Gold Coast Condo Market Shows High-End Strength
Chicago's Gold Coast is seeing signs of strength in its high-end for-sale market, which can influence luxury rental positioning. A notable condo at No. 9 Walton was recently listed for $7 million, while median sale prices in the Gold Coast and Near North Side are reportedly up 3.6% year-over-year.
- The Near North Side's median sale price reached $466,000 in January 2026, and homes are selling more quickly, spending an average of 81 days on the market compared to 94 days the previous year. The median price per square foot in the same area is $389, an increase of 9% since the previous year. - No. 9 Walton is an ultra-luxury, 36-story building with 67 condo units where the average residence is approximately 4,400 square feet. The building offers high-end amenities such as a house car with a driver, valet services, a spa with an indoor lap pool, and a two-story wine cellar. - In late 2025, the Chicago metro area saw a record number of high-end home sales, with 138 transactions for properties over $4 million, surpassing the previous high from 2023. The Gold Coast is a top neighborhood for these luxury sales. - New luxury rental developments are adding to the competitive landscape, including the proposed 28-story tower at 7 West Elm Street, which will feature 307 units, and other buildings like One Chicago, Aurélien, and Gild. - Gross rents for Class A apartments in downtown Chicago rose 5.6% year-over-year to an average of $3,295 as of the second quarter of 2025. The Gold Coast/Old Town submarket saw one of the largest rent increases at over 9%. - The luxury condo market has seen some price adjustments, with one Gold Coast condo, initially listed for $7.2 million in February 2024, selling for $5.7 million in early 2025. However, demand for well-maintained, updated luxury properties in desirable locations like the Gold Coast remains steady. - As of mid-2025, downtown Chicago's apartment occupancy rate was a high 95.4%, with 54% of all households in the city being renter-occupied. - The median sales price for attached homes, like condos and townhouses, on the North Side reached a record high of $395,000 in the fourth quarter of 2024, a 12.9% increase from the previous year.
