How affordable is the South Loop?

It’s South Loop week here at Yo, so over the next few days we’ll bring you the latest news from the most active real estate market in downtown Chicago.

Every year home prices in the neighborhood, bounded by Roosevelt Road, Cermak Road, the lake and the river, slip out of the grasp of more buyers.

The average sales price of a condo or townhome in the South Loop between January 1 and August 20, 2006, was $391,578, according to statistics from the Multiple Listing Service of Northern Illinois. Strictly speaking, we shouldn’t compare prices for eight months of a year with prices for a 12-month period, but just quietly, the average sales price for the 12 months of 2004 was $363,934. The average sales price for 2005 was $386,627. Hmm.

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