AgentMarkets & Economy

Chicago luxury housing market taking a hit this year

Re/Max Luxury Report on Metro Chicago found the market to be moving slower with fewer sales
  • Chicago saw 209 luxury home sales in the first quarter of 2016, a 13 percent drop annually.
  • Luxury detached home sales in the city of Chicago rose 6 percent,
  • 347 luxury homes in Chicagoland sold in an average of 184 days for a median sales price of $1,366,875.

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Near North Side, Chicago/Flickr user randz The luxury housing market in Chicago and its surrounding suburbs kicked off the year on cruise control. According to the Re/Max Luxury Report on Metro Chicago Real Estate, luxury sales overall are slower than they were in the first quarter of 2015, but there are still a few glimmers of hope. Taking over half of the pool of luxury home sales, the city of Chicago accounted for 52 percent of home sales above $1 million in the first quarter of 2016. The metro saw 209 luxury home sales in the first quarter of the year, dropping 13 percent from the year prior. Of those home sales, 111 were detached homes and 71 attached, or condos and apartments. Luxury detached home sales in the Chicago metro rose 6 percent, but these homes sold for 2 percent less than last year and took longer to sell -- 155 days, up from 118 days  last year. “The first quarter tends to be a relatively slow period for luxury home sales, so it’s probably t...