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Monday, January 27, 2020

West Loop home prices rise in the first half of 2017

Real Estate

By Local Labs News Service | Jul 14, 2017

Re 8

The median sale price of a home sold in the first half of 2017 in West Loop, a Chicago neighborhood, rose by $22,500 while total sales decreased by 1.1%, according to BlockShopper.com.

From January through June of 2017, there were 86 homes sold, with a median sale price of $330,000 - a 7.3% increase over the $307,500 median sale price for the same period of the previous year. There were 87 homes sold in West Loop in the first half of 2016.

The median sales tax in West Loop for 2017 was $4,692. In 2016, the median sales tax was $4,409. This marks an increase of 6.4%. The effective property tax rate, using the median property tax and median home sale price as the basis, is 1.4%.

The following table compares West Loop to other Chicago neighborhood with similar median sales prices in the first half of 2017:

Neighborhood
Jan. - June 2017 Home Sales
Jan. - June 2016 Home Sales
% change (Total Home Sales)
Jan. - June 2017 Median Sales Price
Jan. - June 2016 Median Sales Price
% change (Median Sales Price)
Gold Coast
467
457
2.2%
$342,000
$396,000
-13.6%
Ravenswood
270
145
86.2%
$340,750
$352,000
-3.2%
Irving Park
207
236
-12.3%
$340,000
$298,000
14.1%
Pilsen
71
64
10.9%
$332,000
$285,000
16.5%
University Village / Little Italy
80
73
9.6%
$331,250
$334,000
-0.8%
West Loop
86
87
-1.1%
$330,000
$307,500
7.3%
Near North
218
192
13.5%
$330,000
$368,750
-10.5%
Mayfair
47
47
0%
$330,000
$275,000
20%
Bridgeport
168
129
30.2%
$326,500
$275,000
18.7%
North Park
75
83
-9.6%
$325,000
$257,000
26.5%
Norwood Park
174
142
22.5%
$319,750
$312,250
2.4%

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