Chicago's North Center housing market in July showed mixed results - the single-family-home segment posted increases, the attached segment registered declines.
Online PR News – 14-August-2019 – Chicago, Ill. – The main components of the North Center housing market painted contrasting pictures in July, with the single-family-home segment posting solid increases in sales activity and median price, while the attached segment, consisting primarily of condominium apartments, registered declines in both measures after several months of gains.
July sales of single-family detached homes amounted to 33 properties, an increase of 22.2% over the same month last year, and the median price rose 27.2% to $1,100,000. In contrast, sales of attached homes dropped -24.5% to 37 units, while the median sales price fell -2.1% to $432,000. Average market time for properties sold in July was 92 days for detached homes, nine days less than a year earlier, while attached sales averaged 50 days, 12 more than the prior July.
There were seven sales of two-to-four-unit buildings in July, up from five a year earlier, at a median price of $617,000.
The North Center area extends from Diversey Parkway north to Montrose Avenue and from Ravenswood Avenue west to the Chicago River, and it includes the neighborhoods of Roscoe Village and Northcenter/St. Ben's.
"The market for single-family homes in North Center has clearly strengthened over the last four months," said Mary Jo Nathan, a broker associate with The Wilcox Company who has specialized in residential properties on Chicago's North Side for nearly two decades. She did the analysis of North Center sales using data from MRED, the regional multiple listing service
"Sales were 14.7% higher during the last four months than during the same period last year. There was also a sizable increase in the median sales price, but that is more a result of the fact that the median price last July was unusually low. It is more realistic to compare the $1.1 million median price for this July to the area's median price for all of 2018, which was $1,022,000. There the increase is 7.6%," she pointed out.
The slowdown in sales of attached units is more surprising, Ms. Nathan noted.
"North Center sales in that segment were up 8% in the first half of the year, which contrasted to the city market as a whole, where attached sales fell -6.6% in the first six months," she said. "First-time buyers seem to be dealing with affordability issues, and in the city that is most noticeable in the attached-home segment, which is quite popular with young singles and couples. That same issue may now be impacting North Center, but it will take a few months before we know for sure."
July sales of detached homes were topped by two transactions that broke the $2 million barrier. The most expensive was $2.2 million for a five-bedroom home on a 50-foot lot near Cullom Avenue and Leavitt Street. The other was $2.1 million for a custom designed brick home on Oakdale Avenue near Wolcott Avenue. The least expensive detached sale in July was for a frame bungalow on Byron Street just west of Western Avenue that is a likely teardown.
The top-ranked attached sale of the month was for a 3,600-square-foot duplex-up on Damen Avenue north of Addison Street that sold at $1.05 million, while the low price was for a compact one-bedroom on Wolcott near Newport Avenue that sold at $222,000.
For the City of Chicago as a whole, home sales in July were off -3.6% to 2,673 units, with single-family sales essentially flat, gaining 1 unit to 1,034, while attached sales were down -5.8% to 1,639 units. The median sales price for single-family homes was up 5.1% to $268,000, and the median price for attached homes fell -0.9% to $332,000.
The Wilcox Company, founded in 1967, provides a full range of real estate brokerage, appraisal and property management services. Its offices are at 2157 W. Irving Park Road, Chicago, in the heart of North Center. To learn more, visit our website at www.thewilcoxcompany.com.