Special offer

South Loop Seeing Both Buyer's & Seller's Markets: Neighborhood Update

By
Real Estate Agent with RE/MAX Premier Properties

Begin your South Loop home search here. 

 

South Loop

Housing Type: Condo

The most movement we have seen is in the $400-600k range where many homes sold and also many came to the market since last month. The average market times are still pretty low for the most part, keeping much of the South Loop in a seller's market. The biggest difference is still among the higher priced condos ($1m+) where we are seeing a buyer's market. In either case, it is vital that seller's price their home close to market value. In a seller's market prices go up, but that often happens when there is a bidding war and the home closes for more than it was listed for. In a buyer's market prices go down, so sellers must be competitive as there are many choices for the buyers in that market. See the chart at the bottom for a further explanation of the different markets. The median sales price for condos was $340,800.

 

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

South Loop Chicago Neighborhood Real Estate Market Update

South Loop Chicago Neighborhood Real Estate Market Update

Price Range: $800,000+

South Loop Chicago Neighborhood Real Estate Market Update

South Loop Chicago Neighborhood Real Estate Market Update

 

South Loop

Housing Type: Townhome

There hasn't been much of a change among the townhomes. Many of the price ranges could still handle more inventory to help balance the market. There has been a spike in the month's supply of inventory for the $900-1m range. We haven't seen a sale in that price range for about a year, but also keep in mind that most of the homes in that range are in the new development Prairie Court and it is not scheduled for delivery until 2017. In fact, only one active property is resale and the home that closed about a year ago was resale. Everything else is in the new development. The median sales price for South Loop townhomes was $530,000.

 

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

South Loop Chicago Neighborhood Real Estate Market Update

South Loop Chicago Neighborhood Real Estate Market Update

Price Range: $800,000+

South Loop Chicago Neighborhood Real Estate Market Update

 

South Loop

Housing Type: Single Family

There have been no changes among the single family homes. 

 

Price Range: $800,000+

South Loop Chicago Neighborhood Real Estate Market Update

 

Begin your South Loop home search here.

 

 

*In this blog series we 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 doesn't have houses) 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.

 


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

signature_1301872435

 

Visit: TerriBuseman.com

Cell: 312 208 5166

cid:image002.png@01D48D81.E31E2C10cid:image003.png@01D48D81.E31E2C10 cid:image004.png@01D48D81.E31E2C10 cid:image005.png@01D48D81.E31E2C10 cid:image006.png@01D48D81.E31E2C10 cid:image007.png@01D48D81.E31E2C10 

 

Comments (0)