Condo Seller's Market May Be Slowing in West Loop: Neighborhood Update

Start your West Loop home search here.

West Loop

Housing Type: Condo

The West Loop is remaining in a seller's market. As we mentioned in the last report most homes are listed in April, May, and June. We are still seeing close to as many new listings as sales, but it does look like the market is slowing down. Across the city we are seeing this change. If you are a seller don't be concerned if your neighbor's home sold faster than yours is taking. When there is more inventory in the market it can take a little longer to find a buyer. The median sales price for condos over the past month was $452,500.

 

Price Range: $400,000-$800,000 

Price Range: $800,000+

 

 

 

West Loop

Housing Type: Townhome

Townhomes have been selling so fast it's hard to believe the charts from our last report are comparing the same housing! The average market time for all of the ones that sold is only 8 days. However, 2 of those sales were for new construction, so the market time probably just shows how long those specific units were on the MLS. One resale took only 5 days though, so new construction isn't the only property that is selling fast. Of the homes that are under contract the average market time is currently 32 days and it is 45 days for the homes that are available. Sellers are continuing to enjoy rather low market times for their townhomes, across the board. The median sales price for townhomes was $1,172,500.

 

Price Range: $400,000-800,000

Price Range: $800,000+

 

West Loop

Housing Type: Single Family

There is one new construction listing that is walkable to Skinner Elementary. Even being listed at just under $1.7m we wouldn't be surprised if it has already seen a lot of traffic. 

 

Price Range: $800,000+




 

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

312-208-5166                               

Terri@TerriBuseman.com

www.TerriBuseman.com

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Comment balloon 3 commentsTerri Buseman • July 08 2017 12:37AM

Comments

You always provide good information about your housing market.Thank you for sharing.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 1 year ago

Thank you for keeping us posted and up to date. Best of luck!

Posted by Jeremy K. Frost, Associate Broker, CNE, CRS, ePro, PSA (Keller Williams Realty) over 1 year ago

Thank you both!

Posted by Terri Buseman, Downtown Chicago (RE/MAX Premier Properties) over 1 year ago

Participate