South Loop town house sales UP 63% in 2013, median price at half a million

Bob took this shot looking north on South Indiana Avenue over the weekend.  We showed a two bedroom town house to our clients on South Indiana just a block from the lakefront parks.

 We've gotten to know the various town house developments in the South Loop over the years.  We think several locations in the South Loop would surprise many with quiet and attractive settings near the lakefront parks, museums and major downtown amenities.  The access to downtown offices, lack of single family homes near downtown and the desirable South Loop school have increased demand for town houses.

Sunday morning coffee in the Prairie Avenue Landmark District then out to the lake for a bike ride. (Photo Bob DePalma)

South Loop town house sales Jan 1st to July 12th 2013 (town houses are attached homes with no units above or below.  Most have an association with assessments while a handful are fee-simple ownership)


49 town houses have sold in South Loop this year with a median price of about $500,000.  Unit sales are up 63% over same period in 2012 when 30 units sold by this date. The median price is also way up from the $366,000 last year over the same period of time.

We viewed this two bedrooms, two baths town house on South Federal priced at $465,000 last month (photo Bob DePalma)

The highest town house sale this year is 1431 South Prairie for $1,050,000.  The 4000 sq/ft three bedrooms, two and two half-baths home featured a large family room and two car garage. The lowest sale is a short-sale at 53 East 23rd Street for $240,000.  The nicely finished 2005 build has two bedrooms, a family room and two car garage.  The home went under contract July of 2012 and closed in March this year.

Under Contract
As is the case in many popular Chicago community areas inventory for certain housing is very low.  At the time of this post 23 town houses are under contract.  Only 15 town houses are actively for sale on in South Loop on the MLS.

All sales stats gathered from www.MREDLLC.com and analyzed by Eric Rojas, Real Estate Broker with Kale Realty.  If you are buying or selling a home in South Loop Bob and I may consult and offer options to you.

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