Welcome To Market Updates!
Here you will find a weekly update of housing market trends in different Chicago neighborhoods.
This week, we are looking at River North, zip code 60654
The median list price for townhomes and condominiums for this week is $519,000.
Inventory has been decreasing lately but the Market Action Index is falling, too. With days on market climbing, these appear to be market-slowing conditions, but it is at least partially due to seasonal fluctuations.
Supply and Demand
- While prices have recently plateaued, this is a buyer's market and the supply of homes listed has started to increase relative to demand.
- This indicates that prices could resume a downward trend, however these are also seasonal conditions.
- The Market Action index needs to grow in order for prices to increase.
Price:
- Prices in this zip code have not moved much up or down lately
- Look for persistent upshift in the Market Action Index before we see significant price increases.
Are you thinking about buying a home this year in Chicago? Andreas Holder can help! Let him be your guide to the downtown Chicago real estate market and help you find a home that not only matches your needs, but your lifestyle too. 