Buyer Demand is Sky High in the West Loop: Neighborhood Update

Start your West Loop home search here.

 *We apologize for the delay in our daily market updates. We have had some technical issues.

 

West Loop

Housing Type: Condo

The West Loop market did not slow for a second since last month. The most striking price range is the $400-500k market. In that range 21 additional homes went under market or sold and the average market time was only 19 days. Even more surprising is that none of these condos are new construction. The average market time for those under contract and currently available is a little higher at 47 and 41 days, respectively, but even that is a low number. Spring is starting and many sellers are ready to list. If you have been thinking about listing your home in this neighborhood now is the time to do it, while buyer demand is up and before more sellers list in the spring market. The median sales price for condos over the past month was $376,500.

 

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 home that is active is a new construction townhome listed for $2,249,000 in the 20 N Loomis development. That development aside, the home that expired was on the market for 276 days. A similarly priced home that was canceled had a market time of 98 days. Everything else has less than a month's market time. The two homes that are under contract have market times of 15 and 18 days, showing again, that homes which are priced for the market will move very quickly in the West Loop.

 

Price Range: $400,000-800,000

West Loop Chicago Real Estate Market Trends

Price Range: $800,000+

 West Loop Chicago Real Estate Market Trends

West Loop

Housing Type: Single Family

The available home has a market time of 177 days so far. It is in need of major renovation and will require a very particular buyer.

 

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

Your Real Estate Partner

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Visit: TerriBuseman.com

Cell: 312 208 5166

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Comment balloon 2 commentsTerri Buseman • March 30 2017 07:21PM

Comments

Thank you for taking the time to share this.  This is very beneficial for those interested in buying or selling real estate.  This is the type of information they need to make informed decisions.

Posted by Jim Crawford, Jim Crawford Atlanta Best Listing Agents & REALTOR (Crye-Leike REALTORS®) about 2 years ago

Thanks Jim!

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

Participate