Encouraging Numbers for Sellers

Two of Chicago’s most sought after neighborhoods have seen an increase in median home prices compared to this time last year. The Loop, an area which includes the South Loop, Printers Row, the Loop and Streeterville, shows an increase of nearly 8% compared to this time last year with a price of just over $350,000. Similarly, the Lincoln Park neighborhood has also seen a slight jump in the median home price. While not quite as large of a boost as the Loop, median home prices from roughly North Avenue to Diversity Parkway are up 2.5%, arriving at a median price of just under $430,000. One contributing factor can be directly linked to the average length of time properties have sat on the market. These numbers are slightly down from a year ago, enabling sellers and their agents to avoid having stagnant pricing linked to the property-which ultimately forces price cuts.