Edgewater’s 60660 faring better for 2 bedroom 2 bath condos than 60640

Wednesday evening Mary Kaye and I advised a gentleman on what to do to get his 2 bedroom 2 bath Edgewater condo ready for market. Fortunately for him, his condo is in the 60660 zip code (Northern Edgewater as shown below) where median prices have held up better over the past 2 years than in the 60640 zip code which includes Andersonville.^*

In the area of Edgewater north of Andersonville which includes the Edgewater Glen Neighborhood, the median price for 2 bedroom 2 bath condos for the past 3 months is $232,000 and has held steady with the same time period last year at $230,000 and is actually higher than the same time period 2 years ago when the median sale price was only $275,500.

While Andersonville is certainly a very popular area, that popularity has caused prices to rise faster than in surrounding areas over the years. With the market headed in the other direction, 2 bedroom 2 bath condo owners in 60640 have seen a significant drop in median sale prices. The median sale price for the past 3 months is $236,000 significantly down from $301,000 a year ago and down even more from $351,320 two years ago. However, part of the explanation for the drop in median prices in 60640 is that there just isn’t as much high end ($350K+) new construction for sale. With the pullback in the market, developers have reigned in new developments.

Edgewater Area of Chicago