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More Inventory Won't Slow Down the South Loop: Neighborhood Update

By
Real Estate Agent with RE/MAX Premier Properties

Begin your South Loop home search here. 

 

South Loop

Housing Type: Condo

Inventory is still creeping up slightly from last month, but looking at how fast homes continue to sell shows that there are still a lot of buyers out there looking for their dream condo and snatching it up as soon as it comes to the market. When there is little inventory it is easy for buyers to learn the market quickly and then be able to tell whether a homeowner is asking a fair price. Buyers are ready to make a quick decision, so it is imperative that sellers make their homes look fabulous and price them for the market for a quick sale. The median sales price for condos was $332,500.

 

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

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

Housing Type: Townhome

We are still seeing more homes come to the market, which could lead to longer listing times and a more balanced month's supply of inventory. Listing times are still rather short for now. The only one that is striking is in the $400-500k range. Three homes sold in this price range, but one was on the market for 595 days! We know at one point during it's listing period it was unavailable for showing due to a tenant. The other two are in the same sub-division and sold in 42 and 32 days. If you are selling a home that you currently have rented out it is very important to communicate with your tenants. If a tenant won't allow showings of the property it will be very hard to find a buyer! The median sales price for South Loop townhomes was $575,000.

 

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

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

Housing Type: Single Family

One of the houses that has been on the market is temporarily not showing. The other two are still active and the average market time for the three is currently 87 days. 

 

Price Range: $800,000+

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 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.

 


For information about real estate in Chicago or resources in your area please contact us and sign up for our free market report!

Posted by

Terri Buseman

Your Real Estate Partner

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Visit: TerriBuseman.com

Cell: 312 208 5166

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Comments (1)

Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Terri, great data for buyers or sellers looking to see how your market is faring!

Jul 22, 2016 06:18 AM