The three months ending September 30 were a boon to single family home sales in several key north side neighborhoods, including Edgewater (up 91% over last quarter / 102% over a year ago), Lincoln Square (up 84% / 93%); North Center (up 119% / 28%), Lakeview (up 68% / 38%), and Uptown (up 79% / 27%).
In some cases, this came at the expense of median selling price. But residents of these neighborhoods, as well as others that are seeing sales increases, should see this as a good sign. This should not be confused with a recovery, as the city’s and nation’s economic fundamentals continue to struggle. However, the first signs of things turning the corner in the housing market will be several sustained quarters of year-over-year growth in sales velocity. (Think six to eight quarters of sustained sales growth.)
You can see tables and charts of 20 top Chicago neighborhood market trends.
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.