How Much Do Condos in Chicago Actually Cost?

Condo ownership in Chicago blends shared amenities with individual unit ownership. Understanding the financial aspects involves more than just the listed sale price. The overall cost includes the initial acquisition, ongoing expenses, and potential additional fees for shared property upkeep.

Current Condo Price Ranges

The Chicago condo market shows a range of prices influenced by various factors. As of July 2025, the median sale price for all home types, including condos, was $385,000, a 5.5% increase from the previous year. Another report indicates a median sales price of $315,000 for the City of Chicago in May 2025. For condos and townhomes specifically, prices rose 4.4% since May 2024.

The median condo price overall in Chicago increased by 5.17% year-over-year. This general increase masks variations across different segments. Affordable condos, priced under $300,000, had a median price of $255,000, showing a 5.17% increase, particularly in Hyde Park and Uptown. Mid-range condos, between $300,000 and $700,000, recorded a median price of $430,000, with a 10.3% increase in downtown and Lincoln Park areas.

Luxury condominiums, exceeding $1 million, have experienced mixed performance. While some high-end properties in Gold Coast and Streeterville saw price reductions, the median price for luxury condos was approximately $1.2 million, with an 18% decrease in these prime locations. The downtown Chicago condo market posted a 2.6% price increase in 2024, with a median price of $390,000. In July 2025, the median sale price for downtown Chicago was $425,000, a 1.2% increase year-over-year.

Condo prices vary significantly between central, high-demand areas and outlying neighborhoods. While downtown values flattened post-pandemic, some outlying neighborhoods saw substantial appreciation. For instance, areas like Edgewater, West Loop, and Lincoln Square reported increases of 30%, 24%, and 23%, respectively, as of May 2022.

Factors Influencing Condo Prices

Several factors influence condo prices across Chicago. Neighborhood desirability plays a role, with areas like Gold Coast, River North, the Loop, and Lakeview being sought after due to their amenities. The specific location within these neighborhoods, including proximity to attractions and services, directly impacts a property’s value.

The size and layout of a condo unit also affect its price. Larger units, particularly those with three or four bedrooms, can see varying demand, with some price drops in luxury markets. Conversely, higher interest rates have prompted some buyers to opt for smaller units, such as one-bedroom condos, to maintain affordability while securing a desirable location.

The age and condition of the building influence price. Newer constructions with modern designs and infrastructure command higher prices. Older buildings, while offering historic charm, may require more extensive maintenance or upgrades, influencing their market value and appeal.

Amenities within a condominium building enhance its value. Features such as gyms, swimming pools, rooftop terraces, doormen services, and secure parking facilities are valued by buyers. These amenities improve the living experience and contribute to the property’s resale value.

Proximity to public transportation drives condo values in Chicago. Properties within walking distance of ‘L’ train stations or major bus stops often command higher prices, sometimes up to 20% more. Easy access to public transit shortens commutes and reduces the need for private vehicles.

Current market conditions, including interest rates and inventory levels, shape condo prices. Elevated mortgage rates, around 6.75% to 6.81% in late 2024 and early 2025, have impacted buyer affordability. Despite higher rates, the Chicago condo market has shown resilience, with sales activity increasing in some segments. While inventory levels may rise slightly in 2025, the market remains relatively balanced with stable appreciation.

Additional Costs of Condo Ownership

Beyond the purchase price, condo ownership in Chicago involves several recurring financial obligations. Homeowners Association (HOA) fees are a primary ongoing expense, covering the maintenance and operation of common areas and amenities. These fees typically range from $300 to $400 per month, though they can vary from $200 to $600 depending on the building’s location, age, and amenities. HOA fees fund services such as landscaping, common area utilities, building insurance, and contributions to reserve funds for future major repairs. HOA fees can increase, with a limit of 15% per year in Illinois.

Property taxes represent another annual cost for condo owners. In Chicago, the average property tax rate is approximately 7.002%, leading to an average annual property tax bill of around $10,950. The Cook County Assessor’s Office determines a condo’s assessed value, typically 10% of its fair market value. Property taxes are paid in two installments, due in early March and late summer.

Closing costs are incurred at purchase and include various fees and taxes. Real estate transfer taxes are levied at state, county, and city levels. In Illinois, the state charges sellers $1.00 per $1,000 of the sales price, and Cook County charges sellers an additional $0.50 per $1,000. Chicago imposes its own transfer tax totaling $10.50 per $1,000 of the transfer price, split between the buyer ($7.50 per $1,000) and the seller ($3.00 per $1,000). These transfer taxes, particularly the city portion, are among the highest in the state.

Special assessments are additional, non-regular fees condo owners may be required to pay, covering unforeseen expenses or capital improvements exceeding the HOA’s regular budget or reserve funds. Reasons include emergency repairs, major structural issues, or upgrades to common elements like roofs or plumbing systems. They are typically imposed by the condominium board and may require unit owner approval. Special assessments can be a financial burden, often payable as a lump sum or in installments, but are necessary to maintain the property’s condition and value. Some condo insurance policies offer “loss assessment coverage” to help mitigate these costs.