Thursday, August 31, 2023

Condo median price UP in tight Lake View market


The front entrance at 450 W Briar condo building in Lake View. New listing inventory has been low while condo sales prices ticked up in July.  All photos Eric Rojas, Broker, Kale Realty.

We have several clients actively looking for a condo or townhouse in Lake View. The Lake View community area may be the largest condo market in Chicago. The numbers in Lake View are a bellwether for popular North Side neighborhood sales. 2023 has been the year of low inventory yet strong sale prices for many of our most desirable Chicago neighborhood markets. Lake View is no exception and has been a challenging buyer market for our clients.

Statistics compiled from the Chicago Association of Realtors

2023 Lake View condo sales (attached and townhouse units)

July new listings were down -30.5% and closed sales were down -11.7% for the same month in 2022. Despite high mortgage interest rates and a slower market median price for a sold condo in July was up +6.6%. Most condos sold for at the list price or over! 

Lake View condo sales year to date (January 1st through July 30th) are down -37.6% from 2022.  Median price has managed to push up +1.5%  year over year.

Contact: Eric Rojas, Broker, Kale Realty
2447 N Ashland, Chicago IL 60614
Office 312-602-3367

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