Single Family Home Outsells River West Townhomes: Neighborhood Update

Start your River West/Fulton River District home search here.

 

River West/Fulton River District

Housing Type: Condo

As we've been seeing, listings are selling very fast. The inventory is being replenished just as quickly as it is selling, which is keeping the inventory levels down. Buyers will still need to be prepared to make an offer as soon as the find the home they love and sellers will want to make sure their home is in great order as soon as they list. Buyers are flocking to new listings, giving sellers a chance at a very quick closing. The median sales price for River West condos was $451,100.

 

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

Price Range: $800,000+

River West/Fulton River District

Housing Type: Townhome

The home that was under contract last month at $1,700,000 sold for list price. The one that was listed for $1,999,000 is now down to $1,900,000 and it's still competing with the one that has been on the market the longest (multiple years), which canceled and relisted last month with a $100,000 price drop. Since a comparable home sold in just one day, but at a significantly lower price does that show a demand from buyers? Pricing is 82% of marketing. Perhaps the buyers for these homes have a different opionion on what fair market value is for these homes. The median sales price for townhomes in River West was $1,350,000.

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

Price Range: $800,000+

River West/Fulton River District

Housing Type: Single Family

An extremely rare single family home came to the market and went under contract in only 13 days. Listed at $1,775,000 we can't help but wonder if the buyer of this 5,800sf, 5b/4.1ba home with a 3 car garage also considered the two townhomes that are listed over $1.9m. Those homes are in a gated community, but they are both smaller at 4,000sf with 4b/3.1ba and a 2 car garage. Which would you choose between the three?

 

Price Range: $800,000+


Start your River West/Fulton River District 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.

 


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Terri Buseman

312-208-5166                               

Terri@TerriBuseman.com

www.ChicagoCityHomesForSale.com  

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Comment balloon 0 commentsTerri Buseman • May 02 2017 06:27PM
Single Family Home Outsells River West Townhomes: Neighborhood Update
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