Near North Side Housing Market
In the Near North Side the inventory of 2- 3 bedroom condos got
really high during the fall and winter of 2008, and by November of 2008
the months supply of home inventory exceeded 3 years as a result of
plunging sales. It recovered quite a bit during the spring when
the first homebuyer tax credit was in effect but surprisingly has not
hit as hard as other neighborhoods since, though it burst through the
20 month level in late 2010. Recent inventory levels are
actually fairly low by historic standards but are not at record lows like other Chicago neighborhoods.
See that big drop in the market times for the Near North around the beginning of April? That's
the effect of Walton on the Park going rental and cancelling all their
listings, most of which had market times of close to 1500 days. So now
the average market time for the Near North is actually pretty low
compared to most of Chicago.
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