Chicago Condo Sales Expected to Surge

With everything opening back up again, more and more people are being enticed to come back to Downtown Chicago, which could lead to a surge in Chicago condo sales.

While home demand and prices rose significantly outside of the loop last year, prices dropped and inventory swelled in the downtown area. Now that businesses are able to reopen again, things are expected to change once again.

Some real estate agents say they’ve seen prices drop to levels they haven’t seen in more than 10 years. Now, some buyers are starting to take advantage of the savings.

Not only are they getting a great price, but they may not be competing as much with other buyers. In much of the rest of the Chicago market sellers have been getting multiple offers for their homes, often at above asking price.

They also sometimes have their homes under contract in just days. As more and more offices open back up it will likely mean more people in the market for a condo in the downtown area.

While people who were working remotely didn’t have to worry about a commute time, being back at the office again will likely increase the need for nearby housing. Already prices are going up.

Some new buyers say they paid thousands of dollars more for the same condo that was priced much more reasonably just a few months ago. Still, prices are low enough that buyers are taking notice, and real estate experts say the demand for condos in the downtown area is likely just on the cusp of taking off.