Here’s an overview of 1 bedroom condos for sale in downtown Chicago. It includes inventory, sizes, features, styles and prices. Links to all listed downtown Chicago 1 bedroom condos for sale by price range are also provided.
Prices start below $200,000 and extend around $2,000,000. The median sale price in 2013 was $247,000.* In 2012 it was $212,000 and in 2011 it was $205,000.
While prices are going up the time it takes to sell a downtown Chicago 1 bedroom condo has plummeted. In 2013 the average market time was 68 days. In 2012 it was 128 days and in 2011 it was 179.
The number of choices (inventory) has also plummeted over the past few years. The 4th quarter inventory for 2013 was down 60% from 3 years earlier. The drop in inventory brought an end to the buyers market. If you’re considering selling your 1 bedroom condo in downtown Chicago, email me for a free market analysis.
Sizes of downtown Chicago 1 bedroom condos range from less than 600 SF to a median size of around 850 SF to 2,000 SF or more. Only around 15% have more than 1 bathroom.
The majority have a garage space. However, if it’s owned, it’s often sold for an additional amount. Parking is leased in many buildings.
Styles range from vintage to mid-century to contemporary. Vintage condos are located in the Gold Coast neighborhood and the north part of the Streeterville neighborhood in downtown Chicago. Condos in the Loop and River North will be exclusively mid-century to contemporary.
Understandably, developers tend to locate larger units on the sides of buildings with the better views. As such 1 bedroom units often end up on the sides with less interesting views. However those downtown buildings that primarily have units with 2 bedrooms or less are much more likely to have 1 bedroom units with good views. One example is 240 E Illinois.
Some downtown condos have views of Lake Michigan, especially those on higher floors. If you want a lake view and want to live right next to the lake, check out condos for sale on Lake Shore Drive.
1 BEDROOM CONDOS FOR SALE IN DOWNTOWN CHICAGO
Click below to see downtown Chicago 1 bedroom condos for sale by price range.
|$900K to $1M||$800K to $900K||$700K to $800K||$600K to $700K|
|$500K to $600K||$400K to $500K||$300K to $400K||$200K to $300K|
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* based on Midwest Real Estate Data (MRED); includes co-ops, apartments, lofts & townhouses