Begin your South Loop home search here.
South Loop
Housing Type: Condo
Just a few more homes came to the market than went under contract and sold since last month. It's hardly been enough to push inventory levels up, but homes are taking a few months to sell, so as we move into the spring market we may see it start to balance out. If you want to sell quickly now is the time to do it. List your home before the spring market hits and make sure it is decluttered, marketed well, and priced fairly. You will have a better chance at selling while there are fewer homes for buyers to choose from. The median sales price for condos was $350,000.
Price Range: $400,000-$800,000
Price Range: $800,000+
South Loop
Housing Type: Townhome
The increase in new listings compared with how many are selling hasn't been quite as drastic among the townhomes as it was with the condos. These homes are tending to take a couple of months to sell, so even a slight increase in listings is having an upward effect on the month's supply of inventory. However, they remain in a seller's market. Of all the townhomes in these price ranges about 1/2 are new construction. In most neighborhoods, the new construction has brought a balanced market. For these homes the new construction is of homes priced from $800k+, all together they have about 2.7 months of inventory, with the majority of it in the $900k-1m range where there is 5.1 months. A balanced market starts at 6 months, so even the new construction wasn't quite enough to meet the demands of this market. The median sales price for South Loop townhomes was $710,000.
Price Range: $400,000-$800,000
Price Range: $800,000+
South Loop
Housing Type: Single Family
The home that is under contract had been listed last year, but the listing was canceled in November. It came back to the market in February at $38k less than it had been listed for. It went under contract after only 36 days at an asking price of $1,687,000.
Price Range: $800,000+
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.
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