Downtown Property Listings Decrease in Buyers’ Market

by Chicago Agent

With home prices falling and buyers seeking good deals and ideal locations, it seems that many have turned to the downtown area; overall, MLS inventory in the downtown area is dwindling, with a 61 percent decrease of condos and homes available for rent in 14 downtown zip codes since 2009, said Yo Chicago.

Booming districts such as Gold Coast, Old Town, and a segment of the Near North Side (which together make up zip code 60610) have demonstrated the largest decrease in the amount of units and percentage; since 2009 the area has experienced a 65 percent decline in listings. As of June 3, there are 114 listings available in this area; at the beginning of the year, there were over 200.

Another area standing out is zip code 60606, which contains Fulton River District and the West Loop area, where listings have drastically dropped 82 percent since 2009. Today, there are allegedly only seven available listings. The data from Yo Chicago has shown that this area has had a low number of properties available for several months now, but a year ago there were 31 units listed.

Many other areas have shown a steady decline as well, as you can see in this spreadsheet.

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