Chicago Condo Market Off to Strong Start in 2021 Brisk Activity at Certain Price Points

Bisnow reports that Chicago and its outlying areas are seeing robust home sales in the first months of 2021—not just in the single-family market, but in condos as well.

The outlet cites a report from the Chicago Association of Realtors (CAR), which indicates that the 1,684 homes sold in January, including condos and single-family dwellings, were a 15.2% increase over the same month last year. With so much activity, prices are going up as well. The median sales price of a Chicago home in January was $310,000—a 15.9% jump over January 2020, the outlet notes.       

The trend seems to be continuing as spring begins and the concerns that hampered real estate activity last year wane.

A Look Back

Chicago’s home sales market took a heavy hit last year when COVID put the city on lockdown and episodes of civil unrest followed after the Minneapolis police killing of George Floyd in May. According to CAR data, 1,666 Chicago homes sold in May 2020—a 43.6% decline from May 2019.

Downtown high-rises were the hardest hit, Wolf says, with sales in that segment remaining sluggish as the year progressed. But recovery could be seen elsewhere, especially in mid-rises outside downtown; by October, 2,541 homes sold, according to Bisnow—a 21.9% increase over the previous October.

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