I counted nine new condo listings hit the MLS on Randolph Street alone during the last two weeks of May. That's a real shift from where we were in February, when you could barely find three options in the same stretch. The West Loop is waking up.
For first-time buyers, this is the window you've been waiting for. You're not fighting over the same two units anymore. More inventory means more leverage, more time to think, and fewer situations where you're writing an offer the same day you tour. Pricing hasn't dropped much, though. Most two-beds in newer construction along Washington and Randolph are still landing in the $450K to $550K range. Sellers aren't panicking. They're just finally listing.
If you own a unit and you've been sitting on the fence about selling, I'd list sooner rather than later. More supply means more competition for your listing. Right now, buyers are active and rates have sort of stabilized in the high sixes (per Freddie Mac's latest weekly survey). That combination won't last forever. The longer you wait into summer, the more listings you're competing against. I've seen sellers hold out for September and regret it.
Investors, here's where I have a take that might not be popular: the West Loop is getting expensive for cash flow plays. Cap rates on smaller units are thin. If you're buying here, you're buying for appreciation and tenant quality, not monthly returns. That's fine if it fits your strategy. But if you want yield, there are better pockets in Chicago right now. I'd rather be honest about that than pretend every deal pencils out.
One more thing worth watching. The Fulton Market side of the West Loop keeps pulling demand west. Buildings closer to Halsted are seeing slightly longer days on market compared to anything within a block or two of the Morgan Green Line stop. Location within the neighborhood matters more than it did two years ago.
So if you're making a move this quarter, you've got options. More than you had in Q1. The question is whether you'll use that to your advantage or wait until everyone else notices too.