The Chicago Real Estate Local: December 2024

Tuesday, December 10, 2024

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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Tuesday, December 03, 2024

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