Quick answer: In July 2026, 711 condos closed across nine Chicago lakefront and downtown neighborhoods. The median sale took 11 days to go under contract and closed at exactly 100% of its original asking price. But the single strongest predictor of how fast a condo sold was not its neighborhood, its size, or even its price — it was the monthly assessment. Units carrying under $0.50 per square foot per month sold in 7 days at 103.3% of list. Units over $1.00 per square foot took 32 days and sit on 3.3 months of supply.
What does the Chicago condo market look like right now?
Here is the full board across Uptown, North Center, Lakeview, Lincoln Park, Near North, West Town, Near West Side, the Loop and South Loop, as of July 26, 2026:
Two-thirds of this market is moving in under two weeks. The other third has been sitting for four months or longer. That gap — not any citywide average — is the real story of the month.
Why is the HOA assessment affecting condo sale prices in Chicago?
Because buyers finance the purchase price once and pay the assessment every month for as long as they own the unit. At today's rates, $500 a month in extra assessment consumes roughly the same budget as $75,000 in additional purchase price. Buyers have done that math, and the July data shows it clearly.
Sort every listing by monthly assessment per square foot:
Read the last column before you conclude that cheap units simply move faster. The fastest-selling group is also the most expensive group — a $625,000 median against $447,000. Buyers are paying more per unit for the lower monthly obligation.
One more figure that makes the point: across everything currently for sale, the median carrying cost is $0.83 per square foot per month. Across everything that actually closed in July, it was $0.63. The market is not buying what the market is selling.
Which Chicago neighborhoods have the fastest condo market?
Months of supply ranges from about two weeks to more than three months depending on where you stand:
North Center is the tightest condo market on the North Side: 17 units available against 40 already under contract, with the median sale closing at 109.6% of the original asking price. Near North holds 41% of all available condo inventory in these nine areas while producing 25% of the closings — and 28% of what's standing there has been listed more than 120 days.
Which condo sizes are selling fastest in Chicago?
Two-bedrooms alone accounted for 43% of July's closings, going under contract in a median of 8 days with 68% closing at or above the asking price. Three-bedrooms were close behind at 73% at or above list.
Studios are the one segment where the median seller took a discount, closing at 97.3% of the original price after 22 days on the market.
Is the Chicago luxury condo market slowing down?
Yes — and it is the only segment in this dataset where that is true.
Everything from entry level through $1.2 million behaves as one continuous, tight market: 1.3 to 1.6 months of supply and 7 to 16 days to contract. Above $1.8 million, supply stretches to 4.6 months, the median sale takes 62 days, sellers accept 98% of the original ask, and half of all standing inventory has been on the market longer than four months.
What about new construction condos in Chicago?
New construction (buildings 10 years old or newer) commands $687 per square foot — roughly a 70% premium over the rest of the market — and 77% of new-construction sales closed at or above the asking price, the strongest competitive figure in the dataset.
At the same time, 32% of available new-construction inventory has been listed more than 120 days. Priced correctly, new construction gets bid up. Priced aspirationally, it becomes part of the furniture.
The quiet winner is the 1996–2015 building stock: 293 closings in 24 days, 1.6 months of supply, and sales at 101.6% of the original list price.
What should Chicago condo sellers do right now?
If your building has a low assessment, list it. You are in a 0.9-month market. That is roughly 27 days of inventory citywide in your category.
If your building has a high assessment, lead with transparency. Put the reserve balance, the most recent reserve study, and the special-assessment status in the listing on day one. Buyers who cannot get a straight answer assume the worst and move to the next unit.
If you own in Near North, the Loop or South Loop, price against sold comps, not active ones. Several hundred active listings in those areas have already been rejected by this market. Matching their price matches their outcome.
If you own a two- or three-bedroom in good condition anywhere on the North Side, this is your market. Between 68% and 73% of your peers closed at or above their asking price last month.
What should Chicago condo buyers know?
Below $1.2 million you will have roughly a week to make a decision, and you should expect competition — two-thirds of sales in that range closed at or above the asking price. Above $1.8 million you have four and a half months of inventory to choose from and meaningful negotiating room, with the typical seller accepting 98% of the original ask.
In every price range, underwrite the assessment as carefully as you underwrite the mortgage. The building's monthly cost will follow you for as long as you own the unit, and — as this month's data shows — it will follow you to the closing table when you sell.
▶️ Watch the full Monday Morning Coffee episode here:
[Monday Morning Coffee with Kyle & Anne | July 27, 2026]