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Chicago City Wire

Tuesday, January 28, 2020

The Loop home prices rise in the second half of 2017

Real Estate

By Local Labs News Service | Jan 14, 2018

Re 12

The median sale price of a home sold in the second half of 2017 in The Loop, a Chicago neighborhood, rose by $25,000 while total sales decreased by 11.3%, according to BlockShopper.com.

From July through December of 2017, there were 71 homes sold, with a median sale price of $307,500 - a 8.8% increase over the $282,500 median sale price for the same period of the previous year. There were 80 homes sold in The Loop in the second half of 2016.

The median sales tax in The Loop for 2017 was $1,104. In 2016, the median sales tax was $1,032. This marks an increase of 7%. The effective property tax rate, using the median property tax and median home sale price as the basis, is 0.4%.

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

Neighborhood
July - Dec. 2017 Home Sales
July - Dec. 2016 Home Sales
% change (Total Home Sales)
July - Dec. 2017 Median Sales Price
July - Dec. 2016 Median Sales Price
% change (Median Sales Price)
Edison Park
100
101
-1%
$318,500
$310,000
2.7%
Kenwood
56
67
-16.4%
$315,750
$235,000
34.4%
Portage Park
361
394
-8.4%
$312,000
$280,750
11.1%
Heart of Chicago
42
45
-6.7%
$307,500
$239,000
28.7%
North Park
96
109
-11.9%
$307,500
$300,000
2.5%
The Loop
71
80
-11.3%
$307,500
$282,500
8.8%
North Mayfair
39
52
-25%
$304,000
$269,500
12.8%
Albany Park
297
314
-5.4%
$285,000
$275,000
3.6%
Jefferson Park
211
202
4.5%
$285,000
$291,500
-2.2%
Beverly
138
129
7%
$282,250
$275,000
2.6%
Big Oaks
53
43
23.3%
$280,000
$275,000
1.8%

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