Sellers Will Love Spring in University Village: Neighborhood Update

Start your University Village/Little Italy home search here.

University Village/Little Italy

Housing Type: Condo

Only a few condos have come to the market since last month. Market times are still pretty low with an overall market time of 118 days for closed condos and 88 days for those under contract. This is keeping the month's supply of inventory very low too. It will be a great spring for sellers, as there are plenty of buyers looking in this neighborhood. The median sales price for condos was $372,675.

 

Price Range: $400,000-$800,000 

University Village Little Italy Chicago Real Estate Market Trends

University Village Little Italy Chicago Real Estate Market Trends

 

University Village/Little Italy

Housing Type: Townhome

More townhomes came to the market in these price ranges, but there is still a low supply for the demand of buyers. Buyers have more choice in the $400-500k range and sellers have less competition in the higher price ranges. In either case a seller who comes to the market at fair price can expect to see a lot of traffic. The median sales price for townhomes was $465,500.

 

Price Range: $400,000-800,000

University Village Little Italy Chicago Real Estate Market Trends

University Village Little Italy Chicago Real Estate Market Trends

 

Price Range: $800,000+

University Village Little Italy Chicago Real Estate Market Trends

University Village/Little Italy

Housing Type: Single Family

The single family homes have longer list times. It is hard to price these homes because there aren't a lot of comparisons. Pricing is 82% of marketing, so even with little to compare to sellers need to be very careful with their pricing. The home that is under contract dropped its price by $180,000 before going under contract. While of course the sellers would have loved to sell at their original price if they buyers don't agree they won't bite. They might not even see the listing! See the chart at the bottom for an illustration of how pricing affects visibility. 

Price Range: $800,000+

University Village Little Italy Chicago Real Estate Market Trends 

Start your University Village/Little Italy 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

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Comment balloon 0 commentsTerri Buseman • February 24 2017 11:08PM

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