If you’re looking for a quick update on how the Chicago real estate market fared over the first few months of 2017, Crain’s recently outlined which parts of the city have been the hottest so far in the new year. With mortgage rates still low and available inventory also scarce throughout many parts of the city, the Chicago real estate market has been especially kind to sellers, especially in a few familiar neighborhoods.
According to Crain’s data, which only included neighborhoods with at least 25 sales during the first quarter of 2017, the Near North Side, West Town, and Lincoln Square rounded out what’s viewed as being the three hottest neighborhoods for condos and townhouses in the city right now, which is somewhat surprising in some ways. While Near North Side and West Town have both remained very active over the last few years, Lincoln Square is has apparently come on strong in 2017 in terms of sales volume and how quickly listings are selling.
As expected, of those top three neighborhoods, the Near North Side has the highest median sales price of $421,000, while West Town condos sold for a median price of $450,000 and Lincoln Square condos for a median price of $265,000.
As for overall sales volume, the number of sales in the Near North Side specifically jumped 18% in the first quarter of 2017, which represented the highest gain of any neighborhood in the city. Its median sales price of $421,000 also represents a 7.9% jump compared to the first quarter of 2016.