New Record Set For Chicago’s Luxury Housing Market

Posted by Leo Clark. on Saturday, November 20th, 2021 at 10:31am.

Luxury Homes Chicago ILThe year isn’t even over yet, but already 2021 has been a record year when it comes to Chicago’s luxury housing market. Over the first 10 months of the year, 75 homes sold for at least $4 million.

That’s slightly more than the 2018 record of 73 luxury home sales and significantly more than the 50 or 60 that sold in years leading up to 2018. Agents credit the boost, in part, to low mortgage rates and a booming stock market.

Of the 20 priciest sales in the Chicago area, eleven of them were downtown condos. Six properties were in Lincoln Park.

Some empty nesters are selling off their large homes in the suburbs and moving downtown. In late October, a four-bedroom condo sold at the St Regis Chicago for $7 million.

Over the course of the year, the St Regis accounted for eight luxury condos sold in Chicago. The upscale building opened last December.