Chicago Market | Downtown Condo Prices Back Near 2008 High
October 1, 2014
It's been a long time coming but the downtown condo market has almost fully recovered since it's crash in 2008. Now, over 6 years later, condos are selling for roughly 95% of what they sold for during their hey-day.
The survey gathered sales information 65 large buildings across Chicago's downtown neighborhoods. The Loop saw the biggest rebound, with the south loop trailing furthest behind (due to overbuilding at the time).
Diminishing distressed properties were a big factor in the recovery. In 2010 foreclosures/short-sales amounted for almost 1/3 of the market. Today we're tottering closer to 8%.
Now may be a great time to sell. Contact me today for a personalized home valuation.