Chicago Neighborhoods > Lakeview Housing Market

Through July 2008 Lakeview appeared to be one of the few Chicago communities whose real estate market had been immune to price erosion and housing inventory buildup. However, by August 2008 the situation had started to deteriorate as shown in the inventory chart below (condos/townhomes with 2 - 3 bedrooms). The inventory levels were extremely high by historic standards during the fall and winter, continuing on throughout 2009, except the last few months have shown some improvement, with higher sales volumes.

Meanwhile,the days on market has been steadily improving throughout 2009 as the backlog gets cleared out and discouraged sellers remove their homes from the market.

Note that the MLS changed their market time reporting methodology in October, 2007.