Chicago Neighborhoods > Uptown Housing Market

Uptown Housing Market

What the hell is going on in Uptown? Until about the middle of last year the condo inventory in Uptown had been getting steadily worse, peaking at almost a 3 year's supply of 2 - 3 bedroom condos in December 2008 - fall is a really bad time of year to be selling a condo in Uptown. Then the situation started to improve while the homebuyer tax credit was in force. But as soon as that ended all hell broke loose, with contract activity falling off a cliff. During the last 2 months Uptown condo inventory set a 4 year record at around a 2 year supply.

Meanwhile, the number of days that properties have been on the market has improved over the last 2 years, starting at almost 400 days but now leveling off at around 275 days.

Note that the MLS changed their reporting methodology for market times and it affected data back to October 2007.