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Chicago Real Estate: $1 Million-Plus Homes Gain Sales Momentum in City and Suburbs

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Regional Spotlight—Sales of luxury homes in the seven-county metropolitan Chicago real estate market continued to gather momentum, according to the RE/MAX Luxury Report on Chicago Real Estate, a bi-monthly analysis of home sales at $1 million plus. This is the first time the report, which was initiated earlier this year, has been expanded to cover the Chicago suburbs.

Total luxury sales for the city and its suburbs in the September-October period climbed to 338 units from 222 units a year earlier, an increase of 52 percent. The median sales price was $1.3 million, up 2 percent from that same two-month period in 2012.

Luxury homes also sold 25 percent more quickly during September and October than they did a year earlier, with the average time on the market declining from 190 days to 143 days.

Chicago Luxury Home Sales
Combined sales of attached and detached residences in Chicago selling for $1 million or more totaled 156 units in September and October. That was 42 percent more sales than were recorded during the same period last year. The median sales price was 4 percent higher at $1,325,000, and the average market time was 94 days, down from 174 days a year earlier.

Detached homes accounted for 87 units or 56 percent of the luxury transactions in Chicago during the September-October period. That total represented a 64 percent increase from the 53 sales completed a year earlier.The median sales price for a detached luxury home in September and October was $1.35 million, up 7 percent from the same period in 2012.

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