Monthly, on our Website and Social Media sites, we post enhanced statistical reports for all 77 Chicago neighborhoods showing market trends. The data for our reports is pulled directly from the MLS – Midwest Real Estate Data and encompasses every closed Sale and every listed property. We publish mid-month for the prior full month to get 100% complete and accurate data. Each month we showcase one neighborhood. We analyze the highlights of the report for a neighborhood that has done exceedingly well. This month we are spotlighting the South Loop, officially known on the 77 Chicago Neighborhood Map as Near South Side. The South Loop statistics are phenomenally impressive showing a strong market recovery. The positive stats for the South Loop neighborhood are indicative of well-educated Millennials and empty-nest Baby Boomers wanting many of the same things: access to cultural and civic activities, unique restaurants, walkability.
We are analyzing from our visual graph Attached Single-Family, which includes all condos and townhomes.
- On a year-over-year basis, the South Loop saw a 32.8% median sale price increase, $350,000 median price vs. $263,625.
- On a month-over-month basis, October 2013 compared to October 2012, the median sale price increase rose up by 53.9%, $382,000 median sales price vs. $248,250.
- Year-over-year closed sales were up 26.3%, 657 closed sales vs. 529 closed sales; month-over-month were up 44.2%, 75 Closed sales vs. 52 closed sales.
- Market time year-over-year was down -51.0%, down to an average of 65 days vs.133 days. Month-over-month market time was down -60.7%.
Please click here to find the stats for your neighborhood. If you are not sure which of the 77 neighborhoods your “pocket neighborhood” is part of, consult our interactive map to find out. This Eldorrado designed interactive map has been used with permission by request from CPS, Chicago Public Schools. Many of our web searchers find us via our map. We hope you find it as useful.