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Market For Million Dollar Homes in Chicagoland

The market for the million dollar homes in Chicago is heating up. Areas with the most growth include Lincoln Square and Highland Park. Per the following press release:

Luxury detached sales in the city’s Lincoln Square area more than doubled to 14 so far this year, including nine in the second quarter. That compares to six luxury sales during the first six months of 2014 and four or fewer during the first half of the three previous years.

Change also seems to be occurring in the suburbs where million-plus sales are becoming more common in Naperville. That suburb had 19 luxury sales in the first half of this year, including 14 in the second quarter, giving it more luxury activity than such traditional luxury markets as Barrington and Highland Park.

Winnetka remained the most active suburban market for luxury homes, with 51 second-quarter sales at a median price of $1,550,000, and Hinsdale followed with 40 sales at a median price of $1,377,750. Tied for third in sales activity with 34 sales during the quarter were Lake Forest, with a median price of $1,337,500, and Wilmette, where the median price was $1,252,500.

 

Chicago recorded 336 luxury sales for the quarter, 25 percent more than a year earlier. There were 185 detached sales with a median price of $1,450,000, and 151 attached sales at a median of $1,400,000. Detached sales were up 38 percent; attached sales rose 13 percent.

The average market time for luxury city homes during the second quarter was just 106 days for detached properties and 113 days for attached properties.