West Loop Neighborhood Update: Year in Review 2016-2017

Start your West Loop home search here.

 

West Loop

Housing Type: Condo

Just a few more homes have come to the market than sold last month, which is great for this neighborhood. All year the inventory has been so low that most homes sell in under a month! With its booming commercial districts, such as the world-famous restaurants that line Randolph Street and the easy access to highways and the Loop it's no wonder the West Loop has continued to be such a popular neighborhood. While the inventory levels remain extremely low sellers can enjoy a push up in their home values. Buyers in this neighborhood will need to be well informed when looking at property, so they can make a quick decision and jump at their favorite condo as soon as it hits the market. The median sales price for condos over the past month was $335,500 and for the past year it was $365,000.

 

Price Range: $400,000-$800,000 

West Loop Chicago Real Estate Market Trends West Loop Chicago Real Estate Market Trends
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 Chicago Real Estate Market Trends West Loop Chicago Real Estate Market Trends

 

West Loop

Housing Type: Townhome

The only change from last month was one home going under contract. Over the course of the year market times have been very low for townhomes, averaging only a month or two. However, it looks like the market times are creeping up. The homes that are under contract have an average market time of 141 days. Of the homes that are available 2 are new construction and listed at over $2m, the other two are resales and listed between $600-700k. The two resales have an average market time of 136 days and the new construction have an average market time of 353 days. As the year moves along if the longer market times continue we will see this market slow down a bit. Sellers should be prepared for longer market times and buyers may see some more choices. The median sales price for townhomes was $770,000 for the past month and $700,000 over the past year.

 

Price Range: $400,000-800,000

West Loop Chicago Real Estate Market Trends West Loop Chicago Real Estate Market Trends
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 Chicago Real Estate Market Trends

 

West Loop

Housing Type: Single Family

The single family homes that sold were all beautiful move-in ready homes. Since they all sold within 10 days it is obvious there are buyers just waiting for property to come available in this neighborhood. There is only one home currently on the market. On first glance it may be surprising that this home has a market time of 111 days, however, it is in very poor disrepair. There are only two pictures of the home, but if the interior shot is representive of the whole property it needs a gut rehab to be liveable again. This home will need a very special buyer who is ready for a very large project. The median sales price of single family homes over the past year was $765,000.

 

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 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

Your Real Estate Partner

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Visit: TerriBuseman.com

Cell: 312 208 5166

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Comment balloon 0 commentsTerri Buseman • January 23 2017 09:50PM

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