While Chicago condo sales fell by 10.4% in 07 when compared to 2006, there was a definite increase in the median price, an increase of 5.8%. For Chicago single family… detached real estate, volume fell by 24%, but there was a 0.5% price increase.
It is still location, location, location, as seen in Chicago’s Lincoln Park and Lakeview areas. The median price for condos increased by 7.55% for Lincoln Park and 5.51% for Lakeview in 2007. For single family homes, there was an even higher increase. Lakeview showed a median price increase of 11.11% while Lincoln Park’s increase was a respectable 4.14%
Although some of Chicago’s communities saw decline, there were a number of winners according to figures compiled by the Chicago Association of Realtors.