Luxury Home Sales in Chicago Have Dropped Considerably in 2019

Posted by Leo Clark. on Wednesday, July 31st, 2019 at 2:39pm.

Luxury home sales have taken a hit in 2019 as many would-be million dollar home buyers are waiting to see how local and national economic conditions play out in the coming months—or possibly even longer.

According to data from MRED, the Chicago area’s MLS, 614 homes in the city of Chicago sold for $1 million or more over the first half of this year, which represents a 14.6 percent drop from 719 million dollar homes sold over the first half of 2018.

In the entire 10 county metro area, the numbers were almost identical, as just 1,416 million dollar homes sold over the first 6 months of 2019, representing a 14.9 percent decline year-over-year.

Some are saying the current wait-and-see approach many buyers are taking might have to do with recent chatter about a possible recession coming soon, but the possibility of more property tax hikes coming down the pipeline likely aren’t helping market conditions either.

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