Great Time to Sell in Old Town: Neighborhood Update

Start your Old Town home search here.

 

Old Town & Old Town Triangle

Housing Type: Condo

Overall new inventory hasn't been listed as fast as it has been selling over the past month. This is keeping the condos in a seller's market. In our last report there were 5 properties listed for over $2m. All 5 of them were canceled. They are all part of the same development at 101 W North ave. This is a new construction mid-rise condo building of 10 stories and only 33 units. Currently, 2 of the 4 penthouses are showing as under contract. These homes are scheduled for delivery at the end of summer 2017. The median sales price for condos in Old Town was $329,900.

 

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

Price Range: $800,000+


Old Town & Old Town Triangle

Housing Type: Townhome

You'll notice in the lower priced townhomes there are more under contract than were listed last month. Of those homes, 1 has a market time of 29 days and 3 others have market times of under 2 weeks! Needless to say, townhomes remain in high demand. The median price for townhomes was $809,000.

 

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

Price Range: $800,000+

 

 

Old Town & Old Town Triangle

Housing Type: Single Family

A few more homes have come to the market, but overall these homes are still in a sellers market. Many are taking less than 200 days to sell. For single family homes in downtown Chicago, this is not uncommon. One home in the $1-2m range that is under contract has a market time of 931 days. When this one closes it will likely have an effect on the months supply of inventory. Sellers in this price range will want to keep an eye on that, as it may not be the best representation of how long homes are really taking to sell.

Price Range: $600,000-1m 

Price Range: $1m+


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.ChicagoCityHomesForSale.com  

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Comment balloon 0 commentsTerri Buseman • May 09 2017 09:00PM
Great Time to Sell in Old Town: Neighborhood Update
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