Average Sales Prices Down For Chicagoland's Luxury Listings

Posted by Leo Clark. on Wednesday, June 10th, 2015 at 4:24pm.

Luxury Chicago Real Estate

While Chicago’s luxury real estate market seems to be red hot with several new condo developments in the works and a number of high-end apartment towers having just been completed in recent months, sales prices for Chicagoland’s top 5% of listings have actually dropped by about 3.9% from the first quarter of 2014 to $1.491 million. Although the price drop is relatively minimal, it’s also very intriguing given the bottom 95% of Chicagoland listings saw average sales prices jump substantially by nearly 12%, or to about $265,000.

The analysis, which was originally conducted by national real estate data company and brokerage Redfin, isn't all bad however when it comes to the Windy City’s luxury segment of the marketplace. In terms of the average days on market, the top 5% of listings around the Chicago area actually sat on the market 1 day less than listings in the bottom 95% in the first quarter of 2015, with luxury listings at 61 days on market and the bottom 95% of listings at 62 days on market.  

So, are you ready to start searching some of Downtown Chicago's most expensive listings yet? If so, have a look at a few of the featured listings below, or start browsing all luxury Chicago real estate on the market here!

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