Is 2017 the year of West Loop real estate? Judging by the numbers – and our own anecdotal observations – it’s a good time to sell a condo in the former warehouse mecca on the city’s west edge. Whether you’re seeking one of the neighborhood’s many cool, converted lofts or a new construction unit with contemporary flair, staying up-to-date on the latest listings is imperative.
There’s a lot that draws buyers (and renters) to this trendy enclave. For starters, the food scene is thriving. New West Loop residents often say the only downside is choosing between the many top-rated eateries on Randolph Street, aptly referred to as “Restaurant Row.” Both the main West Loop boundaries and sister neighborhood Fulton Market emit chicness, but the neighborhood still echoes its industrial roots. Many West Loop homes for sale are converted loft style complete with original exposed brick and timber ceilings.
If new construction is more your speed, there are an extraordinary number of projects that fit the bill. Just check out this map of the West Loop development boom, courtesy of Curbed Chicago:
According to a local market update from Midwest Real Estate Data (MRED), Near West Side homes – the official geographical alias for the West Loop – are moving fast. Among West Loop condos, new listings rose 8.8 percent (193 to 210) while median sales price jumped 15.9 percent, from $323,475 to $375,000.
Like last year, condo sellers are receiving 99.5 percent of original asking price, on average. Still, market time has dropped from a 41-day average to a 35-day average.
With inventory at drastic lows and demand skyrocketing by the minute, now is the time to start your West Loop home search. Z Chicago agents fully understand the importance of acting fast in a hot neighborhood and work 24/7 seeking out new properties that match your needs. Together, we’ll find you the right place and submit strong offer(s) based on your budget and our own experience winning West Loop real estate. And, of course, we are here to guide you through the home purchase process until closing, keeping your best interest in mind at each step.
