Lincoln Park Real Estate Market Prices, Trends, and Forecast 2023

Strolling down the tree-lined streets, Lincoln Park feels more like a charming small town than a neighborhood in the heart of a big city. It has over 1,000 acres of parkland with tranquil ponds, lush gardens, scenic trails, and phenomenal views of Lake Michigan. There are museums, a theater, a conservatory, and a zoo. However, that is not all this neighborhood has to offer. It also has high-end boutiques, posh restaurants, and a vibrant nightlife. It is easy to see why the Lincoln Park real estate market is highly sought-after. It is ideal for both young professionals and families. Let’s look at the housing market in this affluent neighborhood.

The home values in Lincoln Park are increasing. In May of 2022, the medium price of a three-bedroom was $715,000. In May 2023, the price jumped by 8.4% to $775,000. 

 

The interest rates continue to fluctuate between 6% and 7%. For mid-May 2023, the average interest rate rose by 15 basis points to 6.99% for a 30-year fixed-rate mortgage. The average 15-year fixed rate to refinance rose 25 basis points to 6.38%.

 

According to the state's data, owner-occupied units have decreased over the last decade, and rental units have increased. In 2010 in Lincoln Park, 48.1% of housing units were owner-occupied, 51.9% were renter-occupied, and 11.4% were vacant. By 2020, 45.3% of people owned their housing units, 54.7% rented, and 8.7% were vacant. That, coupled with the fact that Lincoln Park is experiencing a seller’s market, means more renters, which is excellent news for investors creating more rental units or flipping homes.

 

According to data from the U.S. Census Bureau and several Illinois agencies, the area has experienced a 9.9% population increase over the last decade. As of 2020, the population of Lincoln Park had grown to 70,492.

Lincoln Park is a desirable community, and as such, it is experiencing a seller’s market. More homes were for sale and sold in April of this year than in March. The median home price in April of 2023 was $635,813, up 3.1% from April last year.

Cook County, Illinois, is experiencing a seller’s market. In April of 2023, the median price for a home in the county was $305,959, up by 0.3% from last year. The number of homes for sale from March to April rose 7.6%. However, there were fewer homes sold in April than in March. Of the recently sold houses, 46% sold under the asking price, 17% sold at the asking price, and 37% sold above the asking price.

 

The market thrived during the pandemic in many parts of the country. The low-interest rates and people’s ability to work from home helped fuel home sales. The demand for housing increased, but the supply, in many cases, could not meet the demand, so prices soared.

Housing prices in Cook County increased over that period. The Institute for Housing Studies at DePaul University found that the price change in Lincoln Park from Covid-19 until 2022 increased by 10%. Other county areas saw higher gains, which may be because Lincoln Park already had higher prices than many other areas.

Foreclosures are on the rise across the country as a whole. Some may be due to current economic reasons, but some homes would have faced foreclosure earlier if not for the moratorium placed on the foreclosure system during the pandemic.

In February of this year, there were 662 foreclosure filings in Cook County. In March, there were 770 more. A 2022 report from The Center Square indicated a rate of one out of every 312 homes in Cook County facing foreclosure. Cook County ranked 20th for foreclosures in the first half of 2022.

Sandwiched between the Chicago River and Lake Michigan, Lincoln Park is a large area of about three square miles. Diversey Parkway is the neighborhood's northern edge, but there is some dispute as to the exact location of its southern border. Some contend North Avenue is the dividing line, but both Lincoln Park and Old Town lay claim to a few blocks of the Old Town Triangle.

Unofficially, many locals consider Lincoln Park to have several smaller neighborhoods within it. Wrightwood and Park West are on its northern border. Sheffield, Central, and Mid-North are in the midsection, and Ranch Triangle and Old Town Triangle are on its southern border.

Another thing to be aware of is the different property types available in Lincoln Park. In 2021, condominiums accounted for 42.5% of the housing units, while 11.3% were single-family houses. Tour the niche neighborhoods within Lincoln Park and think about what area and what type of housing works best for your investment plan. The housing market is never a sure bet for a quick return, and the interest rates have been up and down, but real estate is a solid investment overall. Here are some tips for new investors.

 

Check your credit score and repair it before purchasing a property. Make sure your debt-to-income ratio (DTI) is under 43%, which lenders want to see. Search online for a DTI calculator.

 

Housing prices may decline some, but prices in Lincoln Park are generally higher than in other parts of the city. Currently, it is a seller’s market in Lincoln Park, which is good if you already own property and want to sell but not great if you are trying to purchase a home. Low inventory, high prices, and a slower market show a disconnect between what sellers and buyers think a property is worth. Since houses stay on the market longer, buyers may have a window to negotiate.

 

Whether you are an investor looking for a diamond in the rough, a first-time homebuyer, or someone that wants to sell their home for top dollar, having a real estate professional on your side makes all the difference. They know the area and have access to the MLS database, allowing them to find properties the average person would not know about.

Lincoln Park is a fantastic neighborhood that is always in demand. There are gorgeous single-family homes, luxury condominiums, and beautiful townhomes available. If you are interested in Lincoln Park homes for sale, you need an expert with knowledge of the area and excellent negotiation skills.

Adrien Bellagio is a highly skilled broker with over 12 years of experience in the Chicago real estate market. His passion, zeal, and commitment have made him top in his field. He is well-liked and respected by his clients. If you are thinking about buying or selling in Lincoln Park or anywhere in the greater Chicago area, contact Adrien. He will be on your side and provide you with the expertise you need and the attention you deserve.