Chicago’s Hottest Real Estate Markets
The first three months of the year were very good to real estate sellers in Irving Park, the Near North and suburban Glendale Heights, according to Crain’s analysis of sales data released this week.
We looked for places where three major attributes improved. Both the number of sales and the median price of homes that sold went up. The average time a home took to sell went down, compared to the first quarter of 2016.
These three rose to the top in their categories: Irving Park (single-family homes in Chicago), Near North (condos and townhouses in Chicago), and Glendale Heights (suburbs; sales of all types). Below, we’ve grouped the top five hot spots in each of the categories.
City data is broken into two categories because it’s reported by Midwest Real Estate Data and Chicago Association of Realtors in that format, different from the suburban report.
The figures, compiled by Midwest Real Estate and published by the association, covers all sales in the first quarter of the year. Chicago-based Data Made helped Crain’s with the data-crunching.
A two-bedroom condo in a midcentury building on North State Parkway lasted just eight days on the market in January before going under contract to the eventual buyer, who paid $470,000.
Speedy sales like that “have been happening a lot,” said Aaron Greenberg, the Berkshire Hathaway HomeServices KoenigRubloff Realty Group agent who represented the buyers and specializes in the neighborhood. With nightclubs and restaurants, beaches and transportation all close at hand, “this is where people want to be to be in the action,” Greenberg said.
That sale and others fueled a drop of about 5.5 percent in the average market time of a Near North condo or townhouse. But even with the improvement, the average market time of 103 days was slower than the citywide average, 90 days. The figure is elongated by the slower-selling luxury condos in the area, including one in the Ritz-Carton Residences that had been for sale since 2013 before closing at almost $1.73 million, and one at Lake Point Tower that took 10 months to sell. It closed at $1.4 million in February.