Market Update Chicago South Loop February 2018

Market Update Chicago South Loop February 2018

Inventory has picked up a little bit over the past month. Homes are still selling quite fast, but in most price ranges more homes came to the market than went under contract. If we compare these graphs to last month we can see that the average days on market has increased as well. Overall the average market time for condos in the South Loop was 97 days. About 30% of the sold homes had a market time of under one month, however, nearly 60% took over three months to sell. While these numbers might sound at first like the market is slowing, at 3 months of inventory we are still very deep in a seller's market. A balanced market is 6-7 months of inventory and a buyer's market is over 7 months.

Image title

Image title

With all of the cranes popping up along our skyline one might think we are about to see an influx of inventory, which we are, however, a surprising number of the buildings that have broken ground in the South Loop are rental. Additionally, the median home price in the neighborhood is currently $326,000, while the median list price of new construction in the neighborhood is $1,155,000 with a minimum of $570,000. The buildings that are going up are targetting a different demand than the majority of home buyers in the South Loop are looking for. This is good news for sellers. The new construction increases the livability of the neighborhood, which in turn increase home values by driving up demand. Being such an easy walk to the Loop and accessible to Grant Park and the lake the South Loop is a neighborhood that is prime for buyers and for anyone looking for increasing home values. Now is a great time to move in while the median home price is still under $400,000 and you can get a sizeable condo just steps from the center of the city and all of its entertainment. Please contact me for more information about the neighborhood and how to find a great condo that is increasing in value.

Image title




Molly Heyen

[email protected]

312-772-3112


Molly Heyen Headshot
Author:
Phone: 312-772-3112
Dated: February 22nd 2018
Views: 56
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