Monthly Market Update Chicago South Loop Neighborhood

Begin your South Loop home search here.

The most important element in getting your home sold in a timely fashion is pricing it correctly. If you fail to do that, you’ll have the wrong buyers going through your home. But when you set the right price, you'll be attracting buyers who are looking for exactly the type of home you're offering.

As a buyer or a seller it is vital to understand the specific marketplace you are in. Being a city of neighborhoods Chicago has a slew of different markets. We want to educate you on the different markets and give you the opportunity to watch a variety of them.

In this blog series we will 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.

 

South Loop

Housing Type: Condo

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

 

Housing Type: Condo

Price Range: $800,000+

 

 

South Loop

Housing Type: Townhome

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

 

South Loop

Housing Type: Townhome

Price Range: $800,000+

Since there were no sales we cannot report on average market time.

 

South Loop

Housing Type: Single Family Homes

Price Range: $400,000-$800,000 - No activity

 

South Loop

Housing Type: Single Family Homes

Price Range: $800,000+

Two sales with an average market time of 189 days. No other activity to report.

 

These numbers illustrate well how different price points and different types of homes can make a big impact on how your market looks. There are townhomes in every price range in the South Loop, but it looks like our lower priced catagories have been a little easier to sell. Keep in mind that since most of these markets have less than 6 months of inventory they are in a seller's market. Bidding wars will be more common and home values will increase.

Begin your South Loop home search here.

 


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

Chicago City Estates Logo         

FB Icon          Twitter Icon         Linked In Icon

 

 

Comment balloon 0 commentsTerri Buseman • March 16 2016 02:26PM
Monthly Market Update Chicago South Loop Neighborhood
share
Begin your South Loop home search here The most important element in getting your home sold in a timely fashion is pricing it correctly. If you fail to do that, you’ll have the wrong buyers going through your home. But when you set the right price… more
Monthly Market Update Chicago Loop Neighborhood
share
Begin your Chicago Loop home search here The most important element in getting your home sold in a timely fashion is pricing it correctly. If you fail to do that, you’ll have the wrong buyers going through your home. But when you set the right… more
Chicago Real Estate Market Update March 2016
share
Buyers are out looking for homes. Existing home sales are up, year-over-year, across the nation. The entire Midwest region is up 18. 2% and the city of Chicago has seen an increase in sales of 8. 3% over the past year. And, in fact, it… more
Local Data Paints a More Accurate Picture of the Market
share
A blog post on Zillow yesterday claimed that Chicago is the #2 market for buyers in the country, due to longer market times and price cuts. Comparing Chicago to cities across the country makes it seem like Chicago must be enjoying a great buyers… more
February Market Update 2016
share
In the video above we discuss national real estate trends including low inventory levels, where prices are heading, and some things to consider if you are thinking of selling or buying. See the charts below for sales prices and inventory trends in… more
Chicago Real Estate Market Update January 2016
share
In the video above we talk a little about TRID, the new regulation that will make the process at the closing table run smoother and faster! Our friend, Brandon Poulos, from Neighborhood Loans has written a detailed blog post about what TRID is… more
Chicago Real Estate Market Update: October 2015
share
In the video above we look at how home values have increased across the nation and in the city of Chicago since the housing bubble. View the charts below to see how home values have changed in the downtown neighborhoods of Chicago. Near South… more
Chicago Real Estate Market Update: September 2015
share
In the video above we discuss how inventory levels affect home prices and we looked at specific examples from history of the national market and that of the city of Chicago. The charts below show how inventory and average sales prices have changed… more
Chicago Real Estate Market Update May 2015
share
In the video above we saw how the real estate market is trending in the country and we discussed how it compares to Chicago as a whole. These trends can vary by neighborhood and even property type. If you are ready to sell your home, but aren't… more