Competition Increasing for South Loop Sellers: Neighborhood Update

Begin your South Loop home search here. 

 

South Loop

Housing Type: Condo

Buyers and sellers are hitting the spring market hard. There have been quite a few listings that came to the market since last month, but it's hardly enough to keep up with demand. About 45% of the condos that closed sold in a month or less and the overall average market time is only 61 days! Overall it's still a seller's market, but sellers have some competition too. It is very important in this market to price your home for maximum visibility. Bidding wars continue to be a common occurrence so even if you price your home just a little under market value the buyers could bid it up and purchase it for a little more than you thought it was worth. See the chart at the bottom to learn how pricing affects visibility. The median sales price for condos was $353,000.

 

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

In the lower price ranges there has been an increase in homes for sale, but nearly 65% of those under contract have a listing time of about 2 months or less. These homes are also selling fast. They typically take a few weeks to sell, but one closing did have a market time of only 3 days. Buyers are looking for townhomes, but they are more likely coming for a second showing before making a decision. The median sales price for condos was $532,500.

 

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

It's rare for the Dearborn Park II single family homes, that sit between Plymouth and Federal, to come to the market. These homes are just over 20 years old and many of them have original owners. One came to the market and went under contract in only 13 days. The other two homes for sale are on historic Prairie Ave. One is a modern home that was built in 2005 and was originally listed about a year ago. The listing was canceled in October and has been reinstated. So far the owners have lowered the price by $75k. The other home is an extremely rare listing. It was one of the original Praire District mansions built in 1870 for Elbridge Keith. Once neighbor to Chicago's civic elite this mansion is 1 of only 5 original Prairie Avenue mansions still standing.

 

Price Range: $800,000+

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!

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

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 • April 26 2017 09:27PM

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