While Chicago’s real estate market has been off to a fast start in 2017, the luxury market in 2016 actually cooled off a bit compared to a year prior, at least when it comes to the region’s priciest homes.
According a recent report from Crain's Chicago Business, just two homes in the six-county Chicagoland region sold for $10 million or over back in 2016, which is down from 6 homes at that price point back in 2015. Even with the dip in ultra-luxury home sales, however, 2,423 homes priced at $1 million or more also sold back in 2016, which is a 2.5% increase compared to 2015.
As you might expect, top selling suburbs in the luxury category were Hinsdale (144 luxury sales), Winnetka (144 luxury sales), Wilmette (120 luxury sales), Lake Forest (97 luxury sales), and Glenview (82 luxury sales) to round out the top 5; while here in the city, top selling neighborhoods for luxury single-family homes included Lincoln Park (165 luxury sales), North Center (120 luxury sales), and Lakeview (106 luxury sales).
For added perspective, last year’s 2,423 home sales priced at $1 million and over is just 10 sales short of Chicagoland’s all-time high of 2,433 million dollar home sales in one year, which came back in 2006, just one year before the bust.