2 bedroom condo prices in Chicago up 10.3% in Q2

The median sale price of listed 2 bedroom condos sold in the second quarter in Chicago was up 10.3% from 2013.* The median sale price was $320,000 compared with $290,000 a year earlier. As shown below, this is the 8th quarter in a row that the quarterly median sale price for Chicago 2 bedroom condos is up from a year earlier.

Chicago 2 Bedroom Condo Median Sale Prices Q2 2011 - Q2 2014 Chart

Chicago 2 Bedroom Condo Median Sale Prices Q2 2011 – Q2 2014

The inventory of listed Chicago 2 bedroom condos for sale rose for the first time in a few years. There were 6,404 2 bedroom condos for sale in Chicago in the second quarter up 5.6% from second quarter 2013 when there were 6,063 for sale. The percent of distressed sales (short sales and foreclosures) on the market dropped from 25% of the inventory to 13%. The inventory in the second quarter was down over 33% from second quarter 2011.

The average sale price as a percent of original sale price for homes with no price changes was 98.8% up from 98.6%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 90.6% up from 89.0%.

The number of 2 bedroom condos sold in the 2nd quarter dropped 3.4%. Pending sales were down 1.5%.

WHAT THIS MEANS FOR CHICAGO 2 BEDROOM CONDO BUYERS

Significantly rising prices confirm that the buyers market is over. You need to be ready to buy when you find a home you want. If you will be financing your purchase, get your mortgage pre-approval before you start touring homes. Contact me for recommended mortgage consultants. If you’re paying cash, get a proof of funds letter from your accountant or banker ready to go. Contact me to get started.

WHAT THIS MEANS FOR CHICAGO 2 BEDROOM CONDO SELLERS

If your home is priced right when it goes on market, it should sell in less than 3 months. The average days on market was down 9% to 67 days. Just because the median sale price is up 10.3% from a year ago doesn’t mean that you’ll get 10.3% more for your home than you would have a year ago. Recent comparable sales and the current competition are much better price indicators. If you’re considering selling your home, contact me for a free market analysis.

CHICAGO 2 BEDROOM CONDOS FOR SALE

Click below to see the Chicago 2 bedroom condos for sale in your desired price range.

$3M & Above$2M to $3M$1.5M to $2M$1M to $1.5M
$900K to $1M$800K to $900K$700K to $800K$600K to $700K
$500K to $600K$400K to $500K$300K to $400K$200K to $300K

DOWNTOWN CHICAGO 2 BEDROOM CONDOS FOR SALE

Click below to see only the downtown Chicago 2 bedroom condos for sale in your desired price range.

$3M & Above$2M to $3M$1.5M to $2M$1M to $1.5M
$900K to $1M$800K to $900K$700K to $800K$600K to $700K
$500K to $600K$400K to $500K$300K to $400K$200K to $300K

QUESTIONS?

Call us at 773-793-4516 or email us.

* includes co-ops, lofts, apartments and townhomes
Information is based on data from Midwest Real Estate Data (MRED).

Email This Email This

ABOUT THE AUTHOR

Fran Bailey Fran Bailey is a Realtor who has been quoted in numerous Chicago and national publications. To schedule showings for any listings, get a free market analysis for your home or to contact Fran email her at fran.bailey@bairdwarner.com or call 773-793-4516. Learn More