It was a strong first two months of the year for the metro Chicago luxury real estate market. A new report revealed the number of homes that sold for at least $1 million in January and February was up 40% from a year earlier.
In the seven-county region that makes up metro Chicago, there were 206 units that sold for at least seven-figures during the first two months of the year. The median sales price for those homes was $1,379,000—a 6% increase from the start of 2013.
Here’s even further illustration of how the metro Chicago luxury real estate market has gained steam: The average time it took for a home to go under contract plunged to 163 days from 274 days during the first two months of 2013.
These figures come from the RE/MAX Luxury Report on Chicago Real Estate.
In the city of Chicago, the gains were even more pronounced. The Windy City saw a 59% increase in the number of homes sold for at least $1 million at the start of of 2014. A majority of sales (57%) in Chicago were attached units like condos and townhomes.
In the suburbs, the increases haven’t been quite as dramatic. Luxury home sales rose by 24% to 98 units and the median price increased by 8% to $1,315,500.