2 Bedroom 1 & 2 Bath Condo Median Prices for Past Year by Area
After meeting with some sellers this past weekend about selling their 2 bedroom 2 bath townhouse, I got to wondering about how much of a difference a second bathroom adds to the value of a 2 bedroom condo or townhouse for sale. My research in the multiple listing system on 2 bedroom resales for the past year shows that the difference a second bathroom makes varies widely between different areas of Chicago.
First I should clarify that the median price differences between 2 bedroom 1 bath and 2 bedroom 2 bath condos and townhouses isn’t due to just the second bath. Homes with second bathrooms are more likely to be larger. They are more likely to have an additional room such as a loft or den or in the case of a townhouse, a finished basement.
That being said, for the areas I researched the Loop had the biggest price difference with the median sale price for 2 bedroom 2 bath homes for last year 48% higher than the median sale price for 2 bedroom 1 bath homes. The Near North Side had the 2nd highest price difference with 2 bedroom 2 bath homes selling 44% higher than 2 bedroom 1 bath homes. Next were Lakeview, Uptown and Rogers Park with differences of 33%, 28% and 26%.
The second bath didn’t make nearly as much difference in Lincoln Park at 20% and Edgewater at 17%.
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