Price Your South Loop Home To Sell: Neighborhood Update

Begin your South Loop home search here. 

 

South Loop

Housing Type: Condo

More homes went under contract and sold than came to the market in nearly every price range since last month. We need this pattern to continue so inventory levels can rise and the South Loop can reach a balanced market. The neighborhood is still in a seller's market and parts of it could remain there for another year. The spring market starts in just two months and that is when most homes come to the market, so in a few months we will likely see the year's height of inventory for this market. The median sales price for condos was $345,000.

 

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

South Loop Chicago Neighborhood Real Estate Market Update

South Loop Chicago Neighborhood Real Estate Market Update

Price Range: $800,000+

South Loop Chicago Neighborhood Real Estate Market Update

South Loop Chicago Neighborhood Real Estate Market Update

South Loop

Housing Type: Townhome

A lot of activity continues among the townhomes. Don't be dissuaded by the average market times. Of the homes that closed half of them have market times of under 20 days! The best way to aim for a low market time is to make your home visible to as many potential buyers as possible. This is done through marketing, but also through pricing your home to sell. See the chart at the bottom for an illustration explaining how pricing affects your listing's visibility. The median sales price for South Loop townhomes was $527,000.

 

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

South Loop Chicago Neighborhood Real Estate Market Update
South Loop Chicago Neighborhood Real Estate Market Update

Price Range: $800,000+

South Loop Chicago Neighborhood Real Estate Market Update

South Loop

Housing Type: Single Family

The home that sold closed at $1,670,000 and the home that had been canceled in November has been relisted for $38,000 less than before. 

Price Range: $800,000+

South Loop Chicago Neighborhood Real Estate Market Update

South Loop Chicago Neighborhood Real Estate Market Update

 


 
Begin your South 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 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

Your Real Estate Partner

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Visit: TerriBuseman.com

Cell: 312 208 5166

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Comment balloon 0 commentsTerri Buseman • February 10 2017 06:40PM

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