Begin your South Loop home search here.
The South Loop is certainly seeing more seller activity than it had last month. In some price ranges, such as $400-600k condos it's still not enough. These homes are still in a seller's market with less than 3 months of inventory. The market times are very low, which is great for sellers, but buyers need to be prepared to make a decision quickly. There may not be time to sleep on it.
The $600-700k condo range is in a changing market. There were only 4 listings last month and a 2 months supply of inventory. Now there are 11 listings and the months supply of inventory has jumped up to 5.8, but homes are still selling very fast at an average of only 32 days.
The higher priced homes, $800k+ are seeing a much more balanced market. There has been a spike in $800-900k homes, but the market time is 137 days, not exactly lightning fast. Sellers need to price their home close to value in this market, since buyers have more inventory to choose from.
South Loop
Housing Type: Condo
Price Range: $400,000-$800,000
South Loop
Housing Type: Condo
Price Range: $800,000+
The townhomes still have very low inventory and extremely low market times. The $700-800k range is the only market with comparatively long market times. It had a few sales in which the sellers had to lower the asking price, and in at least one case didn't do so for a few months. In any market if you want to sell quickly it is vital to price your home for the market. If it is not selling after a few weeks then, in many cases, lowering the price might be necessary for finding a buyer.
South Loop
Housing Type: Townhome
Price Range: $400,000-$800,000
South Loop
Housing Type: Townhome
Price Range: $800,000+
The three single-family homes represented in the chart below are all next to each other in the Prairie District. Two are 3b/4.2ba and the one that closed is 4b/4.2ba. The two that are available have an average market time of 22 days and a median asking price of $1,837,500. The one that sold did so for $1,862,500. One other home, in Dearborn Mews, is on the market, but is temporarily not allowing showings, so it is not included in this data. It's a 3b/3ba listed for $895,000.
South Loop
Housing Type: Single Family
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 only has condos) 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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