How has the Chinatown & Bridgeport real estate market doing for the first half of 2019? One word: Hot. Two words: Going Strong. Three Words: Time to Sell!
We pulled the real estate sales data for the last three years so you can see a clear appreciation trend. Generally, newly built houses fetch a higher premium, and the price is increasing nicely. This year’s median sales price of the newly built houses is $642k.
Although we are seeing a moderate increase in housing supplies in the market, it is still below supply-demand balance, meaning, it’s still a seller’s market for the Chinatown & Bridgeport area. Compared to many other neighborhoods in the Chicago area, this area is going strong! If you want to sell your home, now would be a good time.
Now for a little bit of pricing strategies, the above chart shows the final closing price compared to the original listing price. For example, the red bars are houses sold for less than $300k, and in 2019, the sold price is on average 94.7% of the listing price. So if a house is listed at $280,000, it’s most likely sold at $265,000.
For houses priced between $300k and $500k, the value typically holds up well, buyers can not get too much discount, only 2-3%.
Sellers, you should now have a realistic expectation of how much your house could get.
And buyers, you can use this information as a benchmark when you want to submit an offer.
If you are selling your house, and it’s been on the market for 2 weeks but there has been no interest, don’t worry.
The above chart is the average marketing time for houses in different price ranges before there is a contract.
Chinatown & Bridgeport area’s houses are typically sold faster than Chicago average. Especially for houses between $300k and $500k, typical houses gets under contract within a month.
The chart also shows that 2018 showed strong demand than 2019. But we don’t see any alarming trends yet. For luxury homes priced over $800k, it’s typical to have big fluctuations of marketing time as the demands are more sporadic.
