Despite housing inventory rising 17% from June 2014 to June 2015, demand in many of Chicago’s hottest neighborhoods is still outpacing supply by a fairly substantial margin. According to Redfin’s Market Tracker, Chicago’s west side continues to be red hot, with the West Loop, Ukrainian Village, Logan Square, Wicker Park, and West Town neighborhoods having the lowest median days on market in the city, all with 11 days or fewer.
Not surprising, several of these neighborhoods also have the lowest inventory as well, with the West Loop showing a 0.2 months supply, the lowest in Chicago, and Bucktown, Logan Square, West Town, and Wicker Park all recording a 0.3 months supply.
Roscoe Village, which is located more on the city’s north side, also had a 0.3 months supply, while Old Town, Ravenswood, the South Loop, Ukrainian Village, Avondale, Jefferson Park, Lincoln Square, and North Center all had a 0.4 months supply in June.
To put these inventory numbers in perspective, a normal level of housing inventory is around a 6 or 7 month supply.