Demand for Family-Sized Condos Surges
Demand for family-sized housing in walkable Chicago neighborhoods is reportedly strong, with three-bedroom condos in mixed-use buildings pre-selling for up to $1 million. The trend highlights robust pricing power for larger units amid overall rent growth. One example cited is a former commercial building converted to eight family condos selling between $800,000 and $1 million.
- The Chicago condo market is experiencing strong price growth, with the median price for attached units (condos/townhomes) seeing a 9.8% year-over-year increase in Q2 2025. The luxury tier is particularly active, with the number of sales over $4 million by November 2025 already surpassing the full-year totals from both 2023 and 2024. - Competitor property Waldorf Astoria Residences at 11 E. Walton Street offers two- to four-bedroom private homes with prices starting around $2 million and penthouses exceeding $10 million. Residents have a private entrance and access to the hotel's 14,000-square-foot spa, indoor pool, 24-hour concierge, and in-room dining services. - At Park Tower, located over the Park Hyatt at 800 N. Michigan Avenue, condos for sale are primarily two and three-bedroom units. Available three-bedroom units are currently listed between $2.1 million and $4 million, offering residents access to the Park Hyatt's health club, indoor pool, and the NoMI restaurant. - The high-end rental market is also seeing robust activity, exemplified by the Millie on Michigan apartment tower. Completed in 2022, the building was 96% leased at the time of its sale in July 2025, with median net rents for Class A downtown buildings up 6.25% year-over-year in the first quarter. - The Deco at 1400 N. Lake Shore Drive, a renovated luxury vintage building, directly competes for families by offering studio, one, two, and three-bedroom apartments. Amenities include a rooftop patio with lake views and a 24-hour fitness center. - A new development at 1447 N. Dearborn Parkway in the Gold Coast is converting a long-vacant building into eight large, high-end condominiums. The units, ranging from 2,500 to 5,500 square feet, are specifically aimed at luxury buyers and are expected to be listed for sale by mid-2026.
