It's a Great Time to Sell in the West Loop: Neighborhood Update

Start your West Loop home search here.

 

West Loop

Housing Type: Condo

In the $400-600k range the market is moving just as fast as we saw last month. It looks to be slowing down a little bit in the higher price ranges with longer market times and less activity. However, in general the market times are still hovering around a month or less for all price ranges. There is plenty of room for more sellers in this market, there are many buyers who would probably love to have a few more choices. As we continue to see such low inventory that moves super fast prices will continue to go up a bit. This is a great time to sell, if you wait to list until the prices are at their peak you will miss it. The median sales price for condos was $360,000.

 

Price Range: $400,000-$800,000 

West Loop Chicago Real Estate Market Trends

West Loop Chicago Real Estate Market Trends

Price Range: $800,000+

West Loop Chicago Real Estate Market Trends

West Loop Chicago Real Estate Market Trends

 

West Loop

Housing Type: Townhome

The townhomes that are selling are moving very fast. This market still needs more sellers. Of all of the $400k+ townhomes that sold the average market time was only 12 days! For those that are under contract the average time is 65 days and of those that are still active it is 93 days. However, if we disregard the two that are over $2m that drops to 62 days and we are now looking at prices ranging from $470k-1.05m. The median sales price for townhomes was $820,750.

 

Price Range: $400,000-800,000

West Loop Chicago Real Estate Market Trends

 

West Loop Chicago Real Estate Market Trends

Price Range: $800,000+

West Loop Chicago Real Estate Market Trends

West Loop Chicago Real Estate Market Trends

 

West Loop

Housing Type: Single Family

There have been no changes among the single family homes.

 

Price Range: $800,000+

West Loop Chicago Real Estate Market Trends

 

Start your West 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 does 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

312-208-5166                               

Terri@TerriBuseman.com

www.TerriBuseman.com

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Comment balloon 2 commentsTerri Buseman • August 25 2016 09:03AM

Comments

Terri, we are starting to see the demand drop some in our market down south of you in West Lafayette.  The West Loop area looks like a quick commute into downtown Chicago and the prices seem reasonable for being so close to The Loop.

Posted by Bruce Walter (Keller Williams Realty Lafayette/West Lafayette, Indiana) about 2 years ago

The West Loop is directly west of downtown. It's an easy walk on a nice day or you can even take the Blue line, if you are on the south side of the neighborhood, or the Green line, if you are on the north side of the neighborhood. Of course there are plenty of buses too. It was a boon to the neighborhood when the Morgan Green Line stop opened. It's just a block from Randolph, which already had a huge selection of some of the most popular downtown restaraunts and it seems even more nightlife pops up on a regular basis now that that el stop is there!

Posted by Terri Buseman, Downtown Chicago (RE/MAX Premier Properties) about 2 years ago

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