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
- 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.
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 too early to say if this trend will continue into the spring and summer. We are, however, also seeing a steady increase in the inventory of luxury listings, which is another indicator that luxury sales are slowing,” Jack Kreider, executive vice president and regional director of ReMax Northern Illinois, said in a statement.
In the entire Chicagoland area, 347 luxury homes sold in an average of 184 days. Although the average days on market increased from 143 days and the number of sales dipped from 381, the median sales price upticked slightly by 1 percent to $1,366,875.
Chicago’s hottest neighborhoods see dip
Lakeview, Lincoln Park, Logan Square, Near North, North Center and West Town are considered to be the top luxury markets for detached homes in Chicago, but the neighborhoods as a whole saw a sales decline in the first quarter of the year to 95 home sales, down from 99 last year. However, Lincoln Park, Logan Square and Near North recorded increases individually.
[graphiq id=”6rOoP265G7j” title=”Near North Side, Chicago” width=”400″ height=”484″ url=”https://w.graphiq.com/w/6rOoP265G7j” link=”https://www.graphiq.com” link_text=”Visualization by Graphiq” ]
These trends could be pointed to available inventory or desire to live in other neighborhoods.
The Near North Side continues to dominate luxury home sales for attached homes, unsurprisingly so by the level of development taking place and expected in the neighborhood. The Near North Side is the home to the massive NEWCITY development that features a movie theater, bowling alley, Mariano’s grocer and more, in addition to residences.
Re/Max uses data compiled by Midwest Real Estate Data (MRED) to include $1 million-plus home sales in Cook, DuPage, Kane, Kendall, Lake, McHenry and Will counties.