Start your Streeterville home search here.
The most important element in getting your home sold in a timely fashion is pricing it correctly. When you set the right price, you'll be attracting buyers who are looking for exactly the type of home you're offering.
As a buyer or a seller it is vital to understand the specific marketplace you are in. Being a city of neighborhoods Chicago has a slew of different markets. We want to educate you on the different markets and give you the opportunity to watch a variety of them.
In this blog series we will focus on one of twenty neighborhoods in Chicago, each day, and provide charts to give you a brief update on the activity that neighborhood has seen over the past month in a variety of price ranges for Single Family Homes, Townhouses, and Condos, as available.
When looking at these charts please keep in mind that not every housing type is available in every neighborhood (the Loop only has condos) and some homes compete within even smaller subsections than these, meaning we can dig even further in this data. Please let me know if you would like a personal assessment of your target market.
Streeterville
Housing Type: Condo
Price Range: $400,000-$800,000
Streeterville
Housing Type: Condo
Price Range: $800,000+
The Streeterville condo market looks very different from every other downtown market we have reported on, so far, in this series. Finally, there are some areas that are in a balanced market (6-7 months of inventory). That means homes are priced fairly and there is enough inventory for buyers to have a choice and not be too concerned about bidding wars. In any market an exceptional home that is priced well can attract multiple offers, but in a balanced market that situation is less common.
An interesting thing about the Streeterville condo market is that some price points are still in a seller's market, but the homes listed for over $2,000,000 are in a buyer's market with 7.8 month's of inventory. Of course we can dig into this a little deeper. Six of those 14 listings are priced between $2,000,000-3,000,000 and that range has an 8.1 months supply of inventory (buyer's market), whereas there is only a 4.1 months supply among the higher priced homes (seller's market). The average market time, so far, for the homes listed between $2,000,000-3,000,000 is 318 days and the average time so far for the homes priced higher than that is 346. So, whether in a buyer's or sellers market, according to the month's supply of inventory, it still might take a long time to sell one of these luxury homes.
Streeterville
Housing Type: Townhome
Price Range: $400,000+
The Streeterville townhomes have not been seeing as much activity as the condos. One sold for between $700,000-800,000 in 347 days and there is one more in that price range currently on the market. One home listed between $800,000-900,000 is under contract. There are two listings in the $1,000,000-2,000,000 range for a two months supply of inventory and one listing for over $2,000,000 for a one months supply of inventory.
Start your Streeterville home search here.
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