Supply and Demand in the West Town neighborhood of Chicago continues to favor sellers entering the market. On a 1-year basis, the total number of 2-4 unit buildings for sale is down almost 40%. When good buildings hit the market they are selling immediately, within days.
The West Town area of Chicago is made up of several individual neighborhoods including Bucktown, Wicker Park, Ukrainian Village, Noble Square, East Village and Humbolt Park. Close proximity to downtown Chicago, transportation and an abundance of shops, restaurants and bars attract many to this area.
East of Western Avenue, the rental market has been very strong over the past 24 months leading more investors to the neighborhood in search of good returns. A lot of good buying opportunities come up frequently but not nearly enough to meet the current demand.
Though there are not specific statistics on shadow inventory, I would guess these neighborhoods have a large percentage of owners who would sell if they could get something close to what they paid in the early 2000’s. There have also been a lot of foreclosed properties that are now bank owned inventory sitting on the sidelines waiting to be resold. The market could absorb a lot of this inventory immediately.
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