Homes in Old Town Selling in Mere Weeks: Neighborhood Update

Start your Old Town home search here.

 

Old Town & Old Town Triangle

Housing Type: Condo

This market is continuing to move at an extremely fast pace. Homes are even selling faster than in the last report. It's really quite phenomenal that the average market time for condos in the $400-500k range sold in only 13 days on average and there were 6 sales! There is some more inventory, but with such short market times a little boost of inventory doesn't do much to balance out this market. It is a seller's market, a great time to sell you home quickly and for a high value. The median sales price for condos in Old Town was $310,000.

 

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

Just look at how quickly this market is moving! In our last report, which was on the 1st of this month, there were 2 homes available in the $800-900k range. Over just the last 29 days 2 in that price range have sold, 2 have gone under contract, and there is 1 available. The average market time for the 2 that sold was only 5 days! If you are planning to list your townhome make sure it is ready as soon as it hits the market, it could be sold in the blink of an eye. The median price for townhomes was $832,500.

 

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

There are a few more listings among the single family homes, but it is still a fast moving seller's market. The average market time for all the homes that sold is 13 days. However, for those that are under contract it is 296 days. One of them has a market time of 678 days! It's an interesting listing. It was first listed in August of 2014 for $1.6m and it stayed on the market at that price for about a year. Then in August 2015 it was relisted at $900k. It dropped to $600k the next month and was raised to $750k in October 2015. That listing expired in January 2016 and it was relisted with another agent in March 2016 for $1.4m. There are no interior pictures and both listing agents make it sound like the house is a tear-down, although neither say that outright. Anyway, when that home sells we will see a bump in our average market times and possibly the months supply of inventory, but it's certainly not a typical listing and those numbers will go back down again. The median sales price for single family homes was $1,695,000.

 

Price Range: $600,000-1m

Old Town Triangle Chicago Real Estate Market Trends

 

Old Town Triangle Chicago Real Estate Market Trends

 Price Range: $1m+

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 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.

 


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 • August 29 2016 09:34AM

Comments

Participate