A report from the Appraisal Research Counselors indicates that Chicago’s condo development is steadily growing following the crash of the housing market, according to the Chicago Tribune. The condos and rental buildings being built are targeting a luxury buyer market.

Since 2015, Chicago has had approximately 287 new condo units come onto the market each year, according to the report. In the past, condos have trended toward the smaller side. As developers focus more on luxury buyers, condos are getting bigger. The average condo now being built is about 2,500 square feet, opposed to the typical 1,100 square feet of the past, according to the report.

As condos go up in size, so does the price. The majority of these ultra-luxury condos (86 percent) have a list price of more than $700 per square foot. An even higher tier of luxury condos has a price of more than $1,000 per square foot, according to the report. The average sale price of a condo in July was $325,000.

While the majority of these premium condos are located in downtown Chicago, more affordable options are being built in other neighborhoods. The Chicago Tribune points that less expensive condos are popping up in neighborhoods like River West, Ukrainian Village, and Wicker Park. 

While condo development is on the rise, it has fallen behind apartment rental development. More than 3,700 rental units have been built and entered the market in the past few years, according to the report.