In many Chicago neighborhoods, competition for housing is intense
Housing inventory in Chicago rose 17 percent year-over-year in June, reaching its highest level since August 2012, according to Redfin’s Real-Time Housing Market Tracker.
Despite that increase, demand is still outpacing supply in many of Chicago’s neighborhoods. Using additional analysis in the Real-Time Housing Market Tracker, Chicago Agent assembled two graphs that show what neighborhoods are the most competitive.
First, the 10 neighborhoods with the least median days on market:
Although the order changed slightly from the previous Market Tracker, the Logan Square, Ukrainian Village and the West Loop neighborhoods still had the lowest median days on market in the city; the West Loop, in fact, saw its median market time fall 25 percent to nine days. According to the National Association of Realtors, the median time on market for the U.S. housing market is 40 days.
Second, the neighborhoods with the smallest housing inventory (by months supply):
For the second month in a row, the West Loop had the lowest housing inventory in the city at just a 0.2-months supply, though this marks the first time that it had both the smallest inventory and the shortest time on market. Note that in addition to the four neighborhoods shown on the graph, four other neighborhoods – Old Town, Ravenswood, the South Loop and Ukrainian Village – also had a mere 0.4-months supply of inventory in June. A normal level of housing inventory is between 6- and 7-months supply.
Stay tuned for our coverage next week, when we’ll publish the top 10 selling suburbs and city neighborhoods in Chicagoland.