According to a recent release from RE/MAX Northern Illinois, the million dollar real estate market in Metro Chicago is alive and well, with transaction activity for luxury homes ($1 million and over) up 16% in the first quarter of 2015 from a year ago.
Along with a higher sales volume, units are also moving slightly faster as well, averaging just 144 days on the market, compared to 158 days during the first quarter of 2014. For those of us working in the Chicago real estate industry and dealing specifically in the luxury sector of the market, the latest quarterly figures are hardly surprising, and that’s of course not even factoring in the luxury rental market in downtown Chicago, which has been especially active since the post-recession development boom that started just a couple years back.
As for the luxury market specifically in Chicago, transaction volume was actually a bit higher than the overall totals for the Greater Chicago region, with luxury home sales in the city 18% higher than one year ago this time. Detached homes have been especially hot this year, with sales of detached single-family homes $1 million and over up a whopping 30% from the first quarter in 2014. The Lakeview, West Town, and North Center neighborhoods saw the highest number of sales for detached homes over this year’s first quarter, with substantial increases year-over-year in North Center and West Town specifically.
Through the first three months of 2015, the median sales price for luxury homes in Chicago was $1,373,750—a number that’s actually 2% less than 2014’s median sales price.
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