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Metro Chicago Real Estate: More and Faster Sales for $1 Million-Plus Residential Market

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In contrast, sales of attached homes rose 13 percent to 415 units, and the median sales price dipped 1 percent to $1,390,020. Average market time for 2013 was 166 days, down from 221 days in 2012.

The Lincoln Park community remained the city’s top area for luxury detached homes, with 166 sales in 2013, up 24 percent from the prior year, and a median sales price of $1,530,313.

The communities seeing the largest uptick in luxury detached sales were West Town and North Center. Sales in West Town rose 131 percent to 37 units for the year. North Center had 96 sales, an 81 percent rise. The median sales price was $1,290,000 in West Town and $1,255,000 in North Center.

Sales of attached luxury homes are concentrated in the Near North Side community, which had 270 sales in 2013, 65 percent of the citywide total. The Near North Side total represented a 13 percent increase over the prior year. Luxury attached sales were up 19 percent in the Loop neighborhood to 69 units and down 21 percent in Lincoln Park to 42 units. As a group, the Near North Side, Loop and Lincoln Park communities accounted for 92 percent of all luxury attached sales in 2013.

Suburban Luxury Home Sales

In the seven-county metro Chicago area outside of Chicago, home sales of $1 million or more totaled 1,138 units during 2013, a gain of 39 percent compared to the 2012 total.

The median sales price was $1,283,282, down 1 percent from the prior year. Average market time was 175 days, 72 less than in 2012.

The five suburban towns with the most luxury home sales were: Hinsdale with 142 sales and a median sales price of $1,436,000; Winnetka with 133 sales and a median price of $1,515,000; Lake Forest with 104 sales and a median price of $1,290,000; Wilmette with 83 sales and median price of $1,212,500, and Glencoe, where 71 sales had a median price of $1,400,000. The next five suburban communities ranked by the number of luxury home sales were Glenview, the Barrington area, Highland Park, Naperville and Clarendon Hills.

For more information, visit www.illinoisproperty.com.

 

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