll: February 2023 home sales in Chicago

 

As expected Chicago over-all home sales over the 77 Chicago community areas were down year to year in February 2023. Important to most home sellers and buyers is median price slipped 3.1% year to year.  We know March has seen a couple strong weeks due to a dip in interest rates a couple months ago. However, its expected prices will remain flat for March.

• 1,218 properties were sold in the City of Chicago in February 2023. This is a 36.7% decrease from February 2022.

• The median sales price in the City of Chicago for February 2023 was $310,000, a 3.1% decrease from February 2022.

• The City of Chicago saw listings average 94 days on the market until contract, which is a 2.5% increase from February 2022.

Of course not all market areas are the same.  Lincoln Square single family home median sales price was up 17% in February year over year.  Lake View condo median price was up in February 3.5%.  

I gather stats from the Chicago Association of Realtors and MREDllc.com (our area MLS). 

North Park Chicago single family home sales

A charming North Park home near Northeastern Illinois University. All photos Eric Rojas, Broker, Kale Realty

I was out on this cold Monday morning looking at North Park single family homes with my clients. The area is an option for their $400K budget.  It will still be tough.  About 25 homes sold at $400K or under over 2022. The condition of homes gets bleak fast under $350,000.

North Park Single Family Home Sales

62 single family homes sold over 2022 with a median price of about $450,000. As mentioned above about 25 of those homes sold for $400K and under.  One home sold for over $1M. 5741 N Kostner, Chicago IL 60646 closed for $1,249,000. 

Only six homes are currently for sale listed on the MLS. Prices range from $350,000 to $850,000.  Two additional homes are listed on the Private Listing Network.  We viewed one of those today listed at $349,900.

West Ridge super sneaky house values, median price up

 

West Ridge community area's diverse residential housing, diverse demographics, small business community and access to great parks offer great value compared to many north side neighborhoods. 

My clients are ready to trade their small Lincoln Square / Bowmanville condo for single family home life.  With one large dog, another in the works and work-from-home situation... they need more space. They are on a budget under $400,000 and open to neighborhoods further west or north to take the next step.  West Ridge may be the answer.

West Ridge single family home sales 2022

114 single family homes sold in 2022.  The median price of a sold single family home over last year was about $465,000 (about half of Lincoln Square a couple miles to the south). Only one house sold for over $800,000. With mortgage interest rates up and the buying frenzy slowed I expect that median price to plateau.  Prices will remain close however to last year's due to more renovation and development in the area delivering higher quality products.

In 2019 (pre-pandemic) 141 homes closed with a median price of $365,000
2020, 142 single family homes closed with a median price of $399,900
2021, 152 homes sold with a median price of $429,000

West Ridge has great access to large parks like Warren Park and Indian Boundary Parks. It is a short trip to Chicago and Evanston beaches. Small business, grocery stores, schools, larger retailers and religious institutions are in close proximity throughout the entire community area. 

About 13 homes are currently on the market in West Ridge with a median asking price of $500,000. 

My (younger) kids at Indian Boundary Park  back in 2015! Our 4th would have been a few months old by now... maybe I am carrying him while taking pictures?