Is West Loop, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, West Loop has remained a Seller's Market.
Key Takeaway
West Loop is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in West Loop, IL
How much do homes in West Loop, IL cost?
Median Sold Price
$462,632
$376/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in West Loop have sold for 4.2% more than they did a year ago.
Summary: The median home sold price in West Loop was $462,632 in April 2024, up 4.2% from last year, and the median price per square foot was $376.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $310K | $320K | +3.2% |
| 2 Bedrooms | $464.9K | $485K | +4.3% |
| 3 Bedrooms | $951.4K | $1.0M | +5.1% |
| 4 Bedrooms | $1.6M | $2.3M | +47.8% |
| 5+ Bedrooms | $1.5M | $3.0M | +93.5% |
Summary: West Loop housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.2%, 2 bedroom homes increased by 4.3%, 3 bedroom homes increased by 5.1%, 4 bedroom homes increased by 47.8%, and 5+ bedroom homes increased by 93.5%.
Median Sold Price Compared To Nearby Neighborhoods
| Fulton Market | $649K | $810K | +24.8% |
| Little Italy / University Village | $335K | $365K | +9.0% |
| Fulton River District | $433.5K | $470K | +8.4% |
| West Loop | $443.9K | $462.6K | +4.2% |
| Greektown | $442.5K | $460K | +4.0% |
Housing Supply in West Loop, IL
How many homes are available in West Loop, IL?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 226 | 302 | +33.6% |
Summary: The West Loop real estate market had 302 homes for sale in April 2024, a 33.6% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 59 | 79 | +33.9% |
| 2 Bedrooms | 105 | 145 | +38.1% |
| 3 Bedrooms | 48 | 55 | +14.6% |
| 4 Bedrooms | 12 | 17 | +41.7% |
| 5+ Bedrooms | 2 | 6 | +200.0% |
Summary: The West Loop housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.9%, 2 bedroom homes increased by 38.1%, 3 bedroom homes increased by 14.6%, 4 bedroom homes increased by 41.7%, and 5+ bedroom homes increased by 200%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 52 | 63 | +21.2% |
Asking Price vs. Sold Price
24 Homes Were Sold
Under Asking
14 Homes Were Sold
At Asking
25 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in West Loop, you could pay more than the asking price. 39.7% of homes here sold above asking price last month.
Summary: A total of 63 homes were sold or pending in West Loop in April 2024, up by 21.2% month-over-month. Of the 63 sold homes, 38% were sold under asking, 22% were sold at asking, and 40% were sold over asking.
Days on Market for West Loop, IL
How long does it take to sell a home in West Loop, IL?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 51 Days | 29 Days | -43.5% |
Summary: Homes in West Loop had an average of 29 days on market in Apr 2024, down by 43.5% compared to last year.
Breakdown of Home Sale Times
50 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in West Loop are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 63 homes were sold in West Loop; 79% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
Listings courtesy of Midwest Real Estate Data as distributed by MLS GRID.
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