Time for another update on where buyers are currently getting the biggest discounts off asking price. Our goal in sharing this data is to help potential buyers to know which neighborhoods are softer in terms of sale price discounts off list price, to better equip you when making an offer, and help you know where to look for potential bargains.
In the chart below, we have taken all sales data from the last two months in the Chicago area and sorted it by zip code. We calculated the overall difference between the sale price and the list price. Note that this reflects the final list price, after all price drops in the listing. Any zips with fewer than ten sales are excluded from the top and bottom ten rankings, but interested readers may download the full data summary in Excel format (xls).
For a quick look at where a given zip code is located, just type it into the Redfin search box, or drop by the handy USNaviguide.com zip code map.
Here are the top ten zip codes with the largest overall discount:
At 6.1%, the overall discount for the Chicago area came in slightly lower than last month’s 6.4%. #1 and #2 swapped places from last month, with 60426 dropping from a nearly 24% discount to “just” a 17% average discount, and 60636 holding steady around 20% off.
Here are the ten zip codes with the smallest discounts:
Of the 3,491 sales we tracked in the 1.5-month period, 291 homes sold for 20% or more off the asking price, while 478 homes sold for more than asking.
We’ve been tracking the discount trend for six months now, and have seen Chicago’s overall discount bounce between 3.8% off and 6.4% off. It will be interesting to see what the spring and summer bring to these stats.