Chicago’s condo market is continuing to favor sellers, with limited inventory and strong buyer competition pushing many properties to or above their asking prices.
Lakeview is seeing that pressure firsthand.
According to reporting by Crain’s Chicago Business, the owner of a one-bedroom condo on Pine Grove Avenue initially hoped to sell the property somewhere in the $250,000 range. Her real estate agent, Madeline Peterson of Engel & Völkers Chicago, instead recommended listing it considerably lower to generate buyer interest.
The strategy worked.
The condo, located in Lakeview’s historic Brewster Building, came to market in late April for $228,000. Within two days, the seller had received four offers.
The property ultimately closed May 21 for $275,000, approximately 20% above the asking price and even higher than the seller had originally hoped to receive.
Chicago Condos Regularly Selling at or Above Asking
The Lakeview sale is an especially dramatic example of a broader trend playing out across Chicago.
Data from the Chicago Association of Realtors, cited by Crain’s, shows that from March through July, the average Chicago condo sold for at least 100% of its asking price.
May and June were particularly competitive, with the average condo selling for 102.1% of asking.
That marks an unusually long stretch for Chicago. In association records dating back to 2007, the only other period in which average condo prices exceeded asking prices for consecutive months occurred during three months in the spring of 2025.
Across the first seven months of 2026, Chicago condos sold for an average of exactly 100% of their asking price.
Single-family homes have also seen strong demand, with June and July sales averaging above asking price, although the trend has been more pronounced and persistent in the condo market.
Buyers Are Facing More Competition
Low inventory appears to be one of the biggest factors driving the market.
Compass real estate agent Charlie Cohen told Crain’s that buyers are increasingly finding themselves competing for newly listed homes almost immediately.
In some cases, properties attract crowds of potential buyers and multiple offers within their first days on the market.
Cohen recently represented buyers who paid $500,000 for a three-bedroom condo on Kenmore Avenue in Uptown after previously losing several bidding wars.
The property had an unofficial expected price of about $450,000. Cohen’s clients were able to see the condo before it formally hit the market and offered approximately 11% above that figure.
The deal closed Aug. 17 for $500,000.
High Offers Can Come With Risks
While bidding well above asking can help buyers secure a property, it can also create complications.
For buyers using financing, the home still has to appraise at a value that supports the mortgage. If an appraisal comes in below the agreed-upon purchase price, the buyer may have to contribute additional cash or potentially walk away from the transaction.
Sellers also face some risk in accepting unusually high bids if buyers later reconsider how much they agreed to pay.
In the case of the Uptown condo, however, the property appraised at the higher sale price, providing another indication of how quickly Chicago condo values are adjusting in the current market.
Some Sellers Are Deliberately Pricing Low
The competitive environment is also changing how real estate agents approach pricing.
Rather than listing properties at the highest possible number, some agents are recommending that sellers price slightly below expected market value to attract more buyers and potentially generate a bidding war.
That was the strategy used for a three-bedroom condo on Halsted Street in River West.
Jameson Sotheby’s International Realty agent John Vossoughi advised the owners to list the property for $649,900 rather than starting at a higher target price.
The first buyers to tour the condo offered $675,000.
The sale closed Aug. 31 at roughly 3.8% above asking.
For sellers in Lakeview and other desirable North Side neighborhoods, the strategy reflects the unusual dynamics of the current market: a lower initial asking price can sometimes lead to a substantially higher final sale price.
With inventory remaining tight and buyers competing aggressively for well-located properties, Lakeview remains part of one of the most competitive segments of Chicago’s residential real estate market.
This story is based on reporting from Crain’s Chicago Business and housing market data from the Chicago Association of Realtors.
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