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.
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, get our free home valuation.
CHICAGO 2+ BEDROOM CONDOS QUICK SEARCH
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.
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* includes co-ops, lofts, apartments and townhomes
Information is based on data from Midwest Real Estate Data (MRED).
Fran Bailey specializes in downtown Chicago, Lincoln Park and Lake View condos, co-op apartments and houses. She has shared home buying and selling advice since 2006 and written about over 130 Chicago high rises. To schedule showings for any listings, get a 
