Get a Bank Owned 2/2 on Lincoln Park for $575,000: 2626 N. Lakeview in Lincoln Park

This 2-bedroom in 2626 N. Lakeview in Lincoln Park came on the market in March 2024.

2626 N. Lakeview was built in 1968 and has 492 units and and attached rental garage.

It’s a full amenity building along Lincoln Park with a doorman, pool, exercise room, party room, bike room and sun deck. The listing also says it’s a non-smoking building.

This unit is on the 27th floor and has north, east and west exposures.

The listing says the unit is renovated, but it is also bank owned. Surprisingly, just looking at the pictures, the appliances appear to still be in the unit.

There are oak hardwood floors throughout.

The kitchen has a walk-in pantry, stainless steel appliances and “new” dark, modern cabinets.

There is a combination living and dining room.

The listing says each bedroom is en suite.

The primary bathroom has been “remodeled” and has a double vanity and an oversized glass enclosed shower.

In addition to the two bedrooms there is also a den.

This unit has a washer/dryer in the unit, central air and parking is available for lease.

2626 N. Lakeview is on Lincoln Park, near the North Pond restaurant and the shops and restaurants of East Lincoln Park. There are several bus lines nearby.

This unit last sold in June 2016 for $587,500 but has come back on the market owned by the bank at $575,000.

Is this a deal?

Thomas Cardoni at Cardoni Real Estate has the listing. See the pictures here (sorry, no floor plan).

Unit #2712-10: 2 bedrooms, 2 baths, 1764 square feet

  • Sold in June 2007 for $617,500
  • Sold in June 2016 for $587,500
  • Lis pendens foreclosure filed in February 2022
  • Bank owned in January 2024
  • Currently listed at $575,000
  • Assessments of $1431 a month (includes heat, a/c, doorman, cable, exterior maintenance, lawn care, scavenger, snow removal,)
  • Building also has pool, exercise room, party room, cleaners, coin laundry, bike room (not sure if included in HOAs)
  • Taxes of $9096
  • Central Air
  • Washer/dryer in the unit
  • Rental parking in the building available
  • Bedroom #1: 22×12
  • Bedroom #2: 17×12
  • Living/dining combo: 16×29
  • Kitchen: 8×14
  • Library: 12×12

3 Years Later, 2-Bedroom Fulton Market Townhouse Returns at $550,000: 310 N. Desplaines in

This 2-bedroom townhouse in Fulton Court at 310 N. Desplaines in Fulton Market came on the market in March 2024.

Built in 1999, Fulton Court has 48 townhomes with a center courtyard and a heated attached garage that is underneath the complex. Owners can park and walk right into their townhouses from the garage.

The picture above is one of the outside of the complex.

The main level has the living room, dining room, kitchen and powder room.

There are hardwood floors on the main level and the top floor while the primary bedroom has carpet.

The kitchen has been “updated” with “freshly painted” white cabinets (they were cherry previously), a new tile backsplash and new quartz counter tops (they were granite in the last sale). It has stainless steel appliances and a peninsula island.

The second floor is the primary suite with a walk-in-closet and bathroom with double vanity and tub/shower combo.

The third floor has the second bedroom, a full bathroom and direct access to a “sunny” rooftop deck that the listing says will be “upgraded with a wooden floor as part of the building upgrades.”

The townhouse has a lower level that connects to one heated garage space, a foyer, and the laundry room.

The listing says it’s in the Skinner elementary school district.

Additionally, it’s near shops and restaurants with the listing stating:

A+ location: easy access to I-90/94, short walking distance to several CTA’s Blue, Pink, and Green Lines (all less than 0.5 mile), numerous CTA bus routes, dog-friendly Fulton River Park (0.1 mile), cafes, grocery stores (Jewel – 0.1 mile and many others a short distance away), restaurants, nightlife spots, and more. You’ve got everything you need to start enjoying city living today!

This townhouse as listed 3 years ago, to the day, on March 8, 2021, for $530,000, went into contract just 4 days later, on March 12, 2021, and closed in May 2021 for $511,000.

Listed again this year on March 8 for $550,000, will it go under contract just as quickly as 3 years ago?

Mike Checuga at Re/Max Next has the listing. See the pictures and floor plan here.

Unit B: 2 bedrooms, 2.5 baths, 1900 square feet, townhouse

  • Sold in April 2000 for $341,000
  • Sold in June 2004 for $360,000
  • Sold in May 2021 for $511,000
  • Currently listed at $550,000
  • Assessments of $626 a month (includes heat, gas, parking, exterior maintenance, scavenger, snow removal)
  • Taxes of $10,779
  • Central Air
  • Washer/dryer in the unit
  • Attached heated garage parking space included
  • Fireplace
  • Bedroom #1: 18×24 (second floor)
  • Bedroom #2: 13×12 (third floor)
  • Living/dining room combo: 27×13 (main floor)
  • Kitchen: 13×8 (main floor)
  • Laundry: 9×7 (lower level)
  • Rooftop deck (third floor)

Fully Renovated 3-Bedroom in Streeterville Reduces $50K to $700,000: 680 N. Lake Shore Drive

This 3-bedroom in 680 N. Lake Shore Drive in Streeterville came on the market in February 2024.

680 N. Lake Shore Drive is a unique building.

According to Wikipedia, it was completed in 1926. it was originally called the American Furniture Mart and was the largest building in the world when finished.

It has a total of 415 units in 3 different condo associations: The Tower, The Lake and the South Residences.

The South Residences has 120 units, the Tower has 131 units, and the Lake, 264.

This is a full amenity building with an indoor pool, exercise room and 24-hour door staff. It has attached garage parking.

There is commercial space in the building as well as a shopping concourse with a restaurant, coffee shop, Walgreens, a bank and other amenities.

The listing doesn’t say which building this is in.

It’s been “fully renovated” and has modern, luxurious finishes including new LED can lights throughout.

The listing says “every surface has been touched.”

The unit has new wide plank hardwood floors throughout and custom wood details.

The kitchen is a “chef’s dream” with white and modern wood cabinets along with a 10 foot island with waterfall edge and high end appliances.

There appears to be a living/dining combo.

The primary bedroom is en suite with a walk-through closet and an en suite bath with separate tub, shower and a double vanity.

The unit has features buyers look for including a laundry room with a side-by-side washer/dryer, central air and parking is available in the building.

This building is near the shops and restaurants of Streeterville including the AMC River East movie theater and Target.

Originally listed in February 2024 for $750,000, it has been reduced $50,000 to $700,000.

Buyers love “new”.

Will this 3-bedroom find a buyer soon?

Julie Latsko at Compass has the listing. See the pictures and floor plan here.

Or see it in person at the Open House on Sunday, March 10, 2024 from 12 pm to 2 pm.

Unit #619: 3 bedrooms, 2.5 baths, 2150 square feet

  • Sold in March 1989 for $195,500
  • Sold in December 1993 for $265,000
  • Lis pendens foreclosure filed in November 2021
  • Bank owned
  • Sold in March 2022 for $315,000
  • Originally listed in February 2024 for $750,000
  • Reduced
  • Currently listed at $700,000
  • Assessments of $1616 a month (includes heat, a/c, gas, doorman, cable, exercise room, pool, exterior maintenance, scavenger, snow removal, Internet)
  • Taxes of $8268
  • Central Air
  • Washer/dryer in the unit
  • Parking available in the building
  • Bedroom #1: 16×13
  • Bedroom #2: 16×11
  • Bedroom #3: 9×10
  • Living/dining combo: 29×17
  • Kitchen: 11×20
  • Laundry room: 6×7

One of a Kind Renovated Treasure: A 5-Bedroom SFH in East Lakeview at 333 W. Barry

This 5-bedroom single family home at 333 W. Barry in East Lakeview came on the market in May 2023.

Built in 2008, 333 W. Barry is on a larger than standard lot measuring 40 feet wide. It has a 2-car heated garage and space on a driveway for 2 more cars.

The listing says this is a “private, gated enclave” in East Lakeview. It has an HOA of $42 a month, which apparently covers snow removal.

This home has wood floors on the main floor and a living/dining room which overlooks the manicured front grounds.

It has some exposed brick walls and 2 fireplaces.

The eat-in kitchen has been “newly renovated” with white cabinets, two islands, high-end appliances and stone counter tops.

Also on the main floor is a 2-story family room with 25 feet of soaring glass overlooking the landscaped, enclosed backyard, a terrace and the 2-car heated garage.

The second floor has the primary suite with an enormous walk-in-closet, which used to be a bedroom and, the listing says, can be turned back, and an en suite bath. There’s also a second bedroom and bath.

The third floor has a great room, another bedroom and a roof terrace in the trees.

The house has a lower level with the fourth bedroom, and another bathroom, and flex spaces including a playroom, storage, and office.

The listing says the house has “elaborate security” and automated sprinkling systems.

There’s a laundry room in the lower level but the pictures also indicate a second washer/dryer in the primary walk-in-closet on the second floor.

The house has central air.

This property is near the lake front including Belmont Harbor, the shops and restaurants of East Lakeview, as well as several bus lines.

Listed in May 2023 for $3.45 million, it was reduced in August 2023 to $2.999 million where it still sits.

Single family homes this close to the lakefront in Lakeview are rare.

What will it take to sell this property?

Brad Lippitz and Stewart Smith at Compass have the listing. See the pictures and floor plan here.

333 W. Barry: 5 bedrooms, 4.5 baths, 6365 square feet, single family home

  • I can’t find a 2008 sales price
  • Sold in June 2015 for $2.85 million
  • Listed in May 2023 for $3.45 million
  • Reduced
  • Listed in August 2023 for $2.999 million
  • Currently still listed at $2.999 million 
  • Assessments of $42 a month (includes snow removal)
  • Taxes of $30,210
  • Central Air
  • 2-car heated garage
  • 2 fireplaces
  • Bedroom #1: 17×17 (second floor)
  • Bedroom #2: 11×12 (second floor)
  • Bedroom #3: 13×19 (third floor)
  • Bedroom #4: 13×15 (lower level)
  • Bedroom #5: 12×14 (second floor)
  • Foyer: 11×6 (main floor)
  • Den: 19×15 (third floor)
  • Kitchen: 14×16 (main floor)
  • Family room: 14×18 (main floor)
  • Living room: 22×20 (main floor)
  • Dining room: 11×11 (main floor)
  • Breakfast room: 12×11 (main floor)
  • Recreation room: 24×13 (lower level)
  • Utility room: 6×11 (lower level)
  • Laundry: 6×13 (lower level)
  • Play room: 13×19 (lower level)
  • Deck: 39×17 (third floor)
  • Balcony: 14×3 (third floor)
  • Terrace: 20×5 (main floor)

 

Unparalleled Elegance in this 3-Bedroom Lakeview Penthouse with Terrace: 3140 N. Sheffield

This 3-bedroom penthouse at the Residences at the Vic at 3140 N. Sheffield in Lakeview came on the market in February 2024.

Built in 2007, Residences at the Vic has 51 units and attached heated garage parking. The building has no door staff and doesn’t appear to have any amenities.

The listing says you can “immerse yourself in luxury” with this penthouse unit.

It has floor-to-ceiling windows, 9-foot ceilings and hardwood floors throughout.

The unit also has built-in surround sound speakers.

It has an open kitchen, dining room and living room layout with a 1000 square foot wraparound rooftop terrace with panoramic city views.

The gourmet kitchen has dark cabinets, stone counter tops and high-end appliances.

There’s a gas fireplace in the living room.

The unit has a split floor plan with the primary suite in a separate wing. It has a sitting room and a massive walk-in-closet that leads to a “spa-like” en suite bathroom with a tub and walk-in-shower.

It appears that the second bedroom doesn’t have any windows but the listing says there is a skylight.

The unit has the features that buyers want including a separate laundry room with side-by-side washer/dryer, air conditioning and 2 side-by-side heated garage parking spaces, which are included in the price.

This building is in the heart of Lakeview, just steps from the Belmont brown line stop, near hundreds of shops and restaurants, is a quick walk from Wrigley Field and near many bus lines.

This sale would be only the second sale of this penthouse since it was built in 2007.

Listed at $1.06 million, will the terrace and views sell this unit?

Christine Sullivan and Leonard Benefico at Dream Town Real Estate have the listing. See the pictures and floor plan here.

Unit #701: 3 bedrooms, 2.5 baths, no square footage listed, penthouse

  •  Sold in April 2008 for $920,000 (parking included)
  • Originally listed in February 2024 for $1.06 million
  • Currently still listed at $1.06 million
  • Assessments of $914 a month (includes exterior maintenance, scavenger, snow removal)
  • Taxes of $18,190
  • Central Air
  • Washer/dryer in the unit
  • 2 side-by-side heated garage spaces included
  • Gas fireplace
  • Bedroom #1: 17×15
  • Bedroom #2: 10×11
  • Bedroom #3: 12×12
  • Kitchen: 16×12
  • Dining room: 14×14
  • Living room: 14×25
  • Foyer: 6×7
  • Walk-in-closet: 11×16
  • Terrace: 11×45

 

A Masterful Rehab of a 1-Bedroom Duplex in 340 OTP: 340 E. Randolph in Lakeshore East

This 1-bedroom duplex in 340 On the Park at 340 E. Randolph in Lakeshore East came on the market in July 2023.

340 On the Park was built in 2007 and has 344 units and an attached parking garage.

The building has extensive amenities including a 4000 square foot exercise room, a wintergarden, a 75 foot indoor lap pool, sauna and steam room along with a club room. It also has 24/7 door staff.

The listing says this unit is a “one of a kind” duplex in the building.

It has south facing views with 2 terraces overlooking Millennial Park.

This unit has had a “masterful rehab” with a fully renovated kitchen and primary bath.

It has hardwood floors on the main floor and carpet in the bedroom on the second floor.

The kitchen has Snaidero Nordic white lacquer cabinetry, Pietra quartz countertops, and Inax Yoehn border backsplash.

The appliances include a Miele induction range, a Miele dishwasher, a Thermador integrated fridge/freezer and an LG cooking micro/convection oven.

The primary bathroom has Snaidero Rift white oak cabinetry, Pietra quartz countertops, a walk-in-shower and 2 custom mirrors.

On the first floor, there is a custom built credenza underneath the stairs that is “perfect” for work-from-home.

The unit has the features buyers look for including central air, washer/dryer in the unit and a “prime” parking space.

This building is near the shops and restaurants of Michigan Avenue, the Loop, and Lakeshore East. It has easy access to the Lake Michigan waterfront, bike trails, Grant Park and Buckingham Fountain. The Lakeshore East Mariano’s is nearby.

Listed in July 2023 for $895,000, this unit was under contract in February 2024.

It came back on the market at the same list price, at $895,000.

If you like having levels, is this the ideal unit?

Nancy Nugent at Jameson Sotheby’s has the listing. See the pictures here. (Sorry, no floor plan).

Unit #2702: 1 bedroom, 1.5 baths, duplex up, 1314 square feet

  • Sold in January 2008 for $626,500 per Zillow (CCRD is down for maintenance)
  • Originally listed in July 2023 for $895,000
  • Contingent in February 2024
  • Re-listed in March 2024 for $895,000
  • Assessments of $971 a month (includes gas, doorman, cable, clubhouse, exercise room, pool, exterior maintenance, scavenger, snow removal)
  • Taxes of $18,110
  • Central Air
  • Washer/dryer in the unit
  • Garage parking space included
  • Bedroom: 14×13 (second floor)
  • Living/dining room: 21×13 (main floor)
  • Kitchen: 12×8 (main floor)
  • Walk-in-closet: 13×5 (second floor)
  • 2 terraces: 23×5 each

 

 

500 Sq Ft Private Terrace on the 65th Floor for $3.995 Million at 14 W. Superior in River North

This 2-bedroom in One Chicago at 14 W. Superior in River North came on the market in September 2023 but it was also listed in 2021 and 2022.

Built in 2022, One Chicago has 77 units and valet garage parking.

It’s a full amenity building with door staff and a private amenities floor. The listing says: “Residents will enjoy a membership to Life Time Athletic Resort and Spa’s diamond level private club.”

This unit is on the 65th floor and has eastern views from the living/dining room.

There’s a family room off the living room.

The unit has an O’Brien Harris kitchen with top-of-the-line appliances and a large island with seating.

Off the kitchen is a large “laundry/mud room” with storage, a sink, and what looks like a large wine refrigerator as well as a stackable washer/dryer.

The unit has wide plank hardwood floors throughout except in the primary suite which has carpet.

The primary suite has north-east exposures, a walk-in-closet and a “spa-like bath” which offers floor-to-ceiling slab porcelain and Kalista fixtures along with a large soaker tub with city views.

The second bedroom is also en suite.

But this unit also has a rare feature for this building, it’s own private outdoor space. There is a 500 square foot south facing terrace accessed off the kitchen with unobstructed skyline views. The terrace appears to have water access.

It has central air and 2 valet parking spaces are available for $50,000 each.

This building is in the heart of River North, near shops, restaurants and is on top of the new Whole Foods. It is just a few blocks from Michigan Avenue and many forms of transportation including buses and the Red Line subway.

Zillow says this unit was originally listed for $4.2 million in 2021. It went pending twice. It is currently on the market for $3.995 million.

Will the terrace make the sale?

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

Unit #6501: 2 bedrooms, 2.5 baths, 2783 square feet

  • Originally listed in August 2021 for $4.2 million
  • Went pending twice in 2021 and 2022
  • Re-listed in September 2023 for $3.995 million
  • Assessments of $2499 a month (includes heat, a/c, gas, doorman, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal, Internet)
  • Taxes are “new”
  • 2 car valet parking available for $50,000 each
  • Bedroom #1: 23×12
  • Bedroom #2: 17×18
  • Family room: 15×11
  • Living/dining combo: 23×23
  • Kitchen: 20×11
  • Laundry/mudroom: 16×19
  • Terrace: “nearly” 500 square feet

 

 

A 5-Bedroom SFH in East Lakeview in a Class of its Own for $3.195 Million: 2825 N. Cambridge

This 5-bedroom single family home at 2825 N. Cambridge in East Lakeview came on the market in January 2024.

Built in 1894, this house is on a “rare” 33×150 lot and has a rare 3-car garage with epoxy flooring.

The listing says it has been “completely renovated” and has been updated and appointed by award winning designers at James Thomas Chicago which has preserved the home’s vintage character.

It still has the original hardwood floors on the main floor, which have been refinished.

It has a big entry foyer with custom millwork.

There are 2 wood burning fireplaces on the main floor,  one in the living room with a marble surround, and one in the family room.

The house has a formal dining room with a built-in buffet, a hand painted wall mural and silver leaf treatment on the ceiling.

There’s a den on the first floor with a coffered ceiling and built-in media center.

The chef’s kitchen has white custom cabinets, natural stone countertops, an island, professional grade appliances include a wine station, a walk-in pantry and a breakfast nook which overlooks the landscaped backyard and garden.

The second level has 3 bedrooms including one with a private 16×4 terrace and the primary suite which has a “spa-like” en suite bathroom with a dual vanity, soaking tub and glass enclosed shower.

The laundry room is also on the second floor.

The third level has a recreation room and a fitness room with a beverage center. (Is the fitness room the 4th bedroom?)

The fifth bedroom is in the lower level and the listing calls it a “guest suite” with a kitchenette.

The lower level also has another den, an office, a mudroom with heated floors, and a 1200 bottle wine cellar.

The house has central air.

It also has 4 full baths and 2 half baths.

There are 3 outdoor spaces with the main one being the backyard patio that has a 33×32 bluestone patio with an outdoor kitchen and exterior audio.

This house is near the Diversey, Clark and Broadway intersection in East Lakeview/East Lincoln Park with shops, restaurants, the Landmark Cinema and coffee shops. The Trader Joe’s is just a few blocks away as are numerous bus lines.

The listing says this house is “in a class of its own.”

Listed in January 2024 at $3.195 million, will it get its list price in a market with little inventory?

Timothy Salm at Jameson Sotheby’s has the listing. See the pictures and a video here.

2825 N. Cambridge: 5 bedrooms, 4 baths, 2 half baths, 5000 square feet

  • Sold in October 1978 for $130,000 (per Redfin)
  • Sold in March 2016 for $2.425 million
  • Listed in January 2024 for $3.195 million 
  • Currently still listed at $3.195 million
  • Taxes of $18,343
  • Central Air
  • 3-car garage
  • 33×150 lot
  • 2 fireplaces
  • Bedroom #1: 13×14 (second floor)
  • Bedroom #2: 13×15 (second floor)
  • Bedroom #3: 11×14 (second floor)
  • Bedroom #4: 14×12 (third floor)
  • Bedroom #5: 11×21 (lower level)
  • Recreation room: 23×22 (third floor)
  • Family room: 12×16 (main floor)
  • Kitchen: 18×20 (main floor)
  • Living room: 14×16 (main floor)
  • Dining room: 12×15 (main floor)
  • Den: 12×12 (lower level)
  • Office: 14×8 (lower level)
  • Library: 10×13 (main level)
  • Foyer: 8×24 (main level)
  • Mudroom: 13×6 (main level)
  • Walk-in-closet: 10×9 (second floor)
  • Laundry: 7×10 (second floor)
  • Storage: 9×17 (lower level)
  • Kitchenette (lower level) with green cabinets, stainless steel appliances and white tile backsplash
  • Private terrace: 16×4 (second floor)
  • Patio: 33×32

A 3-Bedroom Condo in Lincoln Park with Parking for $995,000: 2708 N. Halsted

This 3-bedroom at 2708 N. Halsted in Lincoln Park came on the market in February 2024.

Built in 2007, 2708 N. Halsted is a boutique elevator building with 8 units and attached heated garage parking.

There is no door staff or amenities.

The listing says this unit has a “rehabbed” interior.

It has hardwood flooring throughout, as well as wainscoting and crown molding.

The living room, dining room and kitchen are open concept.

The living room has a fireplace and access to an 8 foot front facing balcony.

The kitchen has white Shaker cabinets, granite counter tops, to of the line Bertazzoni appliances along with a stainless steel hood, and an island with seating for 3.

The primary suite has a walk-in-closet and a “spa-like” en suite bath, which the listing says was renovated in 2019. It has a whirlpool tub and a walk-in steam shower with multiple jet sprays.

The primary suite also has an “updated” gas fireplace, pre-wired surround sound and a private terrace.

The listing says there is sound proofing concrete floors.

The unit has the features that buyers look for including a separate laundry room with a Samsung washer/dryer and a utility sink, central air and a heated garage space.

This building is near the Dom’s Market, all the shops and restaurants of the southern portion of Lakeview and the northern portion of Lincoln Park. It’s near the Brown Line station at Diversey.

The listing says its in the Alcott Elementary school district.

It also says that the building is investor-friendly and allows rentals.

Listed at $995,000, is this price of nearly a million dollars the new reality for a rehabbed 3-bedroom condo with parking in Lincoln Park?

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

Unit #2N: 3 bedrooms, 2 baths, 1950 square feet

  • Sold in May 2007 for $275,000
  • Lis pendens foreclosure filed in July 2010
  • Lis pendens foreclosure filed in April 2013
  • Bank owned in January 2016
  • Sold in March 2016 for $471,000
  • Sold in July 2016 for $625,000
  • Currently listed at $995,000
  • Assessments of $580 a month (includes exterior maintenance, scavenger)
  • Taxes of $12,400
  • Central Air
  • Washer/dryer in the unit
  • Heated garage parking space included
  • Fireplace
  • Bedroom #1: 18×14
  • Bedroom #2: 13×10
  • Bedroom #3: 13×10
  • Living/dining room combo: 23×18
  • Kitchen: 11×10
  • Foyer: 4×5
  • Laundry: 7×10
  • Walk-in-closet: 8×5
  • Balcony: 8×5
  • Terrace: 19×41

 

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]