Seller's Market Continues in University Village: Neighborhood Update

Start your University Village/Little Italy home search here.

University Village/Little Italy

Housing Type: Condo

As we saw in our last report market times are continuing to increase a bit. Currently the average market time for homes that are under contract is 131 days and for those that are available, it is 122 days. However, inventory levels remain super low at less than 3 months in each price range. Unless there is a rush of new listings the seller's market will likely continue through the year. 

 

Price Range: $400,000-$800,000 

University Village/Little Italy

Housing Type: Townhome

Half of the townhomes that are under contract are new construction. Even with that the seller's market continues to be very strong. This shows that the developers are meeting a real demand. In fact we just recently shared an article from Curbed Chicago that stated the city is "[leading] the nation in residential tower construction and corporate investment." The median sales price for townhomes in University Village/Little Italy was $350,000.

 

Price Range: $400,000-800,000

Price Range: $800,000+

University Village/Little Italy

Housing Type: Single Family

The average market time for the houses that are available is 185 days. However, one home has a market time of 687 days so far. If you remove that from the equation the average market time of the others is only 85 days. It often takes single family homes longer to sell since they tend to be priced higher than other types of properties in the neighborhood, giving them a smaller pool of buyers. But, with only one or two homes to choose from in each price range seller's continue to have the upper hand in this neighborhood. 

 

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

Price Range: $800,000+

 

Start your University Village/Little Italy 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

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Terri@TerriBuseman.com

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Comment balloon 2 commentsTerri Buseman • September 08 2017 06:04PM

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