Longer Listing Times For River North Townhomes: Neighborhood Update

Start your River North home search here.

 

River North

Housing Type: Condo

The condo market in River North has been steady since our last report. A drop in the month's supply of inventory in the $800-900k range was due to one sale that only took 21 days. When inventory is low, as it's been, you may see this measurement take large swings like that. It is difficult to measure the month's supply when you can only measure it by homes that are only selling every month or two. The measurement often becomes how long that home had been listed. However, we can still tell that inventory is low in this price range because it is one of the middle price ranges that we monitor and has the least amount of inventory, but certainly not the least amount of units in the neighborhood. The median sales price of River North condos was $400,500.

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

Price Range: $800,000+

River North

Housing Type: Townhome

While the one townhome that closed sold in only 4 days the average market time for the townhomes that are available is 241 days. In fact, the townhomes that are available with the lowest market times so far are the two most expensive. We already know that the more expensive a property is the longer you can expect it will take to find a buyer. Anyone selling a townhome will want to be aware of this. Even though inventory is low it is taking a few months for each of these home to find a buyer. The median price for townhomes was $1,315,000.

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

Price Range: $800,000+

River North

Housing Type: Single Family

There have been no changes among the single family homes.   

Price Range: $800,000+

Start your River North 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!

 

Terri Buseman

312-208-5166                               

Terri@TerriBuseman.com

www.TerriBuseman.com

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Comment balloon 0 commentsTerri Buseman • October 04 2017 07:53PM
Longer Listing Times For River North Townhomes: Neighborhood Update
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