Woodlawn Real Estate Market Forecast 2023

With the turn of the new year, many are considering buying or selling a home. As you are undoubtedly aware, local knowledge in a particular real estate market is vital for ensuring a smooth sale or home purchase. Working with statistics from the National Association of Realtors (NAR), we present our outlook for real estate in Woodlawn, Ill., in 2023.

According to the NAR, the nation’s inventory comprised 2.9 months of home sales as of January 2023. At the same time, the year-over-year median home price remained stable at about $360,000. Meanwhile, existing-home sales dropped for the 12th consecutive month, with the Midwest seeing some of the most significant decreases.

The above data suggests that although the buyers' market has slightly declined on a year-over-year national level, there are significantly fewer buyers on the market, particularly in the Midwest. This is promising news for buyers as it denotes lesser competition.

Woodlawn’s market is well stocked with lavish Woodlawn condos, and Woodlawn also proves to be a profitable market for single-family homes.

Our research shows about one in five local buyer purchases are condos. That rate outpaces many larger metro areas, including Minneapolis (where only 11.7% of homebuyers bought condominiums), Los Angeles (13.7%), and San Francisco (18.8%). The only major U.S. metropolitan area upstaging Chicago for condominium sales is New York City (26.7%).

Per the NAR, the mean home price for Cook County, Ill, in the first quarter of 2022 was $325,400, roughly $60,000 less than the national mean home sales in 2022. With only a slightly lower mean home sale average than the national rate, Cook County proves an attractive market.

If you’re considering buying a home in Woodlawn, know that spring is typically the busiest season for buying and selling homes. Families with school-aged children will likely purchase homes in the late spring to unpack and nestle into their new homes over the summer. Another benefit of moving in the spring is as winter diminishes, it is easier to drive and unload moving trucks. Therefore, if you’d like to buy a Woodlawn home in 2023, it can be helpful to begin your search in the late fall and winter seasons preceding the start of 2023. This way, you have a better chance of bypassing the busier selling season.

As a buyer in the Woodlawn neighborhood of Chicago, consider asking your real estate agent about exclusive listings. This can be a great way to discover residential real estate that may offer more of what you are looking for. Take care to get clear on what it is you seek. Once you have a clear idea of what you want in your new home, share these qualities with your real estate agent when inquiring about exclusive real estate listings.

Homeowners often sell their homes after roughly a decade of home ownership. In 2017, according to the US Census Bureau, just 13.2% of homeowners purchased their homes five to nine years ago. In a national market where the rate of home sales has stalled, buyers are more apt to stay in their houses longer.

According to the NAR, in the first quarter of 2021, average home sales in the Chicago metropolitan area spiked to roughly $375,000, the highest average of the past decade (in 2014, they were approximately $160,000). This price escalation indicates a hot real estate market. And because the average home price for Chicago homes for sale has dropped by roughly $60,000, buyers will be turning toward Chicago real estate.

Chicago homes sold for an average of $325,400 in 2022, and selling luxury real estate in Woodlawn is particularly auspicious. Its lakeside location promises excellent summers, and its proximity to Downtown Chicago means residents enjoy virtually endless entertainment. We can expect steady demand in Woodlawn going forward.

Investors and homebuyers are attracted to Chicago for its relatively low average home prices. Compare Chicago’s real estate market to California’s Bay Area, where the average home sold for $1.38 million in 2022. Investors in saturated cities like San Francisco suffer from buyer fatigue. As a luxury neighborhood, Woodlawn is a gem with little competition from its immediate neighbors. Opportunity exists to sell your luxury real estate property at an excellent price. With your agent, look for out-of-state buyers who perceive Woodlawn as an economical alternative to other large metropolitan areas.

Hello Chicago Homes has a team of the city’s most talented and passionate real estate agents. Their dedication and expertise in the Chicago area, including Bronzeville and  West Loop real estate, makes them adept at connecting clients with their ultimate home or investment property. Connect with Hello Chicago Homes today for a consultation.