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Monthly Property Analysis | April
The most recent 5 properties to hit the market at 1040 W Adams sold in an average of 7 days at 103% of asking price. Properties in the building for both rent and sale are flying off the market significantly faster than average for the West Loop. There are currently 2 units under contract that accepted an offer during their first weekend on the market. This tells us demand is high in the building, buyers are motivated and moving quickly, and property value is increasing. It also suggests sellers have more leverage heading into 2024 peak season and can justify higher asking prices with favorable contract terms.
Property Metrics | Average List Days: 7 | Average Price Per Square Foot: $411 | Average 1 Bedroom Sale Price: $334,000 | Average 2 Bedroom Sale Price: $500,000