Q3 MARKET SNAPSHOT
Chicago $2 Million-Plus Condos | Lincoln Park $1 Million-Plus Condos | Lincoln Park $1 Million-Plus SFHs
It is my pleasure to provide our Q3 2023 Market Report for Chicago Luxury Condos (defined as condos $2M+) and Lincoln Park $1M-Plus Condos and Single-Family Homes (SFH). This report summarizes Q3 and Year-to-Date (YTD) sales activity, comparing key measures against the same period in 2022.
Overall, the report reflects national trends of fewer sales and less homes for sale. Chicago’s Luxury Condo market took a pricing hit in Q3 with a 15.7% drop in average prices and is down 11% YTD. Closed sales fared better in Q3 with a 20% increase in sales volume but are down 32% YTD.
Lincoln Park’s $1M-Plus Condo Market experienced a robust Third Quarter with average sold prices up nearly 20% and closed sales up 19%. YTD, the price gain is modest with a 2% increase in average sold prices, an 11% decline in unit sales and 28% less condos for sale. Average prices of SFHs rose 4% in Q3 with 34% less homes sold. YTD, average sold prices are tracking 4% higher than last year with 41% less closed sales. Higher rates have softened SFH sales velocity producing 10% more homes for sale and 4.7 months of inventory.
While the numbers show mixed signs, certain truths remain unshaken. New and newer construction homes and condos continue to drive market prices, and buyers are still pursuing turnkey homes and condos that are priced on market.
Please reach out to me with any questions about this report or your real estate needs.
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