Chicago Neighborhoods > Near South Side Housing Market

I guess the supply of 2 - 3 bedroom condos in the Near South Side could only improve from the obscene levels reached in the winter of 2009. The Near South Side of Chicago, which includes the infamous South Loop, has been a flipper's/investor's purgatory. This area has had a very large home inventory over the past 2 years, rarely dipping below a 20 month supply and recently spiking to almost a 7 year supply as a result of falling condo sales! Recently the number of units on the market has declined, and with that the months of supply, but it's still a brutal market. After a year of steady improvement, June is still at an 18 month supply.

Wow! Check out the numbers below. The Near South Side stands apart from all other Chicago neighborhoods in maintaining market times consistently above 700 days with no sign of improvement. This may be partially driven by a large inventory of developer units that sit on the market for a couple of years. But if you are planning on selling in the Near South Side you might find yourself sitting on it for a couple of years unless you are willing to take the price hit right away.

Note that the MLS changed their methodology for reporting market times, affecting reporting back to October 2007.