South Loop Neighborhood Update: Year in Review 2016-2017

By
Real Estate Agent with RE/MAX Premier Properties

Begin your South Loop home search here. 

 

South Loop

Housing Type: Condo

Last month we talked about how quickly condos were moving in this neighborhood, except in the higher price ranges. Being a new year we decided to compare our regular charts with ones that look at activity over the last 12 months. We can see that even in the course of the year the higher priced condos have been taking a few months to sell, on average. The $1-2m homes have the highest month's supply of inventory. They are actually in a balanced market at 6.2 months. This means there is close to an even number of sellers as buyers and they are tending to agree on the value of the properties, which can lead to smooth negotiations. The other price ranges in the neighborhood are still in a seller's market, but many are pushing up in inventory. If we see a good increase in sellers this spring the South Loop could be in a balanced market for the bulk of this year. The median sales price for condos over the past month was $328,800 and for the year it is $340,000.

 

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

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

South Loop

Housing Type: Townhome

Townhomes have continued to sell quickly all year. This neighborhood has quite a few clusters of townhomes and each cluster tends to sell well. Over the past year it has only taken about 2 months for any of them to sell and the month's supply of inventory has remained below 4 and even close to 2 in many price ranges. Some new developments that are now delivering have helped ease the lack of inventory a little, but as those sell out too it is quite clear just how much buyers look for townhomes in this neighborhood. The median sales price for South Loop townhomes last month was $915,750 and over the past year it is 575,000.

 

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

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

South Loop

Housing Type: Single Family

There are far fewer single family homes in this neighborhood than other housing types, which is why there were only 2 sales this year and only one home, which is under contract, is on the market now. Single family homes are on the expensive side in the South Loop, so they don't always see the droves of buyers that less pricey townhomes may see. However, being such a rare commodity there is nearly always a market for them. The one that is under contract has a market time of 48 days, which correlates nicely with the amount of time it took the other two homes to close. The median sales price for single family homes over the past year is $1,341,250. 

Price Range: $800,000+

South Loop Chicago Neighborhood Real Estate Market Update South Loop Chicago Neighborhood Real Estate Market Update
  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!

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Rainmaker
3,820,971
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Home buyers and sellers in your area will appreciate this post.

Jan 12, 2017 09:33 AM #1
Rainmaker
191,656
Terri Buseman
RE/MAX Premier Properties - Chicago, IL
Downtown Chicago

Thanks Gita!

Jan 13, 2017 08:13 AM #2
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Rainmaker
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Terri Buseman

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