Luxury home sales in the Chicago area are thriving in 2014. Home sales for the $1 million-plus segment of homes in the seven-county Chicago metro area are up 8% over 2013, according to the RE/MAX Luxury Report on Metro Chicago Real Estate.
In the first three quarters of 2014, there were 1,675 total units sold at $1 million or more in Chicago, with a median sales price of $1,350,000, which is up 3% compared to the same period in 2013.
During the third quarter, sales of luxury homes totaled 736 units, a 13% increase over the same quarter of last year, the RE/MAX report states. The median sales price for luxury properties rose 3% in the third quarter to $1,340,000.
The average time on the market for luxury properties sold during the first nine months of this year in the seven-county Chicago metropolitan area was 130 days, down from an average of 166 days in 2013.
Average market time during the third quarter was 123 days, down from 132 days in 2013.
In the City of Chicago itself, luxury sales were up 13% to 763 units through the first nine months of 2014, while the median sales price for the period was $1,400,000, up 2%.
During the third quarter, sales of $1 million or more totaled 320 units in the city, up from 270 in 2013, representing a 19% gain. The median sales price for the third quarter was $1,425,000, up 6% from the same quarter of 2013.
Sales activity in the first nine months of 2014 increased in each of the three neighborhoods that dominate Chicago’s luxury attached-home (condominiums, townhouses or co-ops) market. The Loop saw sales rise to 51 units from 44 the prior year.
In Lincoln Park, sales rose to 60 units from 33, and the Near North Side had 219 sales, up from 199. The median sales price was $1.25 million in Lincoln Park and $1.4 million in both the Loop and Near North Side.