Condos Sell in Chicago

The Chicago housing market reacts differently than that of the nation as a whole. When you look at countrywide statistics, single-family homes are the overall big sellers - especially those with three bedrooms and a 2-car garage. But in Chicago, where space is limited and cost per square foot is higher, condos are stepping in as the most "in demand" properties. And, according to some recent reports, the price for condo units is on the rise.

New data released by the Illinois Association of Realtors showed that median condo prices in the city went up more than 10% this year from last February to $314,900. Unfortunately, the number of condos and single-family homes sold fell year-over-year, but current sales are starting to demonstrate a rebound as the spring selling season moves into full swing.

While certain neighborhoods experienced very noticeable spikes in appreciation from 2006 to 2007, other areas were subject to declining sales prices. In communities where more than 40 residential properties were sold in a year's time, the Loop had the highest median price boost for condos. A total of 1,049 units were sold in the Loop in 2007 with a 42% median price increase from 2006 to $397,250. On the other hand, McKinley Park saw the biggest depreciation with a 30% dip in median condo prices in 2007 to $220,000.