West Loop Condo Market Great for Buyers & Sellers: Neighborhood Update

Start your West Loop home search here.

West Loop

Housing Type: Condo

Sellers in the $400-500k range are clearly taking advantage of this hot market we've been watching. Homes are selling in just about a month, but they are also being listed at about the same rate keeping the month's supply of inventory levels very low but also keeping a selection of homes for buyers to choose from on the market. Buyers will have to act quickly once they finda  home they like, but having a few to choose from could make the decision easier. The median sales price for condos in the West Loop was $478,000.

 

Price Range: $400,000-$800,000 

Price Range: $800,000+

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

West Loop

Housing Type: Townhome

Townhomes continue to take a few months to sell. Having only one listed in any given price range could make the decision a little harder for some buyers. Without comparable homes to choose from some buyers might be a little hesitant to make an offer, just in case a more desirable home comes to the market. The homes that sold closed, on average, at 96.7% of the original asking price. Sellers are pricing their homes close to market value. The closer they are the more likely a buyer will want to make a quick offer. The median sales price for townhomes was $842,500.

 

Price Range: $400,000-800,000

Price Range: $800,000+

 

West Loop

Housing Type: Single Family

An extremely unique house has come to the market in the West Loop. Listed for $5.9m this 15,000sf home looks like an office building from the outside and inside houses a 15 car garage, 4b/4ba, a second floor with 7,000sf of open living area, a barreled ceiling with exposed beams, and a 1,000sf deck with a hot tub. It goes to show that in the city you just never know what's behind an unassuming facade.

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 • November 26 2017 04:41PM

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