Luxury Home Buyers Flocked to Chicago's Suburbs in 2020

Posted by Leo Clark. on Friday, January 15th, 2021 at 2:08pm.

Chicago Million Dollar Home SalesThanks to a year that was largely defined by a global pandemic and social unrest, luxury home sales in Chicago’s suburbs outpaced the city in 2020, according to newly released data.

Within Chicago’s city limits, home sales priced at $1 million and over dropped roughly 7% last year, while suburban home sales at that same price point spiked a jaw-dropping 40%.

Even with Chicago’s decline in luxury home sales, both the city and the seven surrounding counties combined recorded 2,922 homes sold at $1 million and over, the most ever on record and 16% more than 2019’s total that represented the previous record.

According to Crain’s, Lake Forest was among the villages that saw a significant surge, tallying 149 sales, or an increase of 69%. Other North Shore communities like Wilmette and Glenview also saw a nice increase of 44% and 34% respectively, while Hinsdale topped the chart for Chicago’s Western Suburbs, registering a 33% increase in luxury home sales.

As for Chicago, Lakeview and West Town were two neighborhoods that did see an increase in million-dollar home sales, but other popular neighborhoods like Lincoln Park and Near North saw luxury sales drop by 6.2% and 28% respectively.


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