Downtown Chicago condo sales are on the rise. According to Loop North News, 486 downtown condos were sold in 2016, up from 415 condos sold in 2015. 

Luxury condos make up a considerable portion of the market. Loop North News points to a Downtown Chicago Benchmark Report that found 79 percent of new condos yet to be sold come with an average price of $700 per square foot.

Though downtown condos are commanding a premium price, buyers are not shying away. In the first quarter of this year, developers sold 62 new luxury condos and townhomes in the downtown area.

Developers are also eager to bring more luxury units to the market. In the first quarter of this year, downtown Chicago had a total of 845 newly built condos and townhomes for sale, per the Loop North News report. The Loop had the highest number of available units (271), while the South Loop has just 10 unsold units. The other downtown neighborhoods noted also had the following number of unsold units: 

While newly constructed downtown units are going to come with a hefty price tag, Loop North News also notes that the price of existing units is on the rise. The price of existing downtown condos has increased from $338 per square foot in 2012 to $420 per square foot in 2016, according to data pulled from an Appraisal Research survey.