No Cool Down For West Loop Market: Neighborhood Update

Start your West Loop home search here.

West Loop

Housing Type: Condo

Inventory among the lower priced condos is still rising slightly since our last report, but strong sales have lowered it among the $1m+ condos. In both cases, we continue to be in a seller's market with average market times of only about a month or so. The West Loop has been booming over the past few years with some of the city's top restaurants lining Randolph Street and the addition of the Morgan El stop. These attractions and its proximity to downtown are keeping the West Loop as one of the most desirable neighborhoods in the city. The median sales price for condos in the West Loop was $477,026.

 

Price Range: $400,000-$800,000 

Price Range: $800,000+

 

West Loop

Housing Type: Townhome

Inventory levels are remaining extremely low with market times of under a month. A few homes that are available have market times of a few months. It is always important for sellers to remember that even in the strongest sellers market it is vital to market your home well with quality images that represent the home and a price that is fair for market value. Buyers have a lot of information at their fingertips, so they know how to value a home. The median sales price for townhomes was $940,000.

 

Price Range: $800,000+

 

West Loop

Housing Type: Single Family

The home that is under contract came to the market at the beginning of May. The sellers never lowered their price, just canceled and relisted a few times. It went under contract on August 11. It will be interesting to see how close it sells to its asking price of just under $1.7m. 

 

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 0 commentsTerri Buseman • August 31 2017 02:52PM

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