Sales hit new high in the Loop
The real estate market in the Chicago Loop gained some momentum during the third quarter.
According to data from the Chicago Association of Realtors, a total of 401units were sold during the third quarter, an 80 percent jump in sales from the same period last year and the most sales seen during the third quarter in more than 16 years.
Rising demand in the area means that condo owners and developers looking to sell a unit in the area are seeing one of the quickest turnover times for any Chicago neighborhood. The average turnover time dropped to 62 days during the third quarter, a 25 percent decrease from the same period last year.
With such strong market conditions, it’s no surprise prices jumped in the area. The average sales price during the third quarter was 39 percent higher than during the same period last year, and now stands at $470,094. This can also be blamed on the number of new luxury developments going on the market.
Prices could continue to rise if demand remains steady in the neighborhood. The convenient location of the neighborhood and the number of luxury Chicago Real Estate developments should keep prices up.
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