South Loop Real Estate Median Sales Price Rose 8.3% in 2014

2014 is done, but real estate numbers are still rolling in and being crunched.  A couple of weeks ago we did a post about the top 5 highest selling homes in the Sloop in 2014.  Well we have some other broader real estate numbers to share about the neighborhood courtesy of Jim LaHa:

With data coming in for the final months of 2014, we’re getting a closer look at how the real estate market fared over the last year and where it is likely headed in 2015. 

At the state level, Illinois home prices continued to recover with the median sales prices showing year-over-year gains in every month of 2014. Home sales, while modestly lower than last year, pointed toward a stabilizing market, according to the National Association of Realtors. 

In 2014, the Near South Side (South Loop, Dearborn Park, Printers Row and Prairie District neighborhoods) saw a 0.87% year-over-year home sales decrease with 2014 sales at 794, down from 801 in 2013. However, the median sales price rose from $350,000 to $379,000. An 8.3% increase during that same period. 

Other South Loop market area stats of interest include: Average market time 68 days, Percentage of original asking price received 99.8%, Average Sales price $449,089 (attached single family) $1,118,667 (detached single family) and Current monthly supply 3.1 months. 

Our real estate recovery should continue to make strides in 2015. Even with tight inventory, motivated buyers are still looking to take advantage of nearly record low interest rates, as they are expected to rise as the year goes on. Sellers will continue to benefit from higher median sales prices and short market time.

Jim LaHa is a South Loop resident and second generation Realtor with 10 years of Real Estate sales experience. He can be reached via email at JimLaHa@Realtor.com, by telephone at 708-935-9858 or visit his website at www.JimLaHa.com. “For all your Real Estate Needs.”