Around Chicago Leigh Marcus Team June 22, 2024
Worried about the long-term outlook for real estate in the Loop? Don’t be.
The Loop is Chicago’s beating heart. Though it has faced challenges in recent years, the City of Chicago is committed to investing in its success, and recent signs point to a bright future. The area also boasts many permanent characteristics that promise to keep the Loop a vibrant, dynamic place to live. For buyers and sellers, there are compelling reasons to remain confident in this iconic neighborhood.
The Loop’s unofficial boundaries are more or less the Chicago River to the north, Roosevelt Road to the south, Lake Michigan to the east, and the river’s South Branch to the west.
The COVID-19 pandemic undeniably affected the area, leading to reduced foot traffic as work went remote and then hybrid. But the Loop’s inherent advantages are once again coming to the forefront underscored by a gradual return to office work; major initiatives like Google’s massive investment in the James R. Thompson Center; the continued popularity of large festivals like Lollapalooza, Taste of Chicago and the city’s NASCAR event; and even “dream big” projects like new stadiums for the Bears and White Sox. These undertakings promise to bring more business and attention to the area.
The Loop’s real estate market is also showing encouraging signs of recovery. Over the past three quarters, median home prices in the area have consistently risen compared to the previous year. Notably, the average price for the first quarter of 2024 saw a 3.8% increase compared to the same period in 2023. The number of days a Loop home is on the market is also coming down, meaning the properties are selling faster.
Additionally, median home prices have increased each month of 2024, except for one, and the average sold-price-to-list-price ratio for Loop homes has increased from 94.4% in the first quarter of last year to 96.3% in the first quarter of this year. The numbers indicate that buyers are more optimistic about the neighborhood and also that sellers are pricing their homes more realistically.
Several key factors contribute to the Loop’s appeal as a prime residential neighborhood:
The Loop is a resilient area with a rich history, backed by all the financial power the city can offer. The recent market trends, coupled with the area’s inherent strengths and new investments, show that it’s a neighborhood full of opportunity. Buyers and sellers can all have confidence in the Loop’s desirability as a place to live and invest for generations to come.
Here are five Loop residences that highlight available options in the neighborhood.
Experience the height of luxury in this gem at the exclusive Residences at St. Regis 363 E. Wacker Drive
($2.875 million)
This northeast-facing stunner at 65 E. Monroe St. has 10-foot-high windows offering panoramic views of the city
($1.35 million)
Drink your morning coffee overlooking a 6-acre park in highly sought-after Lakeshore East while your guests get their own wing at 201 N. Westshore Drive
($869,000)
Enjoy views of Grant Park, Navy Pier and Lake Michigan from your private balcony at this two-bedroom condo at 1160 S. Michigan Avenue
($520,000)
This modern 1-bedroom at 222 N. Columbus Drive boasts south-facing views and countless luxurious amenities, including a gym, sauna, indoor pool and more. ($315,000)
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