River West Neighborhood Update: Year in Review 2016-2017

By
Real Estate Agent with RE/MAX Premier Properties

Start your River West/Fulton River District home search here.

 

River West/Fulton River District

Housing Type: Condo

Last month we talked about how quickly condos have been selling in this neighborhood. Since it is a new year we have created charts to show the trends over the past 12 months and we can see that over the past year market times for condos up to $800k have been at about 30 days and even in the higher price ranges the average market times haven't been much more than 90 days. When homes sell so quickly it is very difficult for inventory of homes to replenish and the seller's market continues. With most of the months supply of inventory at only 1 or 2 we can expect the market to stay this way for quite some time. The median sales price for condos in River West & the Fulton River District, over the course of the year, was $380,000.

 

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

River West Fulton River District Chicago Real Estate Market Update
River West Fulton River District Chicago Real Estate Market Update River West Fulton River District Chicago Real Estate Market Update


Price Range: $800,000+

River West Fulton River District Chicago Real Estate Market Update River West Fulton River District Chicago Real Estate Market Update
River West Fulton River District Chicago Real Estate Market Update River West Fulton River District Chicago Real Estate Market Update


River West/Fulton River District

Housing Type: Townhome

Most townhomes have been selling very quickly this past year. There are currently only 4 available with listing prices ranging from about $600k-$2m the average market time for them is 190 so far, but one of them has been on the market for 776 days. The others have been available for about 100 days or less. Seeing that these homes have been selling within 2 months this year we expect this trend to continue for quite some time. The median sales price for townhomes over the year is $583,000.  

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

River West Fulton River District Chicago Real Estate Market Update River West Fulton River District Chicago Real Estate Market Update
River West Fulton River District Chicago Real Estate Market Update


Price Range: $800,000+

River West Fulton River District Chicago Real Estate Market Update River West Fulton River District Chicago Real Estate Market Update
  River West Fulton River District Chicago Real Estate Market Update

 

River West/Fulton River District

Housing Type: Single Family Home

With only one sale over the whole year, it is safe to say houses are very rare in this neighborhood. The home that is under contract has a curious story. It was originally listed in September 2015 for $599k. It was a short sale and was being sold as is with water damage. It went under contract in October 2015, then the listing was canceled in March of 2016. The home was relisted in November 2016 for $975k. The listing shows no reports of water damage and the pictures are beautiful. It went under contract in a few days and does not seem to be a short sale. I don't know what happened, but it looks like the damage was repaired and now the home is turn-key, a very attractive listing for buyers. 

Price Range: $800,000+

 

River West Fulton River District Chicago Real Estate Market Update 
  River West Fulton River District Chicago Real Estate Market Update

 

Start your River West/Fulton River District 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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Terri Buseman

Downtown Chicago
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