Low inventory and increasing mortgage rates have made much of 2023 both an interesting and challenging year for Chicago’s real estate market. But despite these difficult conditions, the last 6 months have yielded some pretty high-profile deals, both on the rental and the sales sides of the market.
Most Expensive Homes/Apartments Rented in Chicago
(May-October '23)
Despite many of the most expensive apartments for rent being in newer construction buildings, a 12th floor unit in The Ambassador was the highest-priced apartment rented in Chicago over the last 6 months. The Row Fulton Market and One Bennett Park also continue to be among the city's most popular buildings for luxury rentals and are the only two buildings to have multiple units rented in the Top 10 most expensive apartments rented over that same span. Surprisingly, only two single-family units cracked the Top 10, demonstrating the appetite for high-rise apartments with a premium location and equally desirable amenities is still very much alive heading into 2024.
.png)
Most Expensive Condos Sold in Chicago
(MAY-OCTOBER '23)
Although St. Regis continues to be one of Chicago's most expensive condo buildings, it remains popular among luxury home buyers, having had two sales listed in the Top 10 most expensive over the last 6 months. Unit #4602 at the recently built Cirrus Chicago was the only condo to sell for over original asking price, although a unit at the Tribune Tower (435 N. Michigan #1501) and a unit at Lincoln Park 2550 (2550 N. Lakeview #S3802) did sell for original asking price. Condos at St. Regis, The Orchard Residences, Cirrus Chicago, One Bennett Park, and 9 Walton make up the majority of the most expensive condos recently sold in Chicago, suggesting newer construction is still highly sought-after among luxury condo buyers.
Most Expensive Single-Family Homes Sold in Chicago
(MAY-OCTOBER '23)
The luxury single-family home market seems to have cooled in Chicago with all but 1 of the most expensive homes sold over the last 6 months trading for below the original asking price. Lincoln Park remains one of the top destinations for luxury single-family home buyers, as all but 3 of the most expensive single-family homes sold are located in the desirable north side neighborhood. Two of those 3, 3720 N. Greenview and 3530 N. Seeley, are in Lakeview, while 54 E. Scott is prominently situated in Chicago's Gold Coast neighborhood.
Leave A Comment