The inventory of listed Chicago 1 bedroom condos for sale continues to plummet.* There were 2,258 1 bedroom condos for sale in Chicago in the first quarter down 30.6% from first quarter 2012 when there were 3,255 1 bedroom condos for sale.
The downtown 1 bedroom condo market was especially strong. In April I wrote about how the downtown Chicago inventory was down over 1/3 and sales were up over 1/3.
The number of 1 bedroom condos sold in the 1st quarter rose 14.5%. Pending sales were up 25.7%. The median sale price rose 12.6% to $159,950.
WHAT THIS MEANS FOR CHICAGO 1 BEDROOM CONDO BUYERS
Lower inventory, rising prices, rising sales and rising pending sales signal that the buyers market is over. You need to be ready to buy when you find a condo you want. If you will be financing your purchase, get your mortgage pre-approval before you start touring condos. If you’re paying cash, get a proof of funds letter ready to go.
WHAT THIS MEANS FOR CHICAGO 1 BEDROOM CONDO SELLERS
There’s been a lot of press lately about flash (quick) sales in some Chicago neighborhoods. This has significantly lowered the average time it takes 1 bedroom condos to sell. The average days on market in the 1st quarter was down a whopping 43.6%! It took an average of 101 days for 1 bedroom condos to sell compared to 179 days a year ago. Condos still have to be priced competitively. If your condo is priced right when it goes on market, it will sell in a reasonable amount of time. If you’re considering selling your condo, get our free home valuation.
CHICAGO 1+ BEDROOM CONDOS QUICK SEARCH
DOWNTOWN CHICAGO 1 BEDROOM CONDOS FOR SALE
Click below to see only the downtown Chicago 1 bedroom condos for sale in your desired price range.
| $1M & Above | $800K to $1M | $600K to $800K | $500K to $600K |
| $400K to $500K | $300K to $400K | $200K to $300K | $100K to $200K |
QUESTIONS?
Call Fran at 773-793-4516, text or email
*Statistics include co-ops, lofts, apartments and townhouses. 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 
