Two Very Different Stories: Downtown Price Slump vs. North Side Strength
Every market tells its own story, and right now, Chicago has two very different scenarios playing out at the same time.
Downtown’s condo market is still feeling the weight of the early 2020s. Just last week, Crain’s Chicago Business reported nine examples of condos selling for less than they did years – even decades – ago. Some sold below their 2010 or 2011 prices. A spectacular 91st-floor unit at the St. Regis, bought for $9.2M in 2022, is now listed for under $8M while still unfinished. Another seller at 900 N. Michigan took a nearly 50% loss over 16 years.
Agents quoted in the article point to concerns about safety, taxes, and a slow return to office life as reasons some buyers are steering clear of the Loop, Streeterville, and other downtown neighborhoods. Those same buyers, they say, are finding their way north – to places like Lincoln Park, Lakeview, and North Center.
And here’s where the story shifts completely.
On the North Side, the latest data shows one of the strongest quarters we’ve seen in years. The median price for all attached homes (condos and townhomes) hit a record $430,000 — up 10.3% from last year. Detached single-family homes surged 15.9% to a median of $1.475M.
Some neighborhoods posted jaw-dropping gains.
- Gold Coast/Near North detached homes jumped 72.4% to $2.327M.
- North Center rose 40.4% to $1.78M.
- Lincoln Park climbed 32.6% to $2.38M.
Even in places where single-family prices slipped, the condo market often moved in the opposite direction. Edgewater’s detached median dropped 13.5%, but its attached median rose 17.1%. West Ridge saw detached prices fall 3.3%, but condos jumped 18.9%.
Demand remains high, inventory is tight, and market times are dropping – both for condos and single-family homes. Buyers are competing for the right property, and sellers with well-prepared, well-priced homes are seeing excellent results.
I love these kinds of contrasts because they highlight the truth I see every day: Chicago’s real estate market is not one market. It’s dozens of micro-markets, each with its own dynamics. If you’re buying or selling, the numbers that matter most aren’t nationwide or citywide averages – they’re the price valuations for your block, your building, your neighborhood.
If you’d like to know exactly what’s happening where you live – or where you want to buy – I’ll be happy to prepare a custom market overview for your neighborhood or even your street. You can request one here: The Dobbs Report.
written by by Debra Dobbs in August 2025
