Old Town & Old Town Triangle, Chicago Neighborhood Market Update

Start your Old Town home search here.

 

Old Town & Old Town Triangle

Housing Type: Condo

The charts this month look almost identical to last month! Of course there have been changes, but homes are selling fast. The $2,000,000+ condos do have a lot of inventory in comparison to the other price ranges and being in the upper tier these homes should always expect a longer market time. Whether it will really take 7 months for all of these homes to find a buyer is hard to say, but since these charts have come available one has gone under contract and it has a market time of 118 days. The others have an average market time of 150 days so far. The one that is under contract was listed for $2,060,000 and the others are all listed for between $2.2-2.5M, with at least 3b/3.1ba. The median sales price for condos in Old Town and Old Town Triangle was $290,000.

 

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

Old Town Triangle Chicago Real Estate Market Trends

Old Town Triangle Chicago Real Estate Market Trends

Price Range: $800,000+

Old Town Triangle Chicago Real Estate Market Trends

Old Town Triangle Chicago Real Estate Market Trends

 

Old Town & Old Town Triangle

Housing Type: Townhome

The townhome market in Old Town continues to be hot, with homes selling in 9 days, 2 days, and 7 days, even in the $1-2M range. It's a hard market to keep up with. Buyers need to be ready to jump as soon as they find a home they like and not only do sellers want to put their best face forward with the marketing and pricing of their listing they need to be prepared to move quickly and justify the price to the appraiser, especially if it is higher than the most recent comparable.

 

Price Range: $400,000-800,000

Old Town Triangle Chicago Real Estate Market Trends

 

Old Town Triangle Chicago Real Estate Market Trends

Price Range: $800,000+

Old Town Triangle Chicago Real Estate Market Trends

Old Town Triangle Chicago Real Estate Market Trends

 

Old Town & Old Town Triangle

Housing Type: Single Family

The long standing listings we talked about last month are still on the market. A 5b/5.2ba home has also reached the 1 year mark for its listing time. However, one of the homes that is under contract has a market time of 584 days. With these high end, unique houses patience and persistence can pay off. This market is close to balanced which is good for both buyers and sellers. Buyers have a few choices in inventory and sellers can have confidence that their home will likely sell at market value.

 

Price Range: $800,000+

Old Town Triangle Chicago Real Estate Market Trends

 

Old Town Triangle Chicago Real Estate Market Trends

 

Start your Old Town 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 • May 27 2016 01:50PM
Old Town & Old Town Triangle, Chicago Neighborhood Market Update
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Start your New East Side home search here The most striking activity this month compared with last are the amount of homes that have gone under contract in the $1m+ range. Many of those are new construction at Vista Residences. Of those the… more
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