Searching for West Loop real estate? You’re not alone – this is one of the hottest neighborhoods in the city of Chicago!
New West Loop condo developments have become more sophisticated in recent years, both in terms of architecture and amenities–a reflection of the neighborhood’s escalating “it” factor.
The real estate of the West Loop is perhaps best known for the many converted loft spaces that were transformed from commercial and warehouse buildings. These industrial buildings have also been joined over the past three decades by mid- and high-rise condominiums and small to midsize townhouse developments, many displaying the glass and steel industrial-chic vibe that defines the West Loop’s signature style. A few select single family homes can be found dispersed throughout the area as well.
The last decade and a half has seen a steep increase in West Loop real estate prices, however, you can still get more “bang for your buck” here than in many other near-downtown neighborhoods. Condominiums in the West Loop are among the most common type of home, and can range between $200,000 and the $1MM range, however the median condominium price now stands at around $300,000. On the flip side, average prices of single-family homes have reached pre-recession levels, currently hovering at $1.3 Million. The arrival of Google’s headquarters in the neighborhood also has many speculating that new demand will push these prices up even higher.
If you’d like to know more about real estate and lifestyle in Chicago’s West Loop, I’d love to chat with you! I started my real estate career in Chicago selling loft condos in the West Loop and bought my first condo – a tricked out loft at 411 Sangamon – back in 1984!. You can also scroll down to see current West Loop real estate listings. I look forward to hearing from you! Let’s find your dream home, shall we?
Buying your first home? Click here for great tips and to find out Debra’s answers to the top four most common questions she receives from first time homebuyers.
|Zillow Home Value Index||$369,100||$248,900|
|Median Condo Value||$370,700||$269,800|
|Median 2-Bedroom Home Value||$406,600||$184,800|
|Median 3-Bedroom Home Value||$1,103,200||$228,900|
|Median 4-Bedroom Home Value||$1,719,100||$348,000|
|Percent Homes Decreasing||228||2,056,847|
|Median List Price Per Sq Ft||$1,421||$298|
|Median Sale Price||228||250,000|
|Turnover (Sold Within Last Yr.)||228||2,056,847|