What is Chicago's Hottest Condo Market? The Answer May Surprise You
If you own a condo in the city of Chicago, there’s good news.
The Illinois Association of Realtors reported recently that the average listed price of condos increased in October by 12.9 percent since last October. The average listed price of a condo in Chicago is $293,500.
While overall sales of single-family homes and condos were off 8.6 percent, a tightening supply of condos has driven prices higher, says Chicago real estate agent Nancy Perlman with highly rated Baird & Warner.
“There has been a lot of pent-up demand over the past five years of declines where people were either afraid or unable to purchase,” Perlman says. “But in 2013 there was a strong perception that we had finally reached a "bottom" in house prices, which, combined with historically low interest rates and a little bit of loosening of the banking restrictions, finally let loose that pent-up demand.”
Hottest condo markets
Perlman says to determine the Chicago neighborhood with the hottest condo market, it’s important to study the percentage of available inventory sold.
According to data gathered for the past six months, Perlman says North Side neighborhood Lincoln Square could be considered the hottest with 91 percent of sold available inventory. Lakeview followed close behind at 90 percent.
In terms of the neighborhood with the highest total of units sold, the Near North, which includes the neighborhoods of Streeterville, Gold Coast, Old Town, River North, River West, took the top spot with 1,418 units sold. Lakeview again followed with 1,019 units sold.
Finally, the priciest neighborhoods for condo sales were the Near North with an average sales price of $545,540. Lincoln Park was close behind with an average sales price of $523,242.
Considering setting down roots in your own Chicago condo? Check our real estate guide first.