You think downtown Chicago’s real estate market is hot? Well, if you’re searching for a place over in the Gold Coast, Streeterville, or River North, you may have an easier time securing a place than those looking in some of the city’s west side neighborhoods.
According to Redfin’s Market Tracker, the neighborhoods with the lowest median days on market are the West Loop, Ukrainian Village, Logan Square, Wicker Park, and West Town—each showing a median days on market at 11 days or fewer.
One contributing factor to homes on the west side selling at an incredible rate is the extremely low inventory that’s currently on the market in these neighborhoods. At last count, the West Loop has the lowest inventory of any neighborhood in the city, a .02 months supply, while Bucktown, Logan Square, West Town, and Wicker Park all have just a 0.3 months supply.
Many industry experts consider a normal level of housing inventory to be around a 6 or 7 months supply, so if you happen to be in the market for a new home or condo on the west side, competition may be pretty strong, especially as we inch closer to the busy Fall market.