|Buildings surrounding Bennett Park in Streetrville.|
A year of pandemic conditions, bouts of protest and civil unrest cast a negative light on the downtown and Near North condo markets. With shuttered shops, restaurants, bars and cultural institutions Streeterville high-rise life (and taking elevators with strangers) became suddenly less desirable. Does one year of instability make for condo bargains? How do unit sales look today?
Streeterville condo unit sales, median price 2021
80 condos have sold from January 1st to March 12th this year. Unit sales are up almost 10%. The median price of a sold condo is $400,000. Median price however dipped about -7%. 73 condos sold over the same period of 2020 with a median price of about $430,000.
It's not clear if the median price decrease is due to 2020 conditions. Just looking at the past five years we see a median price dip in 2019 despite good over-all Chicago market conditions. In a "normal" year of 2019, 73 condos also sold over the same period with a median price lower at $347,000.
2020: 73 condos sold with a median price of $430,000
2019: 73 condos sold with a median price of $347,000
2018: 70 condos sold with a median price of $395,000
2017: 96 condos sold with a median price of $364,000