It's Time to Sell in University Village: Neighborhood Update

By
Real Estate Agent with RE/MAX Premier Properties

Start your University Village/Little Italy home search here.

University Village/Little Italy

Housing Type: Condo

There hasn't been a lot of movement among the condos over the past month. The average market times remain low at 85 days for active listings and 89 for those under contract. There continues to be more buyers than sellers in this neighborhood. Sellers are going to enjoy this spring. Even if they get a little competition this neighborhood will likely remain in a seller's market for the year. 

 

Price Range: $400,000-$800,000 

University Village Little Italy Chicago Real Estate Market Trends

University Village/Little Italy

Housing Type: Townhome

The townhomes also have not seen a lot of movement in the past month. The most activity is in the $500-600k range where two homes went under contract and a few more came to the market. While all of these townhomes are in a sellers market the inventory for the $500-600k price range has jumped by about a month from 3.5 to 4.8. A seller's market is anything below 6 months of inventory. If you want to sell in this price range now is a good time to list, before more competition comes. The home that sold closed at $480,000.

 

Price Range: $400,000-800,000

University Village Little Italy Chicago Real Estate Market Trends

University Village Little Italy Chicago Real Estate Market Trends

 

Price Range: $800,000+

University Village Little Italy Chicago Real Estate Market Trends

University Village/Little Italy

Housing Type: Single Family

Two more homes have been listed in the $1-2m range, bringing just a little competition. The prices of the three homes spread the range though. One is listed for $1m, one is for $1.25m, and the other is listed at $1.45m. As far as pricing visibility the one at $1.25m is in a unique spot. It could get buyers who are looking at either of the other two, whereas the buyers looking at the $1m home will not likely be looking at the $1.45m home. However, this home has been on and off the market for a long time and currently has a market time of 526 days. It was most recently listed for $1.1m until January of this year the listing was canceled and relisted for $1.25m. Time will tell if this strategy helps them find the buyer they seek. 

University Village Little Italy Chicago Real Estate Market Trends

Price Range: $800,000+

University Village Little Italy Chicago Real Estate Market Trends 

Start your University Village/Little Italy 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!

Posted by

Terri Buseman

Your Real Estate Partner

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Visit: TerriBuseman.com

Cell: 312 208 5166

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