Lincoln Park Homes For Sale - A Guide to Buying a Single Family Home in Lincoln Park

Introduction


This guide will provide valuable information for those looking to purchase a single family home in the Lincoln Park neighborhood of Chicago. At the bottom of this guide, you can also search all Lincoln Park homes for sale.

Neighborhood Overview


Located just a few miles north of Downtown Chicago, Lincoln Park is one of Chicago's most desirable neighborhoods. The neighborhood encompasses 3.2 square miles and has a population of 64,000 people. The neighborhood is anchored by some of Chicago's best attractions including the Lincoln Park Zoo, Lake Michigan and the actual park for which the neighborhood is named. Residents enjoy the best of city living including great museums, nationally acclaimed theater, some of the city's (and the country's) best restaurants, great shopping and more - all in a safe, pedestrian friendly neighborhood.

Why People Buy Homes in Lincoln Park?


All of the following factors contribute to a stable housing market with good long-term property appreciation for single family homes in Lincoln Park:

  • Proximity to downtown
  • Access to the lakefront and park
  • Some of the best public and private schools in the city
  • Some of the city's top cultural institutions - Lincoln Park Zoo, Peggy Notebaert Nature Museum, Steppenwolf Theater and Chicago History Museum
  • Diverse housing stock with longtime residents
  • Historically the neighborhood has had a limited supply of new construction properties - however 2 major developments have / will be adding to the housing stock - Lincoln Park 2550 and Webster Square
  • Fewer investors and higher owner occupancy rates compared to other neighborhoods closer to downtown

Single Family Housing Stock in Lincoln Park


Single family homes in Lincoln Park come in a wide variety of styles & architecture. Classic single family homes and tree lined streets give the neighborhood a timeless charm. Homes will range in age from frame-construction built in the late 1800s to newly built mansions that beckon some of Chicago's top executives and families.

Although modern homes have historically been uncommon in Lincoln Park, recently there have been a handful of new modern homes built and sold in the neighborhood.



Single Family Home Prices in Lincoln Park


Lincoln Park is one of the highest priced (and most desirable) neighborhoods in the city to purchase a single family home. Prices in 2012 ranged from $412,000 to $5.3 million. The average price of a sold home in Lincoln Park in 2012 was $1.524 million. Below you will see data for home prices in Lincoln Park since 2000. The following points should be noted:

  • Besides 2009 which saw 119 total sales, Lincoln Park typically has 150-200 single family home sales per year. This consistent range of sales indicates a largely fixed supply of homes. There is not much undeveloped land left in Lincoln Park therefore older homes are typically torn down to build new ones.
  • The low number of sales in 2009 were due to the financial crisis in the fall of 2008.
  • Total number of sales have rebounded in 2012 and the market is showings signs of price stability and recovery.
  • Homes sold at the lowest prices are often tear down properties or on smaller or irregular sized lots.

Year
Total Number Of Sales Average Sales Price Minimum Sales Price Maximum Sales Price
2012 185 $1,524,486 $475,000 $5,300,000
2011 144 $1,521,248 $135,000 $4,525,000
2010 151 $1,643,119 $425,000 $8,500,000
2009 119 $1,790,267 $205,000 $5,600,000
2008 149 $1,763,826 $450,000 $5,050,000
2007 183 $1,707,004 $422,000 $5,075,000
2006 195 $1,611,276 $360,250 $6,086,274
2005 200 $1,432,234 $375,000 $4,150,000
2004 215 $1,416,765 $350,000 $5,650,000
2003 187 $1,187,026 $395,000 $3,925,000
2002 189 $1,137,598 $293,000 $3,024,000
2001 167 $1,129,663 $254,000 $5,250,000
2000 178 $984,875 $260,000 $2,542,500

New Construction Homes in Lincoln Park


If you are looking to purchase a new construction home in Lincoln Park (on a standard lot size or larger), you will likely spend at least $1.5 million and up to $5 million or more. While there are some lower priced new construction homes in Lincoln Park from time to time, they tend to be on much smaller lots or west of Ashland Avenue - while technically still Lincoln Park, many local residents would agree that property values are lower west of Ashland because that location lacks access to the El train and is not close to the lakefront or the park.

Each year there are about 10 - 30 new construction home sales in Lincoln Park. Many new construction homes are built as spec homes by builders who have been building in the neighborhood for many years. There may be options for selecting certain finishes depending on how far along the construction is and when the property is put on the market for sale. Some builders will allow for more customization than others.

There are a couple of pockets in Lincoln Park that are currently seeing a lot of new construction development. One of these areas is Lakewood Avenue between Schubert & Diversey in the Northwest section of Lincoln Park. Currently there are only a few homes and developments on this block, but several vacant lots have been put under contract recently or are being offered as custom build opportunities. Another pocket of new construction is the 1500 block of Montana Street where a developer is building single family rowhomes - these are smaller than typical new construction homes, average about 3,200 square feet and are priced from high $900s.

Typical Sizes of Lincoln Park Homes for Sale


Homes in Lincoln Park will typically range in size from 3 bedrooms up to 7 bedrooms (or more). Given the varied age and housing stock, sizes will range from 2,400 square feet to more than 10,000 square feet. If you are looking at new or recent construction homes, it is good to get a basic understanding of lot sizes and zoning. The most common lot size for new and recent construction in Lincoln Park is 25 feet wide x 125 feet deep. If you walk many streets in Lincoln Park, you will notice that most of the homes are of a similar width. There is often a premium for homes which are on wider lots. Typical zoning for new and recent construction homes in Lincoln Park is RS3 or RT4. RS3 zoning will typically allow for a 3 story structure (one floor will need to be at least 50% below grade) and will allow an interior square footage of approximately 4,200 square feet. RT4 zoning will typically allow an extra story and allow for a home of approximately 5,000 square feet. You can check zoning for specific properties at the Chicago Bureau of Planning & Zoning.

Most Expensive Areas in Lincoln Park


While there are many sub-neighborhoods within Lincoln Park, the general trend for pricing is properties that are closer to the lake (East) and closer to the city (South) are some of the most desirable and most expensive properties. The Southeast portion of Lincoln Park from North Avenue to Fullerton and west to Halsted typically has some of the most expensive Lincoln Park homes for sale. In this Southeast portion, you also have some of the best schools which contribute to higher home prices as well.

Schools in Lincoln Park


One of the main reasons why many families choose to buy homes in Lincoln Park is because there are plenty of options for good public and private schools. For public schools, it is always good to confirm the local neighborhood schools via the CPS School Locator website. Here is a list of of links to schools servicing the Lincoln Park neighborhood:

Work with Jeff to Purchase a Home in Lincoln Park


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Lincoln Park Homes For Sale

Click here to search all single family homes for sale in Lincoln Park or scroll to the bottom of this guide.



About the Author


Lincoln Park Chicago Homes For Sale

Jeff Herbert is a real estate agent specializing in the Lincoln Park neighborhood. Jeff has both owned and rented properties in Lincoln Park. He has lived in Lincoln Park for many years, and helped numerous clients navigate the localized real estate market.

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Featured Neighborhood Videos


Check out the videos below to see why Lincoln Park is one of the best neighborhoods to buy a home.

Neighborhood Overview

Lincoln Park Schools

Lincoln Park Restaurants

Lincoln Park Shopping

Lincoln Park Health & Fitness