Chicago home prices notched their fourth-straight month of double-digit growth in April, with the median sale price rising 10 percent from a year ago. The number of properties sold fell 4.8 percent.
The city’s median sale price reached $275,000, up from $260,000 in March, as the spring selling season got into full swing. On average, homes fetched 96.6 percent of their asking price, the highest sale-to-list ratio since last July. One in five properties sold for more than the seller was asking.
The number of houses, condominiums and co-ops on the market jumped nearly 23 percent from a year ago, the biggest inventory bump in data going back to January 2011. Still, only 4,782 properties went up for sale, fewer than in March, which tends to be a slower selling month. Fewer properties sold in April, too. That’s out of the ordinary – transactions and inventory historically go up in April.
Sellers are finding buyers at a much faster clip than they did a month ago. Half of homes sold in 22 days or less, the fastest market since August. By comparison, half of homes sat on the market for at least a month in March. Ukrainian Village was the city’s fastest-moving neighborhood for sales, with half of homes selling in 10 days or less.
“The data certainly shows the effects of record-breaking cold temperatures in Chicago on sales this year,” Redfin Chief Economist Nela Richardson said. “The big downward jump in median days on the market, to 22 in April from 37 in March, illustrates how quickly buyers were ready to pounce once the weather warmed.”
Median sale prices were up more than 75 percent in Oakland, nearly 59 percent in Lincoln Square, more than 50 percent in Avondale, and nearly 46 percent in Washington Park. In South Lawndale/Little Village, Rogers Park and Albany Park, they were up about 41 percent. In Ukranian Village, prices rose nearly 21 percent.
“Ukrainian Village is a pocket neighborhood that’s often overlooked in favor of its more popular neighbor, Wicker Park,” Redfin agent David Smith said. The community recently welcomed a new Mariano’s grocery store, has great nightlife, and is home to St. Mary’s Hospital, a major employer. “It’s very livable, especially since it features a substantial number of renovated and updated homes. I wouldn’t be surprised if it continues to see price appreciation as more people rediscover it.”
Buyers still have negotiating power in some neighborhoods. Prices fell 19 percent in Brighton Park, where the median home went for $103,000. Old Town and Bridgeport also lost ground.
NOTE: Not all neighborhoods are listed, but totals for Chicago encompass entire city. Data is based on multiple-listing information and might not reflect all real estate activity in the market. Neighborhood data is measured over the three months ended April 31. Inventory measures listings active as of April 31.
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