Owners of condominiums and single family homes in one of Chicago’s priciest neighborhoods, Lincoln Park, have not, on average, settled for lower selling prices throughout the recent housing downturn. In contrast to some other neighborhoods that have seen rapid ups and (mostly) downs throughout the last few years, the median selling price of Lincoln Park condos has fluctuated only between $340,000 and $420,000. Median selling prices of houses have had some more pronounced peaks or valleys, but these have always been for just a single quarter, before reverting back toward their trend.
The stable pricing has been somewhat at the expense of sales volume. In the third quarter of 2007, 640 condos and townhomes sold in Lincoln Park; by last quarter, just 336 were sold.
Another neighborhood showing relatively consistent pricing for condominiums is West Town, which includes most of Wicker Park and Bucktown. The median selling price for condos in West Town declined to $311,000 last quarter, but has fluctuated only between $315,000 and $382,000 since the beginning of 2007.
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Jeff Baird is a real estate valuation consultant based in Chicago. He founded Lakeshore Analytics to bring comprehensive, understandable housing data and analysis to Chicago-area readers. The site features a blog with free market news and charts, summary data on 20 top neighborhoods, and quarterly data subscriptions.