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.