South Loop Townhomes Just as in Demand as Ever: Neighborhood Update

Begin your South Loop home search here. 

 

South Loop

Housing Type: Condo

Inventory levels have either dropped slightly or stayed about the same since our last report. Market times have been pretty low too. In the $700-800k range and the $1-2m range the last homes to close took approximately 150 days to sell however, the homes that are under contract in those categories have an average market time of only about 100 days. We tend to see a seasonal slow in the market as the summer wraps up, but with such low inventory to begin with this could be a great opportunity for sellers to move quickly. The median sales price for condos was $330,000.

 

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

Price Range: $800,000+

 

South Loop

Housing Type: Townhome

Townhomes are still in very high demand in the South Loop. When one comes to the market phones ring off the hook for showing requests. This has pretty much been the standard in this neighborhood for over a year. Many agents try to make it easy for buyers by hosting open houses nearly every weekend. The median sales price for townhomes was $580,000.

 

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

Price Range: $800,000+

South Loop

Housing Type: Single Family

There has been a slight increase in houses for sale in the South Loop. The bulk of them are listed between $1.2-1.3m and nearly all of them are 3b/3ba. One of them is 2b, but it was converted from a 3b. The two that are not in this price range will likely require a bit of investment. One is listed for $799,000 and probably could be brought up to the level of the homes that are listed for over $1m for a cost of less than $200k, but it still needs a buyer who is willing to do the work. The other home is listed for close to $3m, it is one of the original Prairie Ave. mansions. At over 100 years of age, it will probably also need a buyer who can keep up with extra maintenance.

 

Price Range: $400,000-800,000

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 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!

Terri Buseman

Your Real Estate Partner

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Visit: TerriBuseman.com

Cell: 312 208 5166

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Comment balloon 0 commentsTerri Buseman • August 23 2017 11:47PM
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