While the Chicago real estate market has remained hot during the early part of 2017, an interesting piece in Crain’s revealed now may not be the best time to list a luxury home in Lincoln Park.
According to data in the report, 69 luxury Lincoln Park homes were added to the market last month, bringing the total number of homes listed to 169, which now marks a two year high. And with sales numbers remaining steady, the selling inventory is now bringing home prices in the area down.
Going off of recent numbers from the Chicago Association of Realtors, homes in Lincoln Park that went under contract last month had a median asking price of under $1.5 million, which is well below the median asking price just one year prior of $1.85 million. And while final sales prices for such homes won’t be available until closings, Lincoln Park home prices that closed in January dropped nearly 14%.
The good news, however, is that if you’re looking to buy a luxury home in Lincoln Park, the growing inventory makes now as good a time as any to start browsing the market in search of a great deal.