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

Photo credit: Swanksalot via Wikimedia Commons

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 considered to be 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 in this one-of-a-kind community? 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 Is Near Record Highs

Single family home prices Lincoln Park, Chicago

The median price for a West Loop condo rose fairly steadily from 2016 into 2019, when it reached a high near $305K. As of fall 2019, prices are just shy of that record high, currently hovering around $300K. 

2. West Loop's Condo Market Is Well 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. 

As of fall 2019, months supply of inventory in the West Loop sits between four and five months. This suggests that the West Loop market for condos is fairly balanced, making it a great location for both buyers and sellers to consider right now. 

3. West Loop Condos Spend Fewer Than Three Months on the Market

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 between 70 and 78 days - a rate that has held fairly steady for well over a year now. This graph indicates that this is an area with consistent, steady demand for condos.
 

West Loop's Current Single Family Housing Market 

1. The Median Sale Price of a West Loop Single-Family Is Fairly Steady

Condo prices in Lincoln Park

The median sales price of a home in the West Loop accelerated steadily over the past several years, and topped $360,000 in mid-2018. Since then, we've seen prices hold steady around $340K. While this is down a bit from last year's highs, it is still a steep climb up from the market as recently as 2017, when median home prices in the West Loop were consistently below $300K. 

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 below three months, as of fall 2019. This suggests that West Loop's house market has a slight edge in favor of the seller, and we expect to see housing prices remain high or even continue rising in the foreseeable future. 

3. The Average Home Stays on the Market For Two Months or Fewer

Condo market time in Lincoln Park?

The average West Loop single family home spends right around two months or fewer 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 your 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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