Is West Loop, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing West Loop is a buyer's market

Buyer's
Market

Difference Since October 2023

At the same time last year, West Loop was a Seller's Market.

Key Takeaway

West Loop is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in West Loop, IL

How much do homes in West Loop, IL cost?

Median Sold Price

$459,450

$391/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$15,800(+3.6%)

Key Takeaway

Homes in West Loop have sold for 3.6% more than they did a year ago.

Summary: The median home sold price in West Loop was $459,450 in October 2024, up 3.6% from last year, and the median price per square foot was $391.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $315K$322.5K
+2.4%
2 $465K$499K
+7.3%
3 $948.9K$1.0M
+10.7%
4 $1.4M$2.8M
+99.7%
5+ $2.8M$1.3M
-50.8%

Summary: West Loop housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.4%, 2 bedroom homes increased by 7.3%, 3 bedroom homes increased by 10.7%, 4 bedroom homes increased by 99.7%, and 5+ bedroom homes decreased by 50.8%.

Median Sold Price Compared To Nearby Neighborhoods

Fulton River District
+4.6%
West Loop
+3.6%
Little Italy / University Village
0.4%
Fulton Market
-13.3%

Housing Supply in West Loop, IL

How many homes are available in West Loop, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
182212+16.5%

Summary: The West Loop real estate market had 212 homes for sale in October 2024, a 16.5% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 5258
+11.5%
2 83101
+21.7%
3 2937
+27.6%
4 1412
-14.3%
5+ 44
0.0%

Summary: The West Loop housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 11.5%, 2 bedroom homes increased by 21.7%, 3 bedroom homes increased by 27.6%, 4 bedroom homes decreased by 14.3%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
4230-28.6%

Asking Price vs. Sold Price

14 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

11 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in West Loop, you may be able to get a good deal. 46.7% of homes here sold below asking price last month.

Summary: A total of 30 homes were sold or pending in West Loop in October 2024, down by 28.6% month-over-month. Of the 30 sold homes, 47% were sold under asking, 17% were sold at asking, and 37% 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

Oct 2023Oct 2024CHANGE
29 Days31 Days+7.1%

Summary: Homes in West Loop had an average of 31 days on market in Oct 2024, up by 7.1% compared to last year.

Breakdown of Home Sale Times

19 Homes Were Sold
Under 30 Days

9 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in West Loop are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 30 homes were sold in West Loop; 63% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 14 Days Ago

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