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

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Perhaps the most striking result in the detached segment of the luxury market was the reduction in average market time, which fell 62 percent from 170 days a year ago to 65 days in September and October of 2013.

Sales of attached luxury homes in Chicago increased 21 percent to 69 units when compared to the same period in 2012, and the median sales price slipped 1 percent to $1.28 million. Average market time declined 26 percent to 131 days.

Sales of detached luxury home sales in Chicago continue to be concentrated in six areas: Lake View, Lincoln Park, Logan Square, Near North Side, North Center and West Town. Ninety-three percent of the 87 detached luxury sales closed in Chicago during the September-October period were in those communities, and the number of sales recorded in each community was larger than during the same period last year.

The Lincoln Park neighborhood topped the list with 32 sales at a median price of $1.45 million. Next were the Lake View and North Center neighborhoods, with 15 sales each. The median sales price was $1.43 million in Lake View and $1.25 million in North Center.

The Near North Side was again the leader in attached luxury sales, with 45 transactions at a median price of $1.4 million. It was followed by the Loop neighborhood, which had 11 sales with a median price of $1.22 million, and Lincoln Park, where seven sales were closed at a median price of $1.1 million. Those three communities accounted for 91 percent of September-October attached luxury sales in Chicago.

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