Chicago Loop January 2018 Monthly Market Update

Chicago Loop January 2018 Monthly Market Update

In 2017 the median sales price for condos in the Loop was $340,000. The Loop is a great neighborhood. With prices ranging from $129,000 for a studio apartment to $10 million for a brand new 5b/5.1ba condo, anyone can and does live here. Our report will focus on the median priced condos to give you a quick sense of the market. 

Each property is unique and every home has a different story. We can always dig deeper into the data or adjust a report to suit your real estate needs. Please let me know if you would like to research a specific property, price range, or area.

Image title

Image title

Most of the homes that are available are in the $250-450k range. The most activity we have seen is in the $250-350 range. From about $250-300k most of the homes are 1 bedroom condos. Many more 2 bedroom condos become available from $300k and up. 1-2 bedroom condos tend to sell the fastest across the city. They have the largest pool of buyers since they are affordable for first time home buyers, as in-town second homes, and for investors.

With that said, the month's supply of inventory is less than 6 months across the board. This means these homes are all in a seller's market. The demand is higher than the supply. We can also see that the market is moving fast by looking at the average days on market. Most homes are selling in less than 3 months. However, as we can see in the $450-550k range a seller's market isn't fool proof. The two homes that sold had an average market time of 206 days. In a market like this that usually means that one home took a long time to sell, which in turn, caused the average market time to go up. 

There are many reasons for a home to take long to sell. It could be due to a high price, the amount of work that needs to be done to bring it up to date, the location, or even other factors that are out of the control of the seller and his team. If you want to sell quickly it's important to price your home according to market value and make it as move-in ready as you can. Contact me for a personalized evaluation of your home.


Image title 




Molly Heyen

[email protected]

312-772-3112


Molly Heyen Headshot
Author:
Phone: 312-772-3112
Dated: January 18th 2018
Views: 60
About Molly: A licensed real estate broker associate since 2005 Molly Heyen also has expertise in account managem...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

You Might Be Leaving Money At The Closing Table - In this second installment I talk
Competing Offers In Wicker Park Sellers Market - I'm thrilled to tell you 1546 N
Signs Of Generations Moving And More Inventory Coming To The South Loop - Like last month, low inventory and
Cure Ald FUNDRAISER - Hello friends!  👼;

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

eXp Realty Illinois
939 West North Avenue, Suite 750
Chicago, IL
312-436-0599