What Are the Current Real Estate Conditions in the West Loop?

What Are the Current Real Estate Conditions in the West Loop? (Source: wikimedia.commons - used as royalty free image)

Why the West Loop?

Running along the western bank of the Chicago River, the West Loop is a vibrant neighborhood on the rise, full of great restaurants and nightlife.

Though not an official MLS neighborhood (we used the zip code 60608 to gather our data), the West Loop is typically bounded by Grand Avenue on the north, Ashland Avenue on the west, the Eisenhower Expressway on the south, and the Chicago River on the east. It is a part of the Near West Side, which puts it close to Little Italy, Greektown, and the United Center, home of the Bulls and the Blackhawks.

Formerly an industrial manufacturing and warehouse area, the modern West Loop has all of the sophisticated amenities - including art galleries, clubs, theaters, and world class eateries - that make Chicago a destination for buyers. Are you one of them?

Want to know more about the amazing dining, culture, and community available in the West Loop? Here are a few places to start:

Ready to buy or sell? Here are the current stats for West Loop's condo and housing markets: 

West Loop's Current Condo Market

1. The Average Selling Price of a West Loop Condominium Has Been Growing

Single family home prices Lincoln Park, Chicago

The median price for a West Loop condo has risen fairly steadily since 2015, reaching a high around $285,000 in early 2018. 

2. West Loop's Condo Market Is Fairly Balanced

Lincoln Park Single Family Home Months Supply of Inventory

The months supply of inventory counts the number of months it would take to sell all of the condos currently on the market if no other new homes were added. It is a theoretical predictor of the housing market's growth and stability. 

Typically, three months of inventory or fewer indicates a seller's market, and we expect prices to rise in this situation.  

A balanced months supply of inventory is about four to six months, meaning that the situation is mutually beneficial for both buyer and seller.

A buyer's market is typically a market that reaches more than six months. Because the number of homes on the market is disproportionate, prices would be expected to drop. 

For slightly more than two years now, we have seen months supply of inventory hover between three and four months, suggesting that the West Loop market for condos is fairly balanced, perhaps with a very slight edge in favor of the seller. 

3. West Loop Condos Spend A Lot Less Time On the Market Than a Few Years Ago

Single family home days on market in Lincoln Park?

Since reaching a high near 100 days back in 2015, the average number of days on the market for West Loop properties has plummeted, and now hovers around 70 days (give or take some spikes), indicating that this is an area with consistent, steady demand. 

West Loop's Current Housing Market 

1. The Median Sale Price of a West Loop Single-Family Has Been Rising Steadily

Condo prices in Lincoln Park

The median sales price of a home in the West Loop has accelerated steadily over the past several years, and topped $325,000 in 2017. Though it has plateaued there for a few months, it's important to note that this price is still about $150,000 more than the median price on the West Loop market back in 2015. That is a remarkable climb. 

2. Detached Home Inventory in West Loop Favors the Seller

Condominium inventory in Lincoln Park, Chicago

 

In the West Loop, the months supply of inventory hovers just above two months. This means that West Loop's house market has a slight edge in favor of the seller.

3. The Average Home Stays on the Market For 60 Days or Fewer

Condo market time in Lincoln Park?

The average West Loop single family home spends right around two months on the market, a rate that has held steady for more than a year and reflects the favorable inventory and competitive, steady sales prices for the area. 

Ready to Purchase a West Loop Property? 

When you're ready to live in a vibrant area full of great culture and lots of Chicago charm, the Real Group team would love to help you find home in the West Loop. To begin the process, why not drop us a line!

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Chicago, IL 60614

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