Chicago Neighborhoods > Near South Side Housing Market

Well it's certainly been worse but we're still at more than a 2 year's supply of 2 - 3 bedroom condos. The Near South Side of Chicago, which includes the infamous South Loop, is a flipper's/investor's purgatory. This area has had a very large home inventory over the past 2 years, rarely dipping below a 10 month supply and recently spiking to almost a 7 year supply as a result of falling condo sales! Recently sales have picked up and inventory has declined but it's still a brutal market.

Wow! Check out the numbers below. Whereas all the other Chicago neighborhoods have seen huge declines in market times the Near South Side has been flat over the last 2 years - at more than 700 days. 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.