Sheffield Neighborhood (SN) $1,918,959 | +11.5%
8007 - CHI - Lincoln Park (LP)$1,885,074 | +9.9%
Here is a chart looking at the past year of detached home sales in our Sheffield neighborhood (SN) in red compared to all of Lincoln Park (LP) in blue. SN saw an 11.5% jump in median home sales prices in the past year while LP saw just under 10% climb at 9.9%.
Sheffield Neighborhood 22 | -4.3%
8007 - CHI - Lincoln Park 24 | +14.3%
Sheffield homes saw a small drop in the median number of listings that went on the market that eventually received an offer while LP saw that number climb up 14.3% from a year ago.
Sheffield Neighborhood 7.3 months | +17.7%
8007 - CHI - Lincoln Park 6.7 months | +26.4%
The SN v LP absorption rate is shown here. SN hit the balanced market of 5.5 months in January of 2014 with LP finding that balance in October 2013. Since then both areas have been climbing although the trends do show the rise leveling off. I will continue to monitor the trends locally as was as across the region and report back here.