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West Loop, Chicago Neighborhood Monthly Market Update

By
Real Estate Agent with RE/MAX Premier Properties

Start your West Loop 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.

 

West Loop

Housing Type: Condo

Price Range: $400,000-$800,000

 West Loop Chicago Real Estate Market Trends

West Loop Chicago Real Estate Market Trends

West Loop

Housing Type: Condo

Price Range: $800,000+

West Loop Chicago Real Estate Market Trends

Earlier this year Zillow named the West Loop Gate neighborhood as the city's hottest, with a predicted home value growth of 6.3% over the course of 2016 and looking at this it's no surprise. Ten of the condos that are under contract are in the West Loop Gate, which is the part of the West Loop that is east of I94 and west of the river. The West Loop, as a whole, is moving and it's moving fast!

The condos that have sold in the $400,000-500,000 range had an average market time of just about one month. With such a high demand for this neighborhood the prices have nowhere to go but up.

 

West Loop

Housing Type: Townhome

Price Range: $400,000+

The townhomes in the West Loop haven't seen a lot of activity, but the small amount of activity has taken place in the blink of an eye. One home sold in the $700,000-800,000 price range in five days. Even more amazing is the home in the $800,000-900,000 price range that sold in only one day! There is one townhome priced at over $2,000,000 that is under contract now, but has only been on the market for 16 days. If you are looking for a townhome in this neighborhood be ready to snatch the right one up as soon as it is listed. There are only two listings currently available, one is in the $500,000-600,000 range and the other is listed for over $2,000,000.

Start your West Loop home search here.

 


For information about real estate in Chicago or resources in your area please contact us and sign up for our free market report!

Posted by

Terri Buseman

Your Real Estate Partner

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Visit: TerriBuseman.com

Cell: 312 208 5166

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