Chicago Condo Market Showing Its Resilience

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Although condo prices across the midwest fell in the third quarter of 2006, median condo prices in Chicago actually rose 4.3%. This is good news for sellers, as investors across the country fear that the overabundance of houses on the market will lower prices further. According to the Chicago Tribune, new housing developments have undergone a record seven-month long decline, which may be a reason that Chicago’s condo market is remaining somewhat stable - new developments have slowed in a market with a glut of housing.

However, sellers accross the city have still reported difficulty in unloading homes - even those who have slashed prices as much as 20% or more. Perhaps this rise in condo prices reflects the myriad of new condo developments in Chicago coming onto the market.

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