Chicago Neighborhoods > Near West Side Housing Market

Like many Chicago neighborhoods home inventory levels in the Near West Side took a huge hit after the tax credit expired. The months supply of 2 - 3 bedroom condos skyrocketed as contract volume nosedived. It has only recently recovered considerably, with October at the lowest level since we've been tracking it. Condo inventory is now a respectable number now at just under 10 months supply.

Market times in the Near West have appeared to decline but it's partly an illusion. A large portion of the decline has been driven by the cancellation and expiration of some extremely old listings - e.g. several at 775 W Jackson (the Odyssey Lofts). Nevertheless, what remains doesn't look that old at just about 130 days in October.

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