Loop Neighborhood Update: Year in Review 2016-2017

By
Real Estate Agent with RE/MAX Premier Properties

Begin your Chicago Loop home search here.

 

Loop

Housing Type: Condo

As we noted last month homes continue to sell faster than they are being listed. We noted that some homes still take a long time to sell, but in general these condos are moving fast. Since it is a new year we added some charts for this month to show how quickly condos have been selling over the past year. We can see that while the month's supply of inventory is higher than most neighborhoods we have reported on this month, it is still quite low and lower than a balanced market. This means that the Loop is still in a seller's market and value will continue to rise. A balanced market is 6-8 months of inventory and these homes are approaching that, so we expect the market may slow down as we continue through 2017. 

The median sales price for all of the condos in the Loop was $353,000 and over the course of the year it is $345,000.

 

Price Range: $400,000-$800,000 

Loop Chicago Neighborhood Real Estate Market Update Loop Chicago Neighborhood Real Estate Market Update
Loop Chicago Neighborhood Real Estate Market Update Loop Chicago Neighborhood Real Estate Market Update

Price Range: $800,000+

Loop Chicago Neighborhood Real Estate Market Update Loop Chicago Neighborhood Real Estate Market Update
Loop Chicago Neighborhood Real Estate Market Update Loop Chicago Neighborhood Real Estate Market Update

Loop

Housing Type: Townhome

The Loop has two areas where one can find a townhome. Most of them are in Dearborn Park and a few of them are in the New East Side. These two neighborhoods are very different from each other. Dearborn Park is at the south edge of the Loop and is also part of the South Loop neighborhood and the New East Side is a residential enclave close to the heart of the Loop. The homes in each, however, tend to sell very quickly and over the past year have seen extremely low market times and less than a month of inventory. Townhomes in the Loop are going to remain valuable since there are very few and no plans for more in the dense neighborhood. The median sales price for townhomes over the year is $600,000. 

Price Range: $400,000-$800,000 

Loop Chicago Neighborhood Real Estate Market Update Loop Chicago Neighborhood Real Estate Market Update
  Loop Chicago Neighborhood Real Estate Market Update

Price Range: $800,000+

                                                                                  
  Loop Chicago Neighborhood Real Estate Market Update

Begin your Chicago 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!

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Rainmaker
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Terri Buseman

Downtown Chicago
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