CHICAGO, November 13, 2023 (Newswire.com) - Chicago Condo Finder has compiled a list of the most expensive homes, condos, and apartments sold or rented in Chicago over the last 6 months.
Low inventory, increasing mortgage rates, and higher rent prices have made 2023 a challenging year for many home buyers and renters in Chicago. In late-September, the 30-year fixed rate mortgage averaged 7.31%, the highest level since the year 2000. Also around this time, the median rent for a one-bedroom apartment in Chicago settled at $1,385, a nearly 24% increase year-over-year and roughly 10% higher than the national median. Despite these and other challenges, however, luxury homes, condos, and apartments are still moving in some of Chicago’s most desirable condo buildings, apartment towers, and neighborhoods.
The Most Expensive Homes/Apartments Rented
While new construction tends to dominate the luxury rental market in Chicago, unit #1201 at The Ambassador, a vintage high-rise at 1300 North State Parkway, was the most expensive apartment rented over the last 6 months, renting for $35,000/month. The Row Fulton Market and One Bennett Park each had two units listed in the Top 10 most expensive rentals, with prices ranging from $16,250/month to $23,275/month. Only 2 single-family homes cracked the Top 10 list of most expensive rentals, suggesting full-amenity, high-rise apartments are still in demand among luxury renters heading into 2024.
The Most Expensive Condos Sold
Newer construction condos occupied the majority of the most expensive condos sold list over the last 6 months, with sold units at Tribune Tower, The Orchard Residences, St. Regis Chicago, One Bennett Park, Cirrus Chicago, and 9 Walton all cracking the Top 10. The most expensive condo sold from May-October, however, was 1100 N. Lake Shore Drive #40B, a 4-bedroom, 5.5 bathroom unit that traded for $6,820,000 on August 1.
The Most Expensive Single-Family Homes Sold
Lincoln Park has dominated luxury single-family homes sales over the last 6 months, as 7 out of the 10 most expensive homes sold are located in the north side neighborhood. Nearly every single-family home listed in the Top 10 sold for under asking, with the lone exception being 3530 N. Seeley Avenue in Lakeview. Originally asking $3,195,000, this home sold on July 13th for $3,525,000. The most dramatic price cut was at 2026 N. Mohawk, originally asking $7,875,000 and selling for $6,367,000—a nearly 20% drop.Contact Information:
Licensed Real Estate Broker
Original Source: The Most Expensive Homes, Condos & Apartments Sold & Rented in Chicago Over the Last 6 Months