This afternoon I showed 3 bedroom & 4 bedroom condos in the Lakeview area of Chicago. Now median sale prices are a rough measure at best of what’s going on in a market, but 4 bedroom condos have definitely appreciated better in Lakeview over the past 3 years than 3 bedroom condos have when you look at the change in median sale prices.*
The median sale price over the past year for 4 bedroom condos in Lakeview was $705K, up 16% from the same period 3 years earlier. The median sale price over the past year for 3 bedroom condos was $520K, essentially unchanged from 3 years ago. When I narrowed the search to units with between 2 and 3 bathrooms and a 1 car garage, I got the same results for the percent change over the past 3 years.
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*Based on Midwest Real Estate Data, LLC (MRED) Data
ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
