Lakeview condo sales run hot in 1st Quarter 2025, unit sales up 20%

 

Gorgeous vintage buildings on the 700 Block of West Buckingham Place.  Condo sales have been furious to in First Quarter 2025. All photos Eric Rojas, Broker, Kale Realty

It's not hyperbole when I say ALL the real estate markets we work in were very hot in the first quarter of this year. Despite relatively low inventory, rising prices and stagnant mortgage interest rates condos have been selling swiftly in Chicago North Side neighborhoods.  We've been monitoring the market closely while preparing two Lakeview condo listings coming on soon.

Lakeview Condo Sales January 1st to March 31st, 2025

317 condos sold on the MLS over first quarter of 2025. The median price of a Lakeview condo was $450,000 over that time. Only 263 condos sold first quarter last year over the same period with a median price of $405,000.  Unit sales are up 20% year over year and median price up 11%.

The highest priced sold condo this year was 3930 N Janssen, Unit 1s, Chicago IL 60613 for $1,750,000.

The lowest priced sold condo was 3600 N Lake Shore Drive, Unit 605, Chicago IL 60613 for $120,000.

Lincoln Park new construction condo sales, median price $1.3M

 

A new construction condo building rises on the 400 Block of West St. James Place this spring in Lincoln Park. There is no active listing for this project. We do the footwork to find out the sale details for our clients for listed and unlisted new construction. All photos Eric Rojas, Broker, Kale Realty

We have clients looking exclusively for a new construction condo in Lincoln Park. Buying new comes with a premium. Searching for new construction also requires a lot of networking with developers and agents as many units will go under contract before hitting the MLS. When using a general MLS search we can add new construction classification to the criteria.

• 17 condos (attached unit and townhomes) listed as new construction in our MLS (MREDLLC.com) have closed in the first quarter of this year (January 1st to March 31st). The median price of a sold new construction unit is about $1.3M.
• In the entire year of 2024, 25 attached new construction condo units closed over with a median price of about $1.5M. The least expensive unit to sell was a two beds, two baths at 2559 N Marshfield #2 for $759,000.
• 9 new construction condos are currently listed for sale with asking prices ranging from $899,000 to $3,500,000.  I've identified another five or six new construction projects listed on MLS Private Network. Additionally, there are unlisted projects going up and in development.
• 15 condo units are currently listed as under contract on the MLS from $739,000 to $3,350,000. 

Lincoln Park high-rise condo sales this year, 50+ unit buildings

We'll be listing a two beds, two baths condo in one of Lincoln park's popular high-rise buildings this spring. The unit overlooks Lake Michigan and Diversey Harbor. High-rise living by Chicago's lakefront is a distinct and fulfilling option for those looking to take advantage of city living while enjoying an active, outdoor lifestyle at your door front!

2626 N Lakeview in Lincoln Park.

Lincoln Park high-rise condo sales (50+ unit buildings) Jan 1st - March 26th, 2025

42 high-rise condo have sold in buildings with 50+ units from from January 1st to March 26th of this year.  The median price of a sold unit is about $310,000. Condo units with at lease two bedrooms sold with a median price of about $425,000. 

Over-all median price is up about $20,000 over same period of 2024.  Units sales are down about 10 condos from same period 2024. 

While the purchase price of Lincoln Park high-rise condos trend below those in smaller buildings the monthly assessments and amenities of each building vary greatly. It helps to use a good lender's spreadsheet to input all the variables included (or not) in the assessment.  Common factors are mortgage principal, interest, property taxes, utilities, fitness room, parking and insurance.

The North Pond early this month just steps from 2626 N Lakeview in Lincoln Park. There is no comparison to having our beautiful lakefront, trails, ponds and amenities outside your door! 

Contact me at erojas@kalerealty.com to buy or sell in Lincoln Park and surrounding neighborhoods.

Lincoln Square small multi-unit sales, two-four flats

 

The 2700 block of West Giddings is lined with small multi-units. The peaceful street ends at the river to the west. All photos Eric Rojas, Broker, Kale Realty

Our client would like to buy a small multi-unit in Lincoln Square. The plan is to be a live-in owner (also known as an owner-operator). They have experience owning a house in another state and see a multi-unit as more affordable than a Lincoln Square house and a better value than a condo purchase.  In most cases they will be able to use 75% of current rental income from the building towards qualifying for a larger home loan. Ask me about owning multi-units and reach out to my lender Steve Dunnett to learn about financing options stevedunnett@greenstate.org

Lincoln Square Multi-unit sales (two-four units) over the last 12 months

51 small multi-units sold in Lincoln Square over the last 12 months.  The median price of a sold two-four units building is about $800,000.

Two-flats: 31 Lincoln Square two-flats have sold in the last 12 months.  The median price is about $750,000.  Most buildings sold in the median price range need a lot of maintenance and updating.  Five of the two-flat buildings sold for over one million ($1,000,000).

Three-flats: 15 three-flats sold with a median price of  $835,000.

Four-flats:  5 four-flats sold with a median price of $950,000

Currently 5 multi-units are for sale in Lincoln Square while 10 are under contract.

To purchase, lease or sell real estate in Lincoln Square or surrounding neighborhoods and suburbs please reach out to me erojas@kalerealty.com

SmartBuy mortgage program can help eliminate student loan debt!

Turn your student loan debt into a home ownership! We work with our lenders concerning many homebuyer and mortgage programs. The SmartBuy program is an awesome opportunity for would be home buyers carrying student loan debt. Check out the link above and contact my loan officer Steve Dunnett.

Illinois residential real estate sales trend up late last year

I mostly post about our local city markets.  Looking at more macro trends in the state can help form our client strategy. Unit sales were trending up late last year. My guess is we'll have an active early spring despite stagnant mortgage interest rates.

We spend a lot of time in January doing research for our clients. Many are planning to buy, sell or rent a property early this year. I've been posting some local neighborhood stats and looking at over-all trends. Unit sales and median price were up in Illinois late last year.

December official numbers are not out yet (maybe tomorrow). However, November numbers in Illinois were up. Most interesting was unit sales have trended up year over year. Despite mortgage interest rates trending in the higher 6% range, inventory and sale loosed up a bit. We also saw an over 7% jump in median price of a sold residential property!

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Chicago Real Estate Broker with Kale Realty
Over $100M sold! Have a question... ask Eric!
Kale Realty 2447 N Ashland, Chicago IL 60614 in Lincoln Park
Illinois Licensed Real Estate Broker No. 475.126105
Fair Housing Opportunity
erojas@kalerealty.com

Lincoln Park condo sales fourth quarter 2024

Photo of one interior at 1307 W Wrightwood, Lincoln park by Eric Rojas, Broker, Kale Realty 

New year, new condo buyers! Let's take a look at one of our favorite markets to work... Lincoln Park!

Lincoln Park Condo (Attached Unit, Townhouse) Sales Fourth Quarter 2024
220 condos sold in Lincoln Park from October 1st to December 31st last year. Median price for a condo sale was $590,000. That's a jump form 172 unit sales over the fourth quarter 2023. 

The highest priced condo sale in fourth quarter was 2035 N Orleans St Unit PH-W, Chicago, IL 60614 sold for $4,500,000.

The lowest priced condo sold was 2626 N Lakeview Ave, Unit 410, Chicago IL 60614 for $126,000 (cash).

Our local MLS and Illinois Realtors sales numbers showed an increase in residential unit sales over the fourth Quarter of 2024 across the state and Chicago Metro Area. Illinois residential unit sales were up 2.8% in November year over year. Chicago Metro are sales were up 2.9% in November with the median price of a sold residential property up 7.8%. That bucked the recent trend of decline in total unit sales due to low inventory and relatively high interest rates. 

Contact Eric Rojas, Broker to buy or sell

Chicago Real Estate Broker with Kale Realty

Over $100M sold! Have a question... ask Eric!

Kale Realty 2447 N Ashland, Chicago IL 60614 in Lincoln Park

Illinois Licensed Real Estate Broker No. 475.126105

Fair Housing Opportunity

erojas@kalerealty.com

PH: 773-510-1597

https://www.facebook.com/chicagorealestatelocal

First Lincoln Square condo sells for over $1M (but median price for attached units slips)

 

A top floor unit at 4854 N Damen in Chicago's Lincoln Square neighborhood has sold for $1,057,000. It appears to be a record price. Photo Realtor.com and VHT.com

Last week I looked at Lincoln Square condo sales specifically on North Western Avenue.  I buried the lead! An attached condo sold for $1M for the first time in Lincoln Square. There had been a couple new construction units closed at $940,000 in 2021 (the precious record) but nothing over a million until this summer.

4854 N Damen Unit 3, Chicago IL 60625 sold for $1,057,000 earlier this year. The "duplex-up" penthouse features a 2nd floor family room and amazing walk-out terrace. It appears to be a record price sale for any attached unit (condo, townhouse) listed on the MLS in Lincoln Square. Despite the milestone, overall median price of a sold attached unit decreased 3.5% year over year. This could be due to high mortgage interest rates putting pressure on overall pricing or simply lower-end options becoming more readily available on the market.

Lincoln Square Condo Sales
Overall 240 attached units (condo and townhouse) have sold in Lincoln Square from January 1st to December 6th this year. The median price of a sold attached unit is about $351,000. Attached units with two bedrooms have a median of $320,000.  Units with three beds have a median of  $570K.

Surprisingly the median price for a sold Lincoln Square attached unit dropped 3.5% year to year from $364,000 in 2023 to $351,000 in 2024.  Median price for an attached unit same period in 2022 was $315,000 and $308,000 in 2021.

Eric Rojas, Broker

Chicago Real Estate Broker with Kale Realty

Over $100M sold! Have a question... ask Eric!

Kale Realty 2447 N Ashland, Chicago IL 60614 in Lincoln Park

Illinois Licensed Real Estate Broker No. 475.126105

Fair Housing Opportunity

erojas@kalerealty.com

PH: 773-510-1597

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Lincoln Square condo sales on North Western Avenue reach $850,000

Condo buildings along Western Avenue in Lincoln Square

My contractors and I made a visit to a client's Lincoln Square condo yesterday on Western Avenue. She needed help installing a closet system. I pulled our crew over from a nearby renovation to get it done quickly with no worries nor charge (we are grateful for our clients!). She bought the newer construction two beds, two baths condo unit with parking space for $299,900 six years ago. The idea was you get a newer, nicer condo for a discount due to the busy Western Ave.  A similar unit in the building just sold for $400,000. She's not only comfortable but in a great equity position.

Lincoln Square condo sales on Western Avenue

Western Ave condo development has been popular due to it's central location in Lincoln Square. City zoning also allows for larger buildings and less parking spaces when in range of the CTA Western Brown Line (Transit Oriented Development). The corridor is a great opportunity to add much needed housing units. 

Eight Lincoln Square condos have sold in the past 12 months with a Western Avenue address.  The median price of a sold condo is a hefty $550,000.  That's just the buildings listed on Western Ave. Several condo buildings that front North Western use a east/ west side street address (psssst we still know it's Western).

New construction condo building facing North Western Avenue but has a
West Farragut Ave address 😉

The highest priced condo sold with a western address is 5442 N Western Unit 3A, Chicago IL 60625 for $832,000. The four beds duplex-up has terrific outdoor space. There is a higher sale in a building listed on West Farragut (but faces Western Ave) for $859,570. 

Contact Eric Rojas, Broker to buy, sell, rent real estate in Chicago

Chicago Real Estate Broker with Kale Realty

Over $100M sold! Have a question... ask Eric!

Kale Realty 2447 N Ashland, Chicago IL 60614 in Lincoln Park

Illinois Licensed Real Estate Broker No. 475.126105

Fair Housing Opportunity

erojas@kalerealty.com

PH: 773-510-1597

Follow me on Facebook

Logan Square single family home median price up 100% over ten years ago

Large traditional homes in Logan Square, Chicago

I recently met with clients at their Logan Square home. I worked with them as their buyer's agent during the the supercharged 2021 season. They asked me to come by and consult on home improvements and it's affect on re-sale value. I'm always eager to provide prospective to my clients before big decisions! 

Logan Square Home Sales

200 Logan Square single family homes were sold on the MLS from January 1st to November 22nd this year.  The median sales price is about $1,080,000. The median is slightly up from the same period last year ($1,012,000). It does mark two straight years Logan Square single family homes have hit the $1M median price mark.

In 2021 - when my clients bought their home - about 300 single family homes sold with a median price of $880,000. 

Over the same period in 2014 the median price of a single family home in Logan square was $529,000! In ten years the median price is up over 100%.

Eric Rojas, Chicago Real Estate Broker with Kale Realty

Over $100M sold! Have a question... ask Eric!

Kale Realty 2447 N Ashland, Chicago IL 60614 in Lincoln Park

Illinois Licensed Real Estate Broker No. 475.126105

Fair Housing Opportunity

erojas@kalerealty.com

PH: 773-510-1597