Chicago Neighborhoods > The Loop Housing Market

The Loop Housing Market

The Loop has been at the heart of Chicago's condo glut. During the fall and winter of 2009 things got really ugly. Inventory of 2 - 3 bedroom condos started to grow and jumped to almost a 4 year supply. Since then condo inventory levels have come down quite a bit and are finally running around 12 months - which is still a lot. And this is not just a result of lower absolute levels of inventory as sales have picked up also. However, it's hard to say what the real inventory level is since developers don't put all their condos on the MLS and many of the condo sales in The Loop are developer sales.

The market time of condos in the Loop has been on a clear upward trend during 2008 but recovered quite a bit during 2009 and into 2010. However, 350 days is a really high number.

Note that the MLS changed their reporting methodology for market time starting in October 2007.