The Chicago city housing market cooled in the first quarter of the year, with the city performing much like the suburbs. Of the city’s 77 neighborhoods, sales were down in more than half of them during the first few months of 2019. Local agents have seen homes in some neighborhoods take longer to sell than they did during the same time period a year ago.
Analysts look at three key measures in determining a local market’s vitality. This includes the number of homes sold, the average time homes sit on the market and the median sale price.
In condos and townhomes specifically, no city neighborhoods saw improvements of all three measures during the first quarter of the year. In fact, only two neighborhoods in the Chicago area saw improvement in all three key measures.
They were East Side and Chicago Lawn. Some credit that to more affordable, family housing in those two parts of the city.