West Loop

West Loop is an electric and lively neighborhood located in the heart of Chicago, Illinois. It is situated just west of the Loop and is known for its accessibility, upscale restaurants and bars, shopping, and trendy atmosphere. West Loop is home to the city's most iconic loft residences and ideal Chicago lifestyles, so it’s typical to cross paths with various TV shows and movies filming as you’re strolling through the neighborhood.

The neighborhood is a hub for business and culture, and you’ll find offices of global brands such as Google, Vital Proteins, and McDonalds calling West Loop home. Residents flock from all over the world in all stages of life and merge to create a neighborhood with a cross-cultural ecosystem that’s fit for all. Despite its high-end reputation, West Loop is a humble and inviting community. It is home to a variety of residents, including artists, professionals, and families. The neighborhood has a strong sense of community and is known for its active neighborhood associations and community events.

West Loop is also among the city’s most popular destinations for shopping and dining. You’ll find a number of upscale boutiques and designer stores along tree lined streets, as well as some of the trendiest dining and night-life destinations. Visitors can enjoy everything from famous deli sandwich shops to Michelin star restaurants and can explore a wide variety of bars and nightlife spots.

Overall, West Loop is a dynamic and inspiring neighborhood that can make anyone feel at home. Whether you're interested culture, shopping, or dining, you're sure to find something to enjoy in this unique slice of Chicago.

Market Analysis

To position you with market context that enables you to make smart and educated real estate decisions, we've compiled an in-depth analysis of the West Loop market.

Properties for Sale

Inventory is historically low with 89% of homeowners clinging on to a mortgage rate at 6% or less. There are currently 77 properties for sale, which is down 37% year over year. When current interest rates start to approach 6% (which many predict will happen this year) more of these homeowners could enter the market, increasing our supply.

Closed Sales

There have been 380 property sales in the last 12 months, which is down 24% year over year. With interest rates lower than they were last spring/summer, we expect sales to be higher during 2024 peak season if supply can keep up with demand. In 2023, monthly sales volume peaked at 44 in both May and June.

Average List Days

The current average number of days a property is listed in West Loop is 30 days, down 7% year over year. As we approach 2024 high season, we expect the average number of days a property is listed to begin it's decent, as more buyers enter the market. If supply remains low, we could see a more dramatic downturn in this number as buyers get competitive with their offers.

Average Sales Price

With interest rates keeping many potential buyers and sellers out of the market we expect these opposing forces to keep sales prices relatively consistent. $545,000 is the average sales price in West Loop, up 1% year over year. If demand outpaces supply, we may see a spike in the average sale price as buyers fight to win properties.

Average Price Per Square Foot

The average price per square foot in West Loop is $409, up 1% year over year. We will likely see this number remain consistent throughout 2024 peak season, hovering around $400.

Leading brokerage Hudson Parker | Real Estate knows how to navigate high demand from buyers with discounted listing fees based on efficiencies of high-volume sales. When under the guidance of Hudson Parker, clientele are offered boutique real estate listings with personalized strategies tailored to their needs. Reach out today.