Is Loop, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Loop was a Seller's Market.
Key Takeaway
Loop is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Loop, IL
How much do homes in Loop, IL cost?
Median Sold Price
$384,025
$341/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Loop have sold for 8.2% more than they did a year ago.
Summary: The median home sold price in Loop was $384,025 in March 2024, up 8.2% from last year, and the median price per square foot was $341.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $260.3K | $275K | +5.6% |
| 2 Bedrooms | $406.6K | $414.4K | +1.9% |
| 3 Bedrooms | $1.0M | $842.5K | -18.8% |
| 4 Bedrooms | $2.6M | $2.8M | +7.3% |
| 5+ Bedrooms | - | $2.2M | N/A |
Summary: Loop housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.6%, 2 bedroom homes increased by 1.9%, 3 bedroom homes decreased by 18.8%, 4 bedroom homes increased by 7.3%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Neighborhoods
| Millennium Park | $311.5K | $357.5K | +14.8% |
| Loop | $355K | $384K | +8.2% |
| Printer's Row | $265K | $270.5K | +2.1% |
| Lakeshore East / New Eastside | $522.5K | $521.5K | -0.2% |
Housing Supply in Loop, IL
How many homes are available in Loop, IL?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 275 | 337 | +22.5% |
Summary: The Loop real estate market had 337 homes for sale in March 2024, a 22.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 91 | 117 | +28.6% |
| 2 Bedrooms | 133 | 157 | +18.0% |
| 3 Bedrooms | 43 | 54 | +25.6% |
| 4 Bedrooms | 7 | 8 | +14.3% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Loop housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 28.6%, 2 bedroom homes increased by 18%, 3 bedroom homes increased by 25.6%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 41 | 54 | +31.7% |
Asking Price vs. Sold Price
31 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Loop, you may be able to get a good deal. 57.4% of homes here sold below asking price last month.
Summary: A total of 54 homes were sold or pending in Loop in March 2024, up by 31.7% month-over-month. Of the 54 sold homes, 57% were sold under asking, 13% were sold at asking, and 30% were sold over asking.
Days on Market for Loop, IL
How long does it take to sell a home in Loop, IL?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 64 Days | 52 Days | -17.4% |
Summary: Homes in Loop had an average of 52 days on market in Mar 2024, down by 17.4% compared to last year.
Breakdown of Home Sale Times
32 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
11 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Loop are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 54 homes were sold in Loop; 59% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.
Listings courtesy of Midwest Real Estate Data as distributed by MLS GRID.
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