Lincoln Park is a beautifully sophisticated neighborhood that is an ideal place to call home. Over the last ten years property values have increased 39% making it one of the most in demand neighborhoods in all of Chicago.
It features a stable market and many renters return or remain in the area because of its ideal location. There are many multi-family properties in need of updates, perfect for buyers who are ready for a challenge.
Lincoln Park Real Estate Market At a Glance
Right now, Lincoln Park real estate prices have remained stagnant after years of increasing in value. Since 2012, Lincoln Park properties have been on the rise increasing over 127% of their value.
Over the past year, properties have seen a small uptick in value averaging a 1.02% increase in market price. While the Lincoln Park housing market is currently leveling off, real estate experts forecast a 1-5% increase in 2020.
Lincoln Park Real Estate Prices
The median selling price for a single family home in Lincoln Park is $530,000. Lincoln Park is known for its luxurious properties and the price tag reflects that. The average sale price of a multi-family property in Lincoln Park is $1,081,421 as of February of 2020.
Lincoln Park multi-family properties can range from anywhere between $1 to $2 million depending on the amount of units. The average price for a two-flat available in Lincoln Park is $1.2 million while the average price for a three-flat is $1.6 million. Although two-flats and three-flats are more common to find in Lincoln Park, there are properties with four units available which are on average $2 million or more.
How Long Do Properties Stay on the Market in Lincoln Park?
Properties in Lincoln Park do not stay on the market for long. The average home in this area stays on the market for less than 160 days.
Lincoln Park is a total of 3.19 square miles in size. The neighborhood is bordered by Diversey Parkway to the north, the Chicago River along the west, Lake Michigan along the east, and North Avenue along the south.
Nearby Amenities and Attractions
Educations & School Systems
Lincoln Park neighborhood is well known for its public schools. For example, Lincoln Elementary School is the highest rated elementary school in the neighborhood, with parents awarding it 10 out of 10. There is also the Newberry Elementary Math and Science Academy which has earned a reputable rating of 9 out of 10. Alcott College Prep for grades PK through 9 has the same ranking. At each of these schools the average teacher to student ratio is 19 students per teacher. There are also private institutions like the French-American School of Chicago and St. Clement School.
Lincoln Park Neighborhood in Chicago
Lincoln Park itself spans over 1,200 acres running along Lake Michigan. Living in Lincoln Park you will find some furry friends for neighbors at the Lincoln Park Zoo. It is one of the last free zoos in the country where you will find all kinds of animals and creatures.
Lincoln Park also includes the conservatory, a rowing canal, a nature pond sanctuary, outdoor theater, playing fields, and the museums, like the Lincoln Park Conservatory, the Peggy Notebaert Nature Museum, and the Chicago History Museum.
Food & Entertainment
One of the most famous is the Chicago History Museum which was founded in 1856 is also nearby. Featuring in-depth information on the city of Chicago as well as American history with over 22 million holdings in its collection.
The area truly is a shopping heaven, overflowing with boutique shops and famous eateries. You can find quaint boutiques, bookstores, coffee shops, all sprinkled in with national retailers like Apple. In terms of eateries, there are great places, like the famous Wiener’s Circle.
Transportation & Travel
Lincoln Park is 3 miles from Downtown. The neighborhood is served by the brown line, between the Loop and Kimball as well as the red line which goes between 95th and Howard, and then the purple line express M-F for rush hour services between the loop and Linden.
Types of Real Estate for Sale
Most of the real estate available in Lincoln Park consists of luxurious two-flats and three flats littered with a mix of single-family properties and condominiums.
Popular Choices for Buyers
Lincoln Park real estate prices favor the buyer with an ample supply of homes for single families, multi-family homes, and condominiums. The current supply of homes compared to the number of buyers is fairly even which creates a favorable and competitive pricing market for buyers.
Popular Choices for Sellers
Lincoln Park has a steady demand with a high level of exclusive ownership. The market times are slightly lengthier for homes compared to condominiums but it's worth noting that the wait times of just a few months for sellers really does reaffirm that there are ample buyers out there looking for homes.
Right now is a great opportunity to sell a multi-family property in Lincoln Park. Many multifamily properties in the neighborhood are in need of updating. These properties are perfect for buyers who are looking for primarily the ideal location and long term investments.
Work With a Lincoln Park Real Estate Agent
Are you looking to find some of the premier real estate opportunities in Lincoln Park, Chicago? Whether you’re looking for a Lincoln Park multi-family investment property, home or condo, Chicago Real Estate Source helps you compare prices across MLS easily. Find and compare the best opportunities to expand your real estate portfolio, or find your dream home.
Or are you looking to sell your Lincoln Park property? Give our Team a call today to assess the value of your property and get it on the market - or begin your search for your new home. With over 16 years of experience, our Lincoln Real Estate Agents have key insights into the local Chicago real estate market and can help you find what you’re looking for.