As Chicago becomes a central focus with the opening of the Democratic National Convention, Pioneer Realty Group is taking a closer look at some of the keys trends in for sale residential property listings.
In the last 30 days, across the city of Chicago, the average asking price for a two-bedroom residence was $410,000, a nominal decline of 1.4% since mid-July. Given that it is the middle of summer, that slight decline isn’t altogether unexpected. Either is the fact that the number of new listings in the last 30 days declined by nearly 8%.
Additionally, across the city, the average number of days on the market was 56.8 days. That means a new listing on the market today could be sold by the election in November.
“Chicago’s housing stock is as diverse as the neighborhoods themselves,” said Helen Bailey, a co-owner and managing broker at Pioneer Realty Group. “That diversity or variety includes the age of each individual home, the style and the makeup of the community where it is located.”
Looking at Chicago markets from Andersonville to Wrigleyville shows that some markets have fared better than others over the last 30 days. In Andersonville, for example, The average asking price increased more than 15% to $400,000. The average number of days on the market was 39.7. In Wrigleyville, the average asking price was $570,000 and the days on the market was 35.4.
With DNC activities occurring at the United Center and McCormick Place, Pioneer Realty Group also looked at the average asking prices in West Town and the West Loop, which are near the United Center, and the South Loop, where McCormick Place is located. The average asking prices in West Town and the West Loop are $460,000 and $528,000, respectively. The average days on the market reach 42.9 days in the West Loop and 48.41 in West Town. In the South Loop, the average asking price was 458,000 and the average time on the market reached 65.6 days.