Tuesday, August 26, 2014
Current real estate market for single family homes in the Uptown neighborhood of Chicago
Today we take a look at the current real estate market for single family homes in the Uptown neighborhood of Chicago. Real estate appraiser Michael Walsh looks at statistics from the MRED MLS for the last twelve months and finds prices increasing, the market in balance and marketing times under 90 days. In the last 30 days there were 7 new listings of detached single family homes, there were 2 closed sales and 5 under contract. Uptown is mostly condominium and two-four unit buildings so there were only 31 detached home sales in the last twelve months. The median sales price increased +14.3%, average marketing time declined -39.2% to 87 days on the market, and there is currently a 3.1 month supply of inventory. This level is considered in balance. There were no Bank Owned sales and only 2 Short Sales.