update: Inventory Shrinking in River North: Neighborhood Update - 12/13/16 02:39 PM
Start your River North home search here.
 
River North
Housing Type: Condo
Since last month quite a few condos have gone under contract, but fewer came to the market. When homes sell faster than they are listed the month's supply of inventory goes down. Except for in the $2m+ range, where there is a lot of new construction, this neighborhood has been low on inventory for a very long time. As this seller's market continues sellers can enjoy low market times and increasing value in their homes.The median sales price of River North Condos was $410,000.
Price Range: $400,000-$800,000
 
 
Price Range: $800,000+

River North
Housing Type: Townhome
Another home has gone … (0 comments)

update: The Importance of Pricing Well: New East Side Neighborhood Update - 12/12/16 11:05 AM
Start your New East Side home search here.
 
New East Side
Housing Type: Condo
While most of this neighborhood is still selling extremely quickly, as we noted last month, some homes are still taking a while to sell. Condos in the $400-500k range are taking noticeably longer to sell than the other price ranges. One home took 736 days to sell. If we don't include that in the numbers than the average market time for the other closed sales was 121 days. For those that are under contract it's 87 days. There is more inventory in this price range than the others, but it is still … (1 comments)

update: South Loop Homes Are Selling Out: Neighborhood Update - 12/09/16 08:50 AM
Begin your South Loop home search here. 
 
South Loop
Housing Type: Condo
For the most part, the trend we were seeing last month, where condos are selling faster than they are coming to the market, is continuing. In the $600-800k range, however, new listings are replenishing the market about as quickly as homes are being sold. The market time among these homes is also quite low. The $800-900k range is having the toughest time. The two homes that sold took 364 days and 200 days. One home that is available has been on the market for 232 days and the other has been available for … (0 comments)

update: Condos Selling Faster Than Being Listed: Loop Neighborhood Update - 12/08/16 09:02 AM
Begin your Chicago Loop home search here.
 
Loop
Housing Type: Condo
In general condos in the Loop are selling faster than they are being listed. While some of the market times may seem high, just like last month there were a few homes that took a long time to sell, thereby making the average market time seem higher than most homes are seeing. Specifically, in the $400-500k range there was one sale that took 736 days in that time the price of the home dropped from $525,000 to $444,900 and was listed with three different agents. If we don't consider that home the average market time for the … (0 comments)

update: Great Time to Sell Your West Loop Gate Home: Neighborhood Update - 12/07/16 09:37 AM
Start your West Loop Gate home search here.
 
West Loop Gate
Housing Type: Condo
Nothing has come to the market since last month and one more condo has gone under contract. The average market time for the sold homes is still very low at 21 days, however, this number will likely creep up as homes that are under contract close. The average market time for condos under contract is 83 days. In the winter months it can take a little longer to sell sometimes, but while these numbers stay below 3 months and the months supply of inventory is less than 6 months it is a good … (0 comments)

update: Prairie District Townhome Development Sold Out: Neighborhood Update - 12/06/16 12:43 PM
*Our apologies, this blog was originally posted as scheduled on 12/5, but the post disappeared with no recovery options. 
 
Start your Prairie District Neighborhood home search here.
 
Prairie District
Housing Type: Condo
A few more condos have come to the market since last month, but there are still so few available that this neighborhood remains in a seller's market. The average market time seems to be going up, for those that are under contract it is 123 days and for the ones that are available it is 102 days. If there were more properties available for the interested buyers to choose from these market times could … (0 comments)

update: The $64,000 Question in Dearborn Park: Neighborhood Update - 12/06/16 11:48 AM
Start your Dearborn Park & Dearborn Mews home search here.
 
There was very little activity in this neighborhood last month, but since then nearly all of the townhomes have gone under contract! There haven't been any changes with the condos or single-family homes. The average market time for the townhomes that are under contract is 123 days. One townhome listing was canceled after 151 days and the one that is available was just listed this morning. It is comparable to the listing that was canceled, but is listed for $64,000 less. Now that that one is the only townhome on the market the $64,000 … (1 comments)

update: Homes Taking Longer to Sell: Wrightwood Sheffield Neighborhood Update - 12/02/16 11:55 AM
Start your Wrightwood Sheffield/DePaul home search here.
Wrightwood Sheffield/DePaul
Housing Type: Condo
Not a lot has changed since last month. Inventory levels are still steady and low. Some homes are selling quickly and some are taking a few months. Overall, the average market time for sold homes is 59 days, for those under contract it is 123 days, and for those still available it is 127 days. If you are planning to list your condo be prepared for it to take a few months to sell, but there is still a chance it will sell quickly. Turn-key homes tend to sell faster than ones that need … (1 comments)

update: Most Condos Still Selling Quickly in Museum Park: Neighborhood Update - 12/01/16 12:16 PM
Start your Museum Park at Central Station home search here.
Museum Park at Central Station
Housing Type: Condo
As in past months we are still seeing some quick sales among the condos. No matter what market we are in though a short market time is never guaranteed. One home took just under a year to sell. It was originally listed at $1,025,000 and finally sold for $835,000. That's a $190,000 difference. The home looks like it was staged well and a lot of care went into presenting it well. With north, west, and south exposure I'm sure it was easy to make the home bright and … (0 comments)

update: Condos & Houses in Different Market:Roscoe Village Neighborhood Update - 11/30/16 11:16 AM
Start your Roscoe Village home search here.
 
Roscoe Village
Housing Type: Condo
As we said last month the low inventory among the condos in this neighborhood is continuing to make it a good time to sell through the end of this year. The low market times are a good sign too. The homes that are under contract do have longer market times, with an average of 80 days, but there are fewer active homes which helps drive demand. The median sales price for condos was $342,250.
 
Price Range: $400,000-$800,000

 
Roscoe Village
Housing Type: Townhome
The one home that is available was listed today. It's a 4b 3.1ba new construction home. Last … (0 comments)

update: New Construction Changes the Lakeview East Market: Neighborhood Update - 11/29/16 02:43 PM
Start your Lakeview East home search here.
 
Lakeview East
Housing Type: Condo
As the Cubs festivities from last month wind down a few more homes have come to the market. Most of the neighborhood is still approaching a balanced market, with some price ranges still in a buyers market and some in a seller's market. In the $700-800k range about half of the condos available are new construction, whereas in the $1-2m range about 1/3 of them are new construction. We have been seeing in the downtown neighborhoods that where there is new construction comparable properties are either in a balanced or buyers market. Oftentimes the … (3 comments)

update: Lincoln Park Townhomes Taking Longer to Sell: Neighborhood Update - 11/28/16 12:56 PM
Start your Lincoln Park home search here.
 
Lincoln Park
Housing Type: Condo
As we've been seeing over the past months the condo market in Lincoln Park is moving smoothly. Many homes are selling in about a month and homes are coming to the market at the same pace that they are going under contract. The $2m+ range shows an average market time of 469 days, but of the three closings in that range one took 2 days to sell, one took 162 days, and the other one took 1,245 days. The home that took so long to sell was originally listed in 2013 for $3.75m. It … (0 comments)

update: Bucktown Homes Continue to Sell Fast: Neighborhood Update - 11/23/16 08:25 AM
Start your Bucktown home search here.
Bucktown
Housing Type: Condo
Like last month the same number of condos that have gone under contract have come to the market. This market is still moving pretty fast with an overall sales time of 33 days. We are continuing to watch if this is going to slow as the average market time for condos under contract is 63 days and for those that are available, it is 74 days. Of the 16 homes that are available, only 4 have market times of over 100 days. The median sales price for condos in Bucktown was $560,000.
 
Price Range: $400,000-$800,000

Price Range: $800,000+
 
Bucktown
Housing … (0 comments)

update: Demand for Wicker Park Homes Increases: Neighborhood Update - 11/23/16 07:23 AM
Start your Wicker Park home search here.
 
Wicker Park
Housing Type: Condo
We've seen some super fast sales, but not as much has come to the market as last month. The seller's market is continuing, but that means there are more buyers than sellers. This has been going on for awhile, in fact from 1985-2009 homeowners stayed in their homes for 6 years on average. Since 2009 that number has been climbing and from 2011-today the average has been 9 years. The increase in buyers ready to buy and the decrease of sellers ready to sell is keeping the inventory and, as a result, market times … (3 comments)

update: New Construction Helps University Village Supply: Neighborhood Update - 11/21/16 03:45 AM
Start your University Village/Little Italy home search here.
University Village/Little Italy
Housing Type: Condo
A new development at 1418 W Fillmore has just made available a few listings. It's a 3 story building with 6 units. Currently, 3 of the units are available at prices ranging from $439,9000-669,900. Two of the condos are 3b/2ba and the largest is 4b/3ba. Not much else has changed since last month. The average market time for the active properties is 63 days and for those under contract it is 119. The median sales price for condos was $282,750.
 
Price Range: $400,000-$800,000 
 
University Village/Little Italy
Housing Type: Townhome
Again, there haven't been many changes among … (2 comments)

update: Winter Sales Looking Strong for West Loop Condos: Neighborhood Update - 11/18/16 02:16 AM
Start your West Loop home search here.
 
West Loop
Housing Type: Condo
The West Loop has not slowed down yet. Just like last month, all of the condos remain in a seller's market. Most price ranges only have 1-2 months of inventory. Only the higher priced homes, $900k+ are taking a few months to sell, but they too are selling quickly. Don't concern yourself with seasonality in this neighborhood. It is showing no signs of slowing down. If you are thinking of listing your home go ahead, there are plenty of buyers ready to move in! The median sales price for condos was $372,250.
 
Price Range: … (0 comments)

update: Gold Coast Homes Ready for a Face-Lift: Neighborhood Update - 11/17/16 01:18 AM
Start your Gold Coast home search here.
 
Gold Coast
Housing Type: Condo
While there weren't many new listings since last month much of the condo market in the Gold Coast has enough inventory to be pushing a buyer's market, if it isn't already in one. A trend we have seen in this neighborhood is that developers who have previously built single family homes are now turning to the Gold Coast and buying condos to update them. They are seeing an influx of buyers moving into the city from the north suburbs and those buyers are looking for updated condos close to the Magnificent Mile. This is going to … (2 comments)

update: Great Marketing Sells a Townhome in Streeterville: Neighborhood Update - 11/16/16 04:15 AM
Start your Streeterville home search here. 
 
Streeterville
Housing Type: Condo
The biggest increase in listings from last month is in the $400-500k range. Considering the median sales price for condos in this neighborhood was $385,000 this inventory will be welcome. Also welcome is the new construction of One Bennet Place. The luxury condo building won't be delivered until 2019, but the current sales are going to bring attention to the high-end listings in this neighborhood. 
Price Range: $400,000-$800,000 

Price Range: $800,000+

 
Streeterville
Housing Type: Townhome
After 209 days on the market the home with the land lease has gone under contract. During its time on the market the price dropped nearly every … (2 comments)

update: Great Time to List Your River West Home: Neighborhood Update - 11/15/16 06:32 AM
Start your River West/Fulton River District home search here.
 
River West/Fulton River District
Housing Type: Condo
The slowing trend we saw taking place last month is continuing. Condos are still selling very fast, in just about a month, on average. However, not many have come to the market and a few have been cancelled or are temporarily not showing. As a result there are fewer condos available this month than there were last month. Buyers are still looking though, so this is a great opportunity for a new seller to come to the market and potentially close soon and for a good price. The median sales price … (0 comments)

update: Seller's Market Going Strong in River North: Neighborhood Update - 11/14/16 04:27 AM
Start your River North home search here.
 
River North
Housing Type: Condo
Like last month homes are being listed about as quickly as they are selling. We haven't seen market times lower in the higher price ranges, as we thought we might, but in some price ranges we are seeing more homes come to the market then sell. This is needed as most of this neighborhood remains in a seller's market. There are many buyers and not enough listings to house them all. The median sales price of River North Condos was $328,000.
Price Range: $400,000-$800,000
 
Price Range: $800,000+

River North
Housing Type: Townhome
There is one new listing in the $1-2m … (4 comments)

 
Terri Buseman, Downtown Chicago (RE/MAX Premier Properties)

Terri Buseman

Downtown Chicago

Chicago, IL

More about me…

RE/MAX Premier Properties

Address: 1205 N Dearborn, Chicago, IL, 60610

Mobile: (312) 208-5166

This blog is about life in the city of Chicago and in particular of the South Loop. The blog will strive to become a valuable source of information regarding real estate, community news and family life in an urban setting.


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