Where are the best Chicago neighborhoods for new condos?
The luxury market in Chicago has been doing particularly well with 51 $4 million-plus homes selling in the month of August, according to Crain’s Chicago Business. A Gold Coast condo tower (No. 9 Walton) has already racked up 13 sales of more than $4 million, according to the report.
New condo buildings are popping up all over the city, and buyers are snapping them up. Whether you’re in the market for something luxury or more reasonably priced, here are six of the top neighborhoods for new condo construction and sales.
Lakeview
Lakeview has nearly 150 new condos and townhomes sold or on the market, according to Chicago Now. If you’re looking for a condo with a view but outside the pricier downtown area, Lakeview is well worth investigating. The neighborhood has a solid collection of condos and close proximity to the lake. If you’re looking for a touch of luxury, try the condo towers in Lakeview East. The neighborhood also has the benefit of an easy commute to the Loop (a quick ride on the CTA Red Line or Brown Line will take you right there) and plentiful shopping (check out Southport Corridor). The median home sale price in Lakeview is $405,000, per Neighborhoods.com data.
Lincoln Park
With a median sale price of $554,000, Lincoln Park is a top spot for luxury living in Chicago. The neighborhood comes in third on the list of neighborhoods with the highest number of new condos and townhomes sold and on the market, according to the Chicago Now report. The neighborhood is characterized by its classic brownstones and extensive open space (think Lincoln Park Zoo, Alfred Caldwell Lily Pond, and the North Pond Nature Sanctuary on the lakefront). When you leave its quieter residential areas, the neighborhood has an active, youthful vibe—thanks in part to the DePaul campus.
Logan Square
Logan Square has more than 100 new condos and townhomes sold and on the market, according to the Chicago Now report. And it’s no surprise developers are looking to make a residential footprint in the neighborhood. Logan Square’s popularity has been peaking, and development on other major projects shows no sign of slowing. A former furniture building right across from the neighborhood’s CTA Blue Line is being redeveloped into a boutique hotel and the long-derelict Congress Theater is getting a breath of new life to the tune of $65 million (the project might now include a high-rise apartment building). The neighborhood’s median sale price of $400,000 puts it alongside Lakeview, but you’ll find a pretty wide price range here.
Near West Side
In the past, the Near West Side has largely been known as the home of the United Center, but the neighborhood’s residential reputation is on the rise. With nearly 250 units sold or on the market, the Near West Side is second on the list neighborhoods to watch for new condos, according to the Chicago Now report. Many of the new buildings are popping along the neighborhoods east side, right by the Loop, but you can find a variety of home types throughout. The neighborhood is considered an up-and-coming spot, meaning you’ll find plenty to do with a lower median sale price ($371,000).
Near North Side
More than 200 new units sold or are on the market in this neighborhood, meaning the Near North Side trails just behind Lincoln Park when it comes to the proliferation of new condos and townhomes. The Near North Side is bordered by the Chicago River on two sides, so you can expect a great view around pretty much any corner. If you’re a condo shopper, this community is a good pick as high-rise condo buildings are by far the dominant home type. The Near North Side has a brisk nightlife with plenty of bars that stay open until the wee hours, but you can still find quieter pockets of the neighborhood. The median home sale price in the neighborhood is $422,500.
West Town
West Town has the highest number of new condos and townhomes sold and on the market (nearly 350), according to the Chicago Now report. That high number is largely thanks to having both the West Loop and Fulton Market within its bounds. Given its proximity to downtown and its wildly popular sub-neighborhoods, the median home sale price is on the higher end at $505,000. The neighborhood’s residential-meets-industrial aesthetic gives it a trendy vibe, which is only heightened by its art galleries, music venues, and jam-packed restaurants.