Real estate prices have certainly been on the rise in downtown Chicago in recent months, especially on the rental side of things. But just how much are condo and apartment prices increasing here in the Windy City?
Well, thanks to little new construction condo development over the past few years, prices have officially and completely rebounded to levels prior to 2008, at least according to a recent report from Appraisal Research Counselors. At the end of 2015, the average price per foot for condos in downtown Chicago was right around $421, which is actually 1.7% higher than the 2008 level.
With few condo developments coming through the pipeline, condo owners considering selling right now should continue to benefit from what little new supply we’re seeing in the works. And even despite the plethora of luxury new construction apartments that have already come to market and are also still under construction, the demand for high end rentals still seems to be there, which of course is contributing to increasing rents.
Also noted in the Appraisal Research Counselors report, the average price of newly built apartments in Chicago is right at $2.81 a foot, or about $2,800 per month for a 1,000 square foot rental. That price is up over 3% from last year, but it’s worth mentioning that apartments that are at least one year old around downtown Chicago are only up about 1.4%.