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 still a 0.5 percent price increase.

It is still location, location, location as seen in Chicago’s Lincoln Park and Chicago’s Lakeview areas. The median price for condos increased by 7.55% for Lincoln Park and 5.51% for Lakeview in 07. For single family homes there was an even higher increase, Lakeview showed a median price increase of 11.11% while in Lincoln Park the increase was a respectable 4.14%

Although some of Chicago’s communities saw declines, there were a number of winners according to figures compiled by the Chicago Association of Realtors.

Tags: Chicago Real Estate, chicago real estate market trends, Condo, Condos, Lakeview