The Museum Park – Central Station housing market is improving along with some of the rest of the country. The market is all about supply and demand, interest rates and pricing. The listing supply is not keeping up with the sales and the inventory is running low. Our absorption rate is decreasing. The interest rates are still low and pricing is still lower than during the market drop. The spring of 2014 was a high period but just now in January we are already at a higher rate for sales/closed and properties and properties under contract in Museum Park – Central Station than in that period. The median sales price for properties in Museum Park in the South Loop have dipped a little as far as the chart shows but I think it is due to investors still out there buying where the numbers work. In Museum Park, the numbers are working for investors and many of the South Loop condos are allowing rentals. If you are thinking of buying a property in Museum Park, this is a good time as prices and interest rates are still low. If you are thinking of selling a property in Museum Park then right now is better than it has been for 9 years. Contact Julie Anne Real Estate Team for a free consultation.
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