Wednesday, November 05, 2008
Lincoln Square Condo Median Prices Up
The median price for condos in Lincoln Square was up over $25,000 for the 2008 third quarter compared to the third quarter of 2007. The median price was $308,950 up from $270,000. Total number of unit sales was down from 153 to 112. Higher end new construction sales were pretty good this year, helping to raise the median price. Anecdotally, I’ve been involved in several re-sale condos in Lincoln Square and Ravenswood that have increased in value over the past few years as well.
The condo's value in any market depends on each particular unit in Chicago, but a considerable median price increase was combined with a good number of unit sales overall in the neighborhood. Lincoln Square has fared very well during a tough quarter for many people.