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

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The Near North area dominated the luxury attached market in the city, accounting for 77 of the 106 sales and generating a robust median sales price of $1,545,000 during March and April, which is 18 percent higher than during the same period last year. The Loop accounted for 15 of the remaining 29 sales in the luxury attached category, with the March-April median price coming in at $1,345,000, compared to $1,330,000 a year earlier.

Sales of detached luxury properties in Chicago increased by 28 percent to 97 units, and the median price for March and April reached $1.43 million, up 16 percent from the two-month period in 2012.

The two leading communities for luxury detached sales were Lincoln Park and North Center. Twenty-eight luxury homes were sold in Lincoln Park during the first four months of this year, compared to 32 a year earlier. In North Center, 27 homes sold during the period, up from 11 last year.

The March-April median price in Lincoln Park was $1,598,000, which represented a 25 percent increase from a year earlier. In North Center the median was $1,286,750, a gain of 4 percent. The highest median price for a luxury home was on the Near North Side, where five homes were sold at a median price of $2,125,000.

Overall, six communities accounted for 91 of the 97 detached luxury homes sold in the city from January through April. In addition to Lincoln Park, North Center and the Near North Side, those communities are Lake View, Logan Square and West Town.

For more information, visit www.illinoisproperty.com and www.remax.com.

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