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RE/MAX Luxury Report on Chicago Real Estate: $1 Million-Plus Homes Selling More Quickly This Year
The luxury segment of the metropolitan Chicago real estate market experienced relatively steady market conditions during the first half of 2014. Luxury homes sold much more quickly in the January-June period than they did in recent years.
The average time on the market for luxury properties sold during the first six months of this year in the seven-county Chicago metropolitan area was 135 days. That compares to a first-half average of 191 days last year.
Both the number of luxury properties sold and their median sales prices increased over 2013 results for the first half of the year. Luxury sales in the seven-county area totaled 939 units, 4 percent more than last year. The median sales price was $1.35 million, up from $1.32 million a year ago.
Luxury sales completed from January through June this year were strongest in the city. Sales rose to 442 units from 403 units in 2013, a gain of 10 percent. The median sales price edged up to $1.4 million from $1.39 million a year ago.
Suburban luxury sales slipped slightly from 500 units last year to 497 this year, and the median sales price rose 4 percent to $1.32 million.
Sales of attached homes (condominiums, townhouses and co-ops) in Chicago priced at or above $1 million totaled 229 units during the first half of this year, 23 percent more sales than the comparable period of 2013. Average market time shortened to 133 days from 231 days a year earlier. The median sales price was $1.38 million, compared to $1.4 million a year earlier.
Sales activity increased in each of the three neighborhoods that dominate the luxury-attached market – rising 25 percent in the Loop, 129 percent in Lincoln Park and 7 percent in Near North. The median sales price was $1.2 million in Lincoln Park and $1.4 million in the Loop and Near North.
In the single-family home (detached) segment, sales in Chicago totaled 213 units during the January-June period, compared to 216 units a year earlier. The median sales price was $1.4 million, up from $1.37 million last year.
Three areas dominated the activity in sales of detached luxury homes: Lincoln Park, where there were 64 sales at a median price of $1.7 million; LakeView, which had 44 sales at a median price of $1.4 million, and NorthCenter, which had 34 sales at a median price of $1.3 million.
Winnetka was the most active suburban luxury market, with 59 homes sold during the first half of this year at a median price of $1.66 million. Hinsdale and Wilmette were close behind, each with 56 luxury sales. The median sales price was $1.56 million in Hinsdale and $1.3 million in Wilmette.
Other top suburban luxury markets included Lake Forest with 45 luxury sales at a median of $1.35 million, Glenview with 34 sales at a median of $1.17 million and Glencoe with 33 sales at a median of $1.4 million.
RE/MAX has been the leader in the northern Illinois real estate market since 1989. The RE/MAX Northern Illinois network, with headquarters in Elgin, Ill., consists of 2,000 sales associates and 100 individually owned and operated RE/MAX offices that provide a full range of residential and commercial brokerage services. Its mobile real estate app and www.illinoisproperty.com provide comprehensive information about residential and commercial property for sale in the region. The northern Illinois network is part of RE/MAX, LLC, a global real estate organization with 90,000+ sales associates in 90+ nations.