Selling a home’s been a bit more challenging in Lakeview this year
Lakeview remains one of Chicago’s most desirable neighborhoods. That doesn’t mean, though, that this neighborhood’s housing market isn’t in slowdown mode right now.
According to a recent story by Crain’s Chicago Business — using numbers from the Chicago Association of REALTORS® and Showing Time, home sales in the Lakeview neighborhood are down by about 12 percent so far this year.
Of course, home sales in the entire city are down, too. But, as Crain’s reports, sales citywide were down by just 7 percent during the first nine months of this year. That makes Lakeview’s performance especially sluggish.
At the same time, the median sales price of homes in Lakeview has declined, too. Crain’s said that the median price of single-family homes in Lakeview is down 9.4 percent to $1.26 million. For condos and townhouses, the median price has fallen 5.4 percent to $350,000.
If you want more evidence of Lakeview’s slowdown, consider average sales time. Crain’s reported that it took an average of 137 days in the first nine months of the year to sell a single-family home in Lakeview. That’s up 29 percent. It took an average of 71 days to sell a condo or townhouse, up 18 percent.
Other Chicago neighborhoods are seeing a busier housing market. Crain’s reported that home sales were up 4.9 percent in Lincoln Park during the first nine months of the year and up 1 percent in Logan Square.
What do the sluggish housing markets in Lakeview mean if you’re ready to sell your condo or single-family home? It’s time to work with a REALTOR® who knows Lakeview. This pro can help you set the right asking for the Lakeview market today and can market your single-family home or condo to the greatest number of potential buyers.
If you don’t work with a REALTOR®? That could make selling your Lakeview home even more of a challenge.