Lakeview condo market at a glance
Lakeview has long been one of the most popular neighborhoods for buyers looking for luxury condominiums. The neighborhood offers easy connections to downtown Chicago and excellent nightlife, and is full of young professionals.
According to the Chicago Association of Realtors, a total of 700 condos were sold in the neighborhood during the third quarter. This is a 6 percent drop from the same period last year, but the neighborhood is still the second busiest market in the city.
Despite the drop in sales in the area, the inventory of condos sitting on the market remained steady. The average turnover time during the third quarter was unchanged during the third quarter. If you are selling your condo in Lakeview, it will now take you an average of 94 days to find a buyer.
The steady inventory in the neighborhood helped prices to continue to rise. The average sales price for Chicago Condos For Sale in Lakeview rose by 6 percent during the third quarter. Prices could continue to rise if demand remains steady in the short term, despite falling prices in other neighborhoods. Lakeview benefits from an excellent location and luxury developments.
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