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Chicago Real Estate: $1 Million-Plus Home Sales Outpace Broader Market

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RE/MAX reports that the luxury segment of the Chicago real estate market, consisting of homes that cost $1 million or more, showed impressive strength through the first four months of 2013. The number of residential sales in that segment increased 32 percent during the period when compared to the same four months last year. In contrast, sales activity for all residential property in Chicago rose 23 percent on the same basis.

Chicago luxury home sales during the first four months of this year were at their highest level since 2008, with 203 properties changing hands, according to the RE/MAX Luxury Report on Chicago Real Estate, a new bimonthly analysis of home sales in the $1 million plus segment.

The median price of a luxury home held fairly steady from January through April. It was $1,383,900 during January and February and rose slightly to $1,395,000 during the March-April period.

While luxury home sales were up in both the attached and detached categories, attached units, consisting of condos, co-ops and townhouses, registered the greatest gains when compared to the same months in 2012. Sales activity rose 36 percent to 106 units, including a 39 percent increase in the March-April period.

The median price of an attached luxury home sold in March and April came in at $1.39 million, up from $1.32 million a year earlier.

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