The Average Price of a Condo in Chicago: What You Need to Know 

Highlights

• The average price of a condo in Chicago varies by location.

• Chicago condos are affordable compared to other big cities.

• Down payments depend on condo prices, typically 3-20%.

• Condo sales in Chicago are steady, making it an excellent time to buy.

Chicago is a bustling city known for its rich history, vibrant neighborhoods, and stunning architecture.

Understanding the market is essential if you're considering buying a condo in the Windy City. One common question is: What is the average price of a condo in Chicago?

In this blog, we'll discuss the costs, whether now is a good time to buy, the amount of down payment usually required, and whether condos are considered affordable in Chicago.

Average Condo Price in Chicago

The average price of a condo as of 2024 is around $400,000 but can vary significantly based on location and amenities.

For example, condos in popular neighborhoods like River North or the Gold Coast often reach $600,000 or more.

On the other hand, you can find more affordable options in areas like Hyde Park or Albany Park, where condos can be closer to $250,000.

When searching for condos for sale in Chicago, IL, it's essential to research the neighborhood you're interested in and understand what you get for the price in that area.

Is Now a Good Time to Buy a Condo in Chicago?

Now is an excellent time to consider buying a condo in Chicago. The real estate market is currently stable, and condo sales remain consistent. Interest rates are still relatively low compared to historical averages, making mortgage payments more affordable.

Chicago's diverse real estate market offers a multitude of options, making it an exciting time to buy. Whether you're drawn to the modern high-rises in the downtown area or the cozy units in quieter neighborhoods, Chicago has something for everyone.

Are Condos Cheap in Chicago?

Condos in Chicago are relatively affordable compared to other major cities in the U.S. Compared to cities like New York, San Francisco, or Los Angeles, Chicago condo prices are lower while still offering urban living perks.

However, "cheap" is a relative term. As mentioned earlier, condo prices vary greatly depending on the neighborhood. Some areas are more expensive, while others offer better deals. Generally, though, Chicago offers a more affordable housing market for condos than other large metropolitan areas.

How Much is a Down Payment on a Condo in Chicago?

The down payment amount for a condo depends on the location and your mortgage type.

Most buyers put down between 3% and 20% of the Condo's purchase price.

For example:

• On a $400,000 condo, a 10% down payment would be $40,000.

• For a more affordable $250,000 condo, a 10% down payment would be $25,000.

Specific mortgage programs may qualify first-time buyers for lower down payments, and assistance programs help cover down payments. These are worth looking into if you're trying to buy your first home.

Popular Neighborhoods for Condo Sales

When searching for condos in your area, it's essential to consider the neighborhood. Here are a few popular areas known for their condo options:

1. River North is known for luxury high-rises and is perfect for those wanting to be close to downtown Chicago. Condos here are on the higher end of the price range.

2. Lincoln Park offers beautiful condos that balance city life and green spaces. The prices here are moderate but can increase depending on the park's proximity.

3. South Loop is an up-and-coming area with modern condos. Prices here are often more affordable than in the city's northern parts, making it an excellent option for first-time buyers.

4. Wicker Park is known for its vibrant arts and music scene; it offers unique condos in a trendy, urban setting. Prices can vary, but the area offers good value for its location.

What to Consider Before Buying a Condo in Chicago

Before buying a condo, it's essential to factor in more than just the purchase price. Here are a few things to keep in mind:

• HOA Fees: Most condos come with monthly Homeowners Association (HOA) fees, which cover maintenance, amenities, and other services. These fees can range from $100 to over $500 per month.

• Property Taxes: Property taxes can vary but are something to budget for when considering the overall cost of condo ownership.

Resale Value: Condos in desirable areas like downtown or near major transportation hubs tend to hold their value better and appreciate more over time. 

Bottom Line: Real Estate Professionals Saying

Buying a condo in Chicago is not just a purchase; it's an investment. Whether you're looking for a home or an addition to your real estate portfolio, Chicago's diverse neighborhoods and relatively affordable prices compared to other major cities make it a promising option for buyers.

Remember to research, compare prices across different neighborhoods, and be aware of extra costs like HOA fees or property taxes.

Whether you're ready to go or just starting your search, Chicago offers plenty of great opportunities in the condo market.