Pricing is Extremely Important: River West Neighborhood Update

Start your River West/Fulton River District home search here.

 

River West/Fulton River District

Housing Type: Condo

The market is holding steady compared to our last report. Inventory levels are still quite low, save for the $1-2m market, which is balanced. Even in this fast market we can still come across homes that will take a long time to sell. The home that closed in the $700-800k range took nearly a year to sell. It was a gut rehab and looks stunning in the pictures. Through it's listing time it had the same agent and same great description. The major difference between when it was first listed and what it sold for was nearly $100,000. Price is possibly one of the most important factors in your listing. Even the most beautifully designed homes won't sell if they aren't priced for the market. See the chart below for information about how pricing affects visibility. The median sales price for River West condos was $399,000.

 

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

Price Range: $800,000+

 

River West/Fulton River District

Housing Type: Townhome

The townhomes on Canal that we have been watching for months are continuing to play the pricing game. However, they are still both listed between $100-200k more than the last comparable that sold. This isn't to say that they are definitely worth the same amount as that one. But when buyers compare the listings they will likely be more concerned about what differences truly add value and even when these homes win a buyer, unless it's a cash sale, the value of the home will also need to be agreeable to the appraiser. It's tough being the most expensive home on the block!

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

Price Range: $800,000+


Start your River West/Fulton River District 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 • July 01 2017 01:45AM

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