End of 2008: Chicago Condo Prices Hold Steady

Listing and closing numbers for the last week of 2008 have been released and Chicago condo prices remained stable from the previous year. According to statistics collected by Midwest Real Estate Data, the median listing price for single-family attached units (condos) actually increased during the last week of December in comparison with the same week in 2007. Fewer units were listed, but the median price did go up from $281,117 to $285,000. The number of condos put on the market between December 26 and 31 dropped from 276 in 2007 to 192 in 2008.

Median sale price for single-family attached units in Chicago dipped slightly, but only by $1,050. The number of condo closings during the week of December 26 also fell from the year before, dropping from 287 in 2007 to 148 in 2008.

Buyer activity has slowed, but Chicago condo values are holding steady throughout the housing downturn. It looks like we’re not going to see the major price reductions in the Chicago condo market that have been happening around the country. So, buyers who are waiting for the market to bottom out may want to take a step forward in the New Year and take advantage of the excellent incentives and mortgage rates available today.