The median sale price of large condos in Chicago rose at twice the rate of smaller condos in the third quarter. Condos with 2,000 square feet or more saw an 11.6% increase in median sale price from a year earlier. Condos with under 2,000 square feet saw an increase of only half as much at 5.8%.
Large condos in Chicago had a median sale price of $618,250, As shown below, this was the highest in the past 3 years. There were 550 sales. The sales were down 6.0%.
Smaller condos in Chicago had a median sale price of $275,000. 4,100 such condos were sold in the third quarter. Sales were down 8.9%.
WHAT THIS MEANS FOR CHICAGO CONDO BUYERS
Higher prices confirm that it’s no longer a buyers market. You need to be ready to buy when you find a home you want, especially if it’s a large condo. 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 CONDO SELLERS
If your condo is priced right when it goes on market, it should sell in less than 3 months. The average days on market for large Chicago condos was down 2.4% to 88 days. For smaller condos it was up 11.5% to 78 days. Be careful pricing your home above market. Most buyers finance their purchase. Your home will need to appraise for at least sale price for financing to be approved. The appraised value is primarily determined by recent comparable sales. If you’re considering selling your home, get our free home valuation.
To search for Chicago condos by size click on a price range below. Then click “Additional Property Details” on the left and enter a minimum and/or maximum square feet.
CONDOS FOR SALE IN CHICAGO
|$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 CONDOS FOR SALE
*Information is based on data from Midwest Real Estate Data (MRED).