Market Conditions: Chicago January 2024 Sales Fall 3.4% as Median Price Rises 6.3%

Inventory has been near record lows in Chicago for months. This impacts home sales. You can’t buy what isn’t on the market.

January sales fell to the lowest levels since 2011, which was near the bottom of the housing bust.

From the Illinois Association of Realtors:

The city of Chicago saw a 3.4 percent year-over-year home sales decrease in January 2024 with 1,059 sales, down from 1,096 in January 2023. The median price of a home in the city of Chicago in January 2024 was $315,000, up 6.3 percent in January 2023 when it was $296,408.

Sales Data Since 2006 (thanks to G for the older data):

  • January 2006: 2009 sales and median price of $258,000
  • January 2007: 1850 sales and median price of $279,900
  • January 2008: 1203 sales and median price of $290,000
  • January 2009: 918 sales and median price of $205,000
  • January 2010: 1237 sales and median price of $195,000
  • January 2011: 1034 sales and median price of $150,000
  • January 2012: 1123 sales and median price of $149,000
  • January 2013: 1521 sales and median price of $157,000
  • January 2014: 1383 sales and median price of $200,750
  • January 2015: 1348 sales and median price of $220,000
  • January 2016: 1398 sales and median price of $227,750
  • January 2017: 1574 sales and median price of $255,000
  • January 2018: 1444 sales and median price of $265,000
  • January 2019: 1347 sales and median price of $255,000
  • January 2020: 1462 sales and median price of $267,500
  • January 2021: 1698 sales and median price of $310,000
  • January 2022: 1831 sales and median price of $310,000
  • January 2023: 1096 sales and median price of $296,408
  • January 2024: 1059 sales and median price of $315,000

“In January, an increase in median sales price and a decrease in inventory are indicative of a steady drive in homebuyers,” said Drussy Hernandez, president of the Chicago Association of REALTORS® and vice president of brokerage services for Coldwell Banker Realty in Chicago.

“The notable surge in single family sales price in a pinched inventory market demonstrates buyers’ commitment to making homeownership a reality.”

Statewide, inventory fell another 22.1% to 15,186 from 19,501 last year. In Chicago, inventory hit a new low in January, falling another 28.1%. Here’s the 3 year statistics.

  • January 2022: 6,084
  • January 2023: 5,329
  • January 2024: 3,829

“The housing market is continuing its long-running trend of low sales and relatively high prices,” said Dr. Daniel McMillen, professor of real estate and associate dean for faculty affairs at the University of Illinois-Chicago College of Business Administration.

“However, consumer confidence has turned up markedly, and sales traditionally increase significantly in spring. We expect the recent trends toward lower inflation rates, interest rates, and unemployment rates to lead to a rebound in the housing market in the coming months.”

Days on the market fell 12.2% in Chicago to 43 days from 49 days last year.

The 30-year average fixed rate mortgage was 6.64%, down from 6.82% in December 2023. But that is still higher than a year ago, when it averaged 6.27%.

It seems like inventory falls every month to a new low.

What will turn this trend around?

Illinois’ home sales and median prices rise as the number of available homes shrinks again [Illinois Association of Realtors, Press Release, by Bill Kozar, February 22, 2024]

 

 

A 3-Bedroom East Lincoln Park Townhouse with Parking for $725K: 2736 N. Hampden

This 3-bedroom townhouse at 2736 N. Hampden in East Lincoln Park came on the market in February 2024.

2736 N. Hampden was built in 1981 and has 16 units and attached heated garage parking.

This townhouse is two stories and has hardwood floors throughout.

The listing says it has had a “plethora of updates.” Those include:

  • A/C (2021)
  • Washer/dryer (2021)
  • Furnace (2022)
  • Pella sliding door in the primary bedroom (2023)

The first floor has an open floor plan with the living room, dining room, kitchen and half bath.

There is a fireplace in the living room along with built-in bookcases.

The kitchen has white cabinets, black stone counter tops, stainless steel appliances, including a wine refrigerator, and a white tile backsplash.

The second floor has all three bedrooms including the primary suite which has a “spa-like” en suite bathroom.

The listing says the second and third bedrooms have been “newly renovated.”

There is also a second full bathroom on the second floor.

The townhouse has a walled, brick private patio.

It has the features that buyers look for including central air and one heated garage space. It also has additional storage.

The listing says the complex got a new roof in 2023 and the special assessment for it was paid in full by the seller.

This building is just a few blocks to Lincoln Park, near the shops and restaurants of East Lincoln Park and the southern part of East Lakeview, near the Trader Joe’s and numerous bus lines.

The listing also says it is in the Alcott school district.

Listed at $725,000, is this townhouse a single family home alternative in this popular neighborhood?

Paige Montgomery at Keller Williams Infinity has the listing. See the pictures and floor plan here.

Unit #102: 3 bedrooms, 2.5 baths, 1800 square feet, townhouse

  • Sold in June 1984 for $210,000 (per Redfin)
  • Sold in August 1986 for $227,500 (per Redfin)
  • Sold in May 1993 for $223,500
  • Sold in June 1995 for $230,000
  • Sold in October 2001 for $408,500
  • Sold in March 2012 for $435,000
  • Sold in May 2015 for $562,000
  • Sold in March 2021 for $660,000
  • Currently listed at $725,000
  • Assessments of $733 a month (includes cable, exterior maintenance, scavenger, snow removal)
  • Taxes of $13,393
  • Central Air
  • Washer/dryer
  • Heated garage parking included
  • Additional storage
  • Fireplace
  • Bedroom #1: 19×14 (second floor)
  • Bedroom #2: 13×10 (second floor)
  • Bedroom #3: 13×10 (second floor)
  • Kitchen: 16×12 (main floor)
  • Living room: 18×20 (main floor)
  • Dining room: 9×11 (main floor)
  • Patio: main floor

 

Newly Renovated 2/2 with Parking in Printers Row for $450,000: 547 S. Clark

This 2-bedroom in the Harrison Street Lofts at 547 S. Clark in Printers Row originally came on the market in November 2023. It was removed in mid-December and then relisted on December 30.

Harrison Street Lofts is an industrial building which was converted into lofts in 1998. The top floors were added at that time. There are 60 units and attached garage parking.

The building does not have door staff but it does have an exercise room.

This unit is on the 11th floor, which is one of the floors added later. Is it even a loft?

It appears to have 9 foot ceilings and it has exposed duct work but none of the other features of authentic lofts such as timber ceilings, exposed brick or industrial windows.

The listing says it is “newly renovated.”

There’s a gas fireplace with built-ins.

It has maple hardwood floors in the main living area and berber carpet in both bedrooms.

The kitchen has white and gray cabinets and “all new” stainless steel appliances, white counter tops, a “new” white subway tile backsplash and a peninsula with a breakfast bar.

The primary bedroom has a walk-in-closet and an en suite bathroom with a whirlpool tub, walk-in-shower and double sink.

The second bedroom does not have windows.

This unit has features buyers look for including central air, washer/dryer in the unit, and garage parking is included.

It also has a balcony.

The building is located in the heart of Printers Row near shops and restaurants and near Grant Park. Transportation is easy as it is near numerous bus lines and the subway.

Listed at $450,000, that’s $5,000 below the 2007 sales price of $455,000.

Buyers love “new.”

Will the new kitchen make the sale in 2024?

Blake Smith at Epique Realty has the listing. See the pictures here (sorry, no floor plan).

Unit #1101: 2 bedrooms, 2 baths, 1407 square feet

  • Sold in January 1999 for $251,000
  • Sold in July 2007 for $455,000
  • Sold in August 2010 for $394,500 (to a relocation service)
  • Sold in June 2011 for $325,000
  • Originally listed in November 2023 for $450,000
  • Removed in December 2023
  • Re-listed in December 2023 for $450,000
  • Currently still listed at $450,000
  • Assessments of $784 a month (includes cable, Internet, exercise room, exterior maintenance, scavenger)
  • Taxes of $5266
  • Central Air
  • Washer/dryer in the unit
  • Garage parking included
  • Gas fireplace
  • Bedroom #1: 16×14
  • Bedroom #2: 12×15
  • Kitchen: 9×13
  • Living/dining combo: 23×27
  • Balcony: 6×9

A Unique 2-Bedroom Loft in the Grand Ohio for $545,000: 211 E. Ohio in Streeterville

This 2-bedroom loft in the Grand Ohio at 211 E. Ohio in Streeterville came on the market in February 2024.

The Grand Ohio was built in 1984 as apartments. It’s a full amenity building with 595 units, an indoor pool, a basketball court, tennis courts and an exercise room along with a parking garage.

It was converted into condos in 1999.

Most of the units don’t have washer/dryer in the unit, although there is a unique loft floor on the 5th floor that has them in the unit. That floor also has its own separate elevator bank, higher ceilings and outdoor space.

This unit is on the 5th floor.

It has hardwood floors in the living areas and carpet in the bedrooms.

The kitchen is open to the living and dining room.

There’s a gas fireplace in the living room.

The kitchen has wood cabinets, black appliances, an island with seating for 2 with the stove embedded in it.

The second bedroom doesn’t have any windows as it’s interior.

The primary bedroom has an en suite bathroom and a walk-in-closet along with windows.

The loft also has a large 27×7 terrace off the living room and primary bedroom.

It has the features that buyers look for including central air, washer/dryer in the unit and garage parking is included.

This building is in the heart of Streeterville, near shops and restaurants and Whole Foods. It’s also near the Mag Mile and various bus routes.

Listed at $545,000, that’s $288,000 above the 2015 purchase price of $257,000.

Will the seller get the premium in this low inventory market?

James Kinney at Baird & Warner has the listing. See the pictures and floor plan here.

Unit #307: 2 bedrooms, 2 baths, 1423 square feet, loft

  • Sold in August 1999 for $182,500
  • Sold in January 2006 for $232,500
  • Sold in August 2015 for $257,000
  • Currently listed at $545,000
  • Assessments of $1083 a month (includes doorman, cable, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal, Internet)
  • Taxes of $7238
  • Central Air
  • Washer/dryer in the unit
  • Garage parking included
  • Wood burning fireplace
  • Bedroom #1: 17×13
  • Bedroom #2: 13×9
  • Living/dining room: 27×14
  • Kitchen: 13×8
  • Foyer: 15×5
  • Terrace: 27×7

A 3-Bedroom Townhouse with No Assessments in Lakeview for $625K: 820 W. Wolfram

This 3-bedroom townhouse at 820 W. Wolfram in Lakeview came on the market in February 2024.

Built in 1979, the complex has 6 townhouses and outdoor parking. What is unique is that there are no assessments.

The listing says this townhouse has “full masonry” and has been “abundantly updated.”

It has hardwood floors throughout.

The first floor has the kitchen, dining room and living room with exposed brick, a stylish wood beamed ceiling and a wood burning fireplace.

The kitchen has custom wood cabinets, quartz counter tops, a breakfast bar, and “newer” Samsung stainless steel appliances.

The second floor has one bedroom, a full bath, the washer/dryer, and a family room. On the current floor plan it is closed off and is called a “bedroom” but in the prior 2020 listing, it is shown as open space and doesn’t have a wall or door.

The listing calls it a “bonus” area with a fourth bedroom or office.

The third floor has the primary bedroom, a second bedroom and a full bathroom.

The listing says the bathrooms have been “newly renovated” with marble tile and walk-in-shower.

The townhouse has skylights and a fenced brick patio off the main living area on the first floor.

It has the features buyers look for including central air and one parking space.

This townhouse is in south Lakeview and is near shops, restaurants, Trader Joe’s, Dom’s Market, numerous bus lines and the Brown Line stop at Diversey.

Listed at $625,000, is this townhouse a good option for those who want levels?

John Burks at @properties Christie’s has the listing. See the pictures and floor plan here.

You can also go to the Open Houses on Saturday, February 17 from 10 AM to 12 PM and on Sunday, February 18 from 10 AM to 12 PM.

Unit #C: 3 bedrooms, 2 baths, no square footage listed, townhouse

  • Sold in March 2000 for $279,000 (per Zillow)
  • Sold in October 2020 for $559,000 (per Zillow)
  • Currently listed for $625,000
  • No assessments
  • Taxes of $11,723
  • Central Air
  • Washer/dryer
  • 1 parking space
  • Wood burning fireplace
  • Bedroom #1: 12×11 (third floor)
  • Bedroom #2: 13×12 (second floor)
  • Bedroom #3: 12×11 (third floor)
  • Family room: 15×9 (second floor)
  • Kitchen: 10×8 (main floor)
  • Dining room: 9×8 (main floor)
  • Living room: 15×14 (main floor)
  • Terrace: 18×9 (main floor)

 

 

3-Bedroom with 2-Car Garage Parking for $899,000: 1611 N. Hermitage in Bucktown

This 3-bedroom in 1611 N. Hermitage in Bucktown/Wicker Park came on the market in September 2023, was withdrawn in November 2023, and came back on the market in February 2024.

Built in 2015, 1611 N. Hermitage has 17 units, garage parking and an elevator.

This unit is a corner with windows on 3 sides with north, south and west exposures.

The elevator opens directly into the foyer.

The unit has wide plan oak floors and custom drapes. There are also motorized blinds.

The main living space is open concept with the living room, dining room and kitchen.

The kitchen has contemporary cabinets with “top quality” appliances by Subzero, Wolf and Bosch. The island is Carrara marble with a waterfall edge and seating for 3.

The main living space also has a wet bar with a Subzero wine fridge, refrigerator drawers and separate ice maker.

There’s a built-out front deck off the main living space.

The primary suite has a walk-in-closet, an upgraded en suite bath with dual vanity, radiant heated floors and walk-in-shower with rain head.

There’s a Jack-n-Jill bathroom between the second and third bedrooms. The second bedroom is built out as a home office with desks, millwork and storage.

The unit also has a second outdoor space off of the primary suite which the listing says is the “largest private terrace in the building.”

It has a built-in grill, outdoor television and watering system.

This unit has the features that buyers look for including central air, side-by-side LG washer/dryer and 2-car garage parking which is included.

This building is near the shops and restaurants of both Bucktown and Wicker Park. It’s near bus lines, the Blue Line, and the listing says it’s located by the 606 Trail.

Listed at $899,000, that’s only $20,000 above the 2019 purchase price of $879,000.

Has Bucktown cooled off as one of Chicago’s top trendy neighborhood?

Jennifer Ames at Engel & Voelkers has the listing. See the pictures and floor plan here.

Unit #201: 3 bedrooms, 2 baths, 1900 square feet

  • Sold in June 2015 for $945,216 (per Redfin)
  • Sold in April 2019 for $879,000 (per Redfin)
  • Originally listed in September 2023 (but no price listed on Redfin)
  • Withdrawn in November 2023
  • Re-listed in February 2024 for $899,000
  • Assessments of $776 a month (includes gas, exterior maintenance, scavenger, snow removal)
  • Taxes of $16,964
  • Central Air
  • Washer/dryer in the unit
  • 2-car heated garage spaces included
  • Bedroom #1: 19×13
  • Bedroom #2: 13×13
  • Bedroom #3: 13×10
  • Kitchen: 13×12
  • Walk-in-closet: 5×9
  • Living/dining room combo: 22×18
  • Bar: 5×7
  • Foyer: 9×11
  • Balcony: 24×5
  • Terrace: 20×28

A Modern Vintage Gem in Lakeview: A 2/1 with Parking at 2861 N. Burling

This 2-bedroom top floor vintage unit at 2861 N. Burling in Lakeview came on the market in February 2024.

Built in 1924, 2861 N. Burling has 9 units, heated garage spaces and a backyard koi pond.

It has bike storage and the RING security system in the front vestibule.

This unit has south, east and west treetop views and the listing calls it a “modern vintage” gem.

It has hardwood floors throughout and 9 foot ceilings with skylights.

The unit has some of its vintage features including a wood burning fireplace in the living room and 2 decorative trumeau mirrors.

There are built-in bookcases next to the fireplace and the listing says there is enough room to put a desk.

The dining room is open to the kitchen and has a wood beamed ceiling.

The fully renovated kitchen has white custom cabinetry with new kitchen hardware, a tile backsplash, undermount sink, quartz countertops, stainless steel appliances, a wine fridge and coffee bar along with a peninsula with seating for 4.

The bathroom has been “totally rehabbed” with modern finishes in 2022.

There’s a custom closet/pantry.

The second bedroom has a balcony with room for a grill.

The unit has some of the features buyers look for including washer/dryer in the unit (in the second bedroom) and a heated garage space but there’s no central air. There’s window units.

This building is near many shops and restaurants of Lakeview including Dom’s Market, Trader Joe’s and the Landmark movie theater as well as buses and the Brown line.

Listed at $519,000, this unit last sold in March 2021 for $425,000.

Vintage units with modern finishes and features like garage parking are rare.

Will they get the premium 2 years later?

Marilyn Kraus at @properties Christie’s has the listing. See the pictures and floor plan here.

Unit #3N: 2 bedrooms, 1 bath, 1400 square feet

  • Sold in May 1989 for $155,000
  • Sold in May 1998 for $185,000
  • Sold in February 2003 for $312,000
  • Sold in December 2004 for $325,000
  • Sold in March 2021 for $425,000
  • Currently listed at $519,000
  • Assessments of $477 a month (includes heat, parking, scavenger, Internet)
  • Taxes of $6849
  • No central air- but window units
  • Washer/dryer in the unit
  • Heated garage space included
  • Wood burning fireplace
  • Bedroom #1: 13×11
  • Bedroom #2: 13×12
  • Living room: 23×17
  • Kitchen: 17×10
  • Dining room: 17×10
  • Balcony off second bedroom

 

Completely Renovated 3-Bedroom Lincoln Park Townhouse for $1.1 Million: 1648 N. Burling

This 3-bedroom townhouse at 1648 N. Burling in Lincoln Park came on the market in February 2024.

Built in 1986, this complex has 10 units. There is an HOA fee which covers exterior maintenance, lawn care, scavenger and snow removal.

The listing says this townhouse was “entirely custom designed and renovated in 2020.”

It has hardwood floors, skylights and built-ins.

The first floor has a 1-car garage and a family room/office, which could be a fourth bedroom. It has closets and a full bathroom.

The laundry room and a large, professionally landscaped outdoor oasis, with brick pavers, completes the first floor.

The second floor is the living room, dining room, kitchen and half bath.

The kitchen is a “chef’s dream” with custom white Shaker cabinets, top of the line stainless steel appliances, and a large island that overlooks the dining space.

There’s also a private south facing balcony to grill or entertain.

The living room is a “cozy retreat” with a new wood burning fireplace with custom built-ins and mantle.

The three bedrooms are on the top level including the primary suite which is a “luxurious” haven. It has an en suite bathroom with a custom built double vanity, quartz countertops and an oversized shower.

There’s also a second bathroom on this floor.

The townhouse has central air.

This property is near the shops and restaurants of the North & Clybourn corridor, including the AMC NewCity movie theater and several supermarkets, including Whole Foods.

It’s also near bus and subway lines.

Buyers love “new.”

Listed at $1.1 million, will this townhouse be under contract by Monday?

Karen Schwartz at Dream Town has the listing. See the pictures and floor plan here.

Or see it at the Open House on Saturday, February 10, 2024 from 11 AM to 1 PM.

Unit #D: 3 bedrooms, 3.5 baths, 2800 square feet, townhouse

  • Sold in June 1986 but the price isn’t listed
  • Sold in November 1992 for $277,000
  • Sold in January 1998 for $332,000
  • Sold in February 2020 for $685,000
  • Listed in February 2024 for $1.1 million
  • Assessments of $369 a month (includes exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $16,507
  • Central Air
  • 1-car attached garage
  • Wood burning fireplace
  • Skylights
  • Bedroom #1: 17×12 (third floor)
  • Bedroom #2: 15×10 (third floor)
  • Bedroom #3: 15×9 (third floor)
  • Living room: 19×13 (second floor)
  • Kitchen: 17×9 (second floor)
  • Dining room: 13×11 (second floor)
  • Family room: 16×13 (main floor)
  • Laundry: 5×4 (main floor)
  • Foyer: 8×6 (main floor)
  • Terrace: 22×19 (main floor)
  • Balcony: 4×11 (second floor)

A 2-Bedroom with Sunset Views and Parking for $505,000 on the Near West Side: 565 W. Quincy

This 2-bedroom in 565 W. Quincy on the Near West Side came on the market in February 2024.

Built in 2008-2009 by Belgravia, 565 W. Quincy is a modern high rise on top of an original base which is loft condos. The building has 241 total units and garage parking.

The building has a “Q Room” with billiards, foosball, pool tables, 2 bowling lanes, a full kitchen, movie theater and exercise facility. It also has 24-hour door staff and an 8th floor sundeck with loungers and grills.

This unit has north/west sunset views from floor-to-ceiling windows on the 17th floor.

It has “newer” hardwood floors in the living room but “new” carpet in the bedrooms.

The kitchen has 42″ dark wood cabinets, granite counter tops and stainless steel appliances.

Both bedrooms are en suite with dual vanities, Kohler fixtures and soaking tubs. The primary bedroom’s bath is all marble.

It has a private balcony.

This unit has the features buyers look for including central air, washer/dryer in the unit and parking is $30,000 extra.

This building is near Union Station, Willis Tower and it’s restaurants and food hall, the Old Post Office, and the shops and restaurants of the West Loop including Randolph Street, Greektown and Fulton Market.

There are buses and the subway nearby.

Listed for $475,000, or $505,000 if you buy the parking, that’s over $100,000 above the September 2014 purchase price of $377,500.

Is this property competition for the new apartment buildings popping up across the downtown?

Wesley Jonberg at Baird & Warner has the listing. See the pictures here (sorry, no floor plan).

Or see it at the Open House on Saturday, February 10 from 11 AM to 1 PM.

Unit #1707: 2 bedrooms, 2 baths, 1100 square feet

  • Sold in July 2011 for $349,000 (per Zillow)
  • Sold in September 2014 for $377,500 (per Zillow)
  • Currently listed for $475,000 (plus $30,000 extra for garage parking).
  • Assessments of $1388 a month (includes doorman, exercise room, exterior maintenance, snow removal, sundeck)
  • Taxes of $7915
  • Central Air
  • Washer/dryer in the unit
  • Bedroom #1: 13×13
  • Bedroom #2: 14×10
  • Living/dining room: 18×14
  • Kitchen: 9×11
  • Balcony: 5×13

 

 

 

Dream Condo in the Heart of Lakeview for $415,000: A 2-Bedroom at 2952 N. Halsted

This 2-bedroom at 2952 N. Halsted in Lakeview came on the market in January 2024.

I don’t know what year this was built but 2952 N. Halsted has 15 units. The building amenities include extra storage, a common garden, grilling area, bicycle storage and common laundry room.

This is a top floor “dream condo” in the heart of Lakeview.

The listing says it’s fully updated with the perfect blend of modern luxury and historic Chicago charm.

The living/dining room is open concept with the kitchen with hardwood floors, an exposed brick wall and a wood burning fireplace.

The kitchen has white and wood cabinets with “modern” stainless steel appliances and an expansive island with seating for four.

The unit has a “spa-like” bath.

The primary bedroom has 2 closets and access to a patio.

The unit has some of the features buyers look for including central air, a Bosch washer/dryer in the unit but there’s no parking. It’s available for lease in the neighborhood or free on the street in front of the building.

This building is in the middle of everything in Lakeview but the listing specifically mentions Dom’s and the Advocate Masonic Hospital. It’s near buses and the subway.

Listed at $415,000, that’s $65,000 above the 2020 purchase price of $350,000.

Is this a good starter Lakeview condo?

Jacqueline Duckett at Compass has the listing. See the pictures and floor plan here.

Or see it in person on Saturday February 10, 2024 from 10 AM to 12 PM or Sunday February 11, 2024 from 10 AM to 12 PM.

Unit #3: 2 bedrooms, 1 bath, 1088 square feet

  • Sold in December 1986 (can’t find a price)
  • Sold in April 2019 for $227,500
  • Sold in April 2020 for $350,000
  • Originally listed in January 2024 for $415,000
  • Currently still listed at $415,000
  • Assessments of $307 a month (includes exterior maintenance, scavenger, snow removal)
  • Taxes of $5330
  • Central Air
  • Washer/dryer in the unit
  • No parking
  • Wood burning fireplace
  • Bedroom #1: 11×18
  • Bedroom #2: 10×10
  • Kitchen: 8×9
  • Living room: 13×16
  • Balcony