How Long Will It Take to Sell My Downtown Chicago Condo?

by Roz Dupiton

Thinking about selling your condo in downtown Chicago? One of the first questions most sellers ask is, "How long will it take to sell?" The answer depends on several factors, including location, pricing, and market conditions. In this post, we’ll break down the key factors that influence the timeline for selling a condo and show you how to beat the averages for a faster, top-dollar sale.

Understanding Average Days on Market in Downtown Chicago

The downtown Chicago condo market is dynamic, with an average market time of 95 days in 2024 for resale condos. However, market performance varies significantly across neighborhoods. Let’s explore how different areas compare when it comes to the time it takes for a condo to go under contract.

Neighborhoods Where Condos Take Longer to Sell

Streeterville: 124 Days
Condos in Streeterville typically take longer to sell than the downtown average. This trend has been consistent since 2011, largely due to the neighborhood’s high price points, larger unit sizes, and higher monthly expenses. Iconic buildings like the John Hancock Center and Lake Point Tower contribute to the area's appeal, but luxury retail closures along Michigan Avenue have dampened interest for some buyers.
Gold Coast: 116 Days
In the Gold Coast, condos also spend more time on the market, though homes here tend to sell faster than in Streeterville. The neighborhood’s tree-lined streets and historic charm attract buyers who appreciate a quieter, residential feel, but the higher price points and exclusivity can narrow the pool of interested buyers.

Neighborhoods Where Condos Sell Faster

South Loop: 76 Days
Condos in the South Loop outperform the downtown average by nearly three weeks. This neighborhood’s appeal lies in its variety of industrial-chic lofts and newer buildings, many of which feature in-unit laundry and deeded parking. Plus, the South Loop remains the most affordable downtown neighborhood on a price-per-square-foot basis.
West Loop: 51 Days
The West Loop takes the crown for the fastest-selling condos, with an average market time of just 51 days. This area has become a hotspot for dining, nightlife, and tech companies, making it highly desirable for professionals. Over the past decade, property values here have consistently appreciated, adding to the urgency among buyers.

What Factors Influence How Long It Takes to Sell a Condo?

While location plays a major role, other factors can significantly impact your condo’s time on the market. Here are the controllable elements that can help you sell faster:

Pricing - Pricing your condo competitively is critical. If your price aligns with comparable recent sales in your neighborhood, your property is more likely to attract offers quickly. Overpricing can cause your listing to stagnate, leading to price reductions that may make buyers wary. Pro Tip: The first 30 days on the market are the most important. A well-priced condo during this period can generate multiple offers, sometimes even above asking price.
Condition - Buyers are drawn to move-in-ready homes, so addressing wear and tear is essential. Fresh paint, updated lighting, and modern staging can go a long way in making your condo stand out. Condos with outdated kitchens or flooring often take longer to sell or require price adjustments.
Marketing - Effective marketing can make or break your sale timeline. Professional photos, virtual tours, and targeted ads are essential for maximizing exposure. Highlighting your condo’s unique features—like skyline views or upgraded amenities—can also attract the right buyers quickly.

Why Work With a Professional?

Navigating the downtown Chicago condo market requires expertise. A skilled real estate agent can:

Provide in-depth market analysis tailored to your neighborhood.
Strategically price and market your condo.
Guide you through the complexities of selling, including negotiations and contract contingencies.

With the right agent, you can position your condo for a faster sale at the best possible price.

So, How Long Will It Take to Sell Your Condo?

The answer depends on your condo’s location, condition, and marketing strategy. On average, condos in downtown Chicago take about 95 days to sell, but with the right approach, you can shorten this timeline and maximize your sale price.

If you’re considering selling—or just curious about your condo’s value—let’s talk! Schedule a consultation today, and I’ll help you create a custom plan to get your condo sold.

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Roz Dupiton

Broker | License ID: 475.163956

+1(312) 857-4769