A study of the luxury housing market in Chicago found the number of homes that sold for at least $1 million in the Windy City increased by 8.0 percent in 2015 from a year earlier.
According to an analysis by RE/MAX, there were 2,353 luxury homes sold in metro Chicagolast year. While the number of sales saw a healthy increase, the median price of these homes did fall by 1 percent to $1,340,000. Additionally, the time required for these luxury homes to find buyers increased to 135 days from 131 days in 2014.
“The luxury market is the one segment of the metro Chicago residential real estate market in which we are seeing a high level of inventory,” said Jim Merrion, regional director of the RE/MAX Northern Illinois real estate network. “That fact contributed to the slight decline in the median sales price of luxury homes even as sales activity increased.”
One of the other interesting findings of the study was the notable distinction between attached and unattached luxury homes. The number of attached luxury homes sold (503 units) increased by just 2 percent from 2014, but sales of unattached luxury homes (617 units) jumped by 19 percent. The study attributed the sharp rise in sales of unattached luxury homes to a construction boom that’s added new homes and rehabbed older ones.
The study also took a look at luxury home sales activity in individual suburbs. Winnetka had the most activity, as 132 luxury homes were sold for a median price $1,565,000. It was followed by Hinsdale with 120 homes selling for a median of $1,415,448; and Wilmette, where 105 luxury homes sold for a median of $1,415,448.
As the results show, the high-end of the market continues to be a strength with regards to Chicago real estate.