Chicago South Loop January 2018 Monthly Market Update

Chicago South Loop January 2018 Monthly Market Update

In 2017 the median sales price for condos in the South Loop was $350,000. We've been seeing low inventory rates and fast market times for over a year in this neighborhood. In fact, in a fascinating map about median home prices throughout Chicagoland, Crain's reported that there has been a 3.8% increase in prices in this neighborhood over the past year. 

It's not surprising when you look at how much building is happening in the neighborhood. The new Wintrust Arena near McCormick Place has already had a big impact on the neighborhood by attracting visitors for various types of events. Construction is also underway for the new South Loop Elementary School. The four-story school will serve up to 1,200 students from Kindergarten through eighth grade and will have expanded boundaries to serve most of the Loop as well as the South Loop. These developments along with a variety of condos, apartments, and hotels that are being developed in the neighborhood will poise the South Loop for continued growth for the year to come.

Image titleImage title

Just like in the Loop most of the condos available are in the $250-350k range and the month's supply of inventory in all of these price ranges is under 3 months.  These homes are still deep in a seller's market and we will likely see values continue to increase throughout the year. Sellers will need to be careful not to get ahead of the market when pricing their home. No matter what the state of the market is buyers are the ones who ultimately determine what a fair value is for the home. If a seller decides to list for over value because he knows prices are going up he could lose out in the end. Even in a fast moving market buyers don't want to purchase a home for more than it is worth and homes don't appraise for more than they are worth. So, if a seller lists his home for too high over the current value buyers will either wait until the price drops to under value or the home might not appraise. In either case, the seller might be forced to lower his price to a lesser point than he could have sold at had it been priced at a fair market value from the start. Please contact me for a personalized evaluation of your home and a free consultation about how to price it for visibility.

Image title

Molly Heyen

[email protected]


Molly Heyen Headshot
Phone: 312-772-3112
Dated: January 25th 2018
Views: 104
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