What are the Current Market Conditions for the South Loop?

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While the South Loop is a large part of the Near South Side MLS neighborhood, residents tend to think of it as its own area with a distinct feel and a unique set of amazing cultural and historical offerings. 

Among those offerings? The South Loop's eastern edge includes Museum Campus, a sprawling, gorgeous section of Grant Park that includes the Adler Planetarium, the Field Museum, and Shedd Aquarium, along with lots of green space and stunning views of Lake Michigan. Want even more greenery? The South Loop also boasts easy access to Northerly Island, an undeveloped peninsula that is a welcome refuge for city-dwelling nature lovers (and fans of outdoor concerts).

As for Chicago history, the southern edge of South Loop includes legendary Soldier Field, home of the Bears; the area also includes some of Printer's Row - once the central hub of the Midwest's publishing industry - and the Prairie Avenue "Millionaire's Row," the home to many of Chicago's 19th century elites. Plus, this area is home to facilities for some of Chicago's institutions of higher learning, like Columbia College Chicago and Roosevelt University

Curious about what else to expect out of the South Loop? Here are a few handy resources worth checking out: 

Ready to give the area a look for yourself?

Here are the current market statistics for South Loop as of summer 2020:

South Loop's Current Condo Market

1. The Median Sale Price of a South Loop Condo Has Come Down from a Recent Local High

South Loop Condo Median Sales Price

After remaining steadily around $360K for most of 2016, median condo price in the South Loop rose fairly sharply in 2017 and the early months of 2018, during which this metric reached a high around $380K for the first time in more than two years. Since then, the median price for a condo in this area has risen and fallen with some consistency. At the time that we're writing this, summer 2020, the median sales price for a South Loop condo currently hovers at $365K or lower for the first time since 2017 - down from a peak of $380K in mid-2019. 

2. Condo Prices are Expected to Remain Steady Based Upon Months Supply of Inventory

South Loop Condo 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 well balanced 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. 

Currently, inventory in South Loop sits right around four months, making it a fairly balanced market with advantages to offer for both buyers and sellers.

3. The Average Condo Spends More Than 80 Days on the Market 

South Loop Condo Days on Market

The average market time for a South Loop condo saw a high around 80 days as of mid-2016. Over the course of 2017, wait times leveled off pretty significantly, reaching a low near 60 days before creeping upward once again. As of summer 2020, wait times in the South Loop currently have crossed that 80 day threshold once more, with the average condo staying on the market for between 85 and 90 days. 

South Loop's Current Single Family Home Market

We don't have much reliable data on South Loop's single family home market that's worth reporting, because there are so few single family homes in the South Loop area. As you can see in the graph below, fewer than ten single family homes went to closing in all of 2019 for example. With this little information and this small of a market, there is just too little meaningful data to report.

There are too few single family homes in the South Loop to demonstrate data trends:

South Loop Single Family Home Monthly Closings

Ready To Purchase a South Loop Home? 

When you're ready to live in "Chicago's Front Yard," Real Group RE would love to help you find a new home in the South Loop area! To begin the process and explore the community even more, feel free to drop us a line!

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