Is Lakeview really a buyer’s market?

Chicago submarket has more than a seven-month supply of single-family homes
  • Average time on the market in Lakeview is 95 days.
  • Home values in Lakeview and North Center have minimally appreciated during the past year.
  • The Chicago Cubs second baseman recently bought a home in North Center.

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At a time when Chicago's for-sale housing inventory is hitting new lows, one neighborhood is seeing a rise in its supply of single-family homes and could be a hidden buyer's market. Lakeview had 90 homes for sales at the end of February, which equates to roughly 7.3 months of supply, according to a blog posting from Gary Lucido, president of Lucid Realty. The reason for the increased supply-- homes are taking longer to sell. According to Lucido, for the 12 months ending February 2016 the average market time for a single-family home in Lakeview was 95 days. At that same time, sales activity has remained relatively unchanged, with homes appreciating by less than 2 percent year-over-year. He notes that the number of luxury listings is on the rise within the neighborhood. Currently the community's median price home value stands at nearly $325,000. One luxury listing to recently hit the market is a four-bedroom, 6,000-square-foot home in the neighborhood's Southport Corr...