DataMarkets & Economy

Chicago luxury home sales rise in the second quarter, says Re/Max

Re/Max luxury report finds increasing sales but falling prices in Chicago and suburbs
  • Luxury home sales in the seven-county Chicago metro area increased 12 percent annually in the second quarter of the year.
  • Home sales in the city of Chicago grew 18 percent year-over-year in the second quarter, making up 48 percent of the total amount of luxury sales in the region.
  • Despite the climb in home sales, prices dipped a bit in the Chicago metro area.

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Wilmette, Illinois/Flickr user Cooperweb The luxury housing market is on the rise in Chicago, witnessing double digit gains in the second quarter of the year. According to a recent report by Re/Max, the Chicago luxury housing market picked itself back up after a mediocre start in the first few months of the year. As a total, the first two quarters of the year saw luxury sales total 1,179 units throughout the Chicagoland area, including the city and the surrounding suburbs -- up from the 1,122 sales in the first half of 2015. The Re/Max Luxury Report on Metro Chicago Real Estate found that 832 properties sold for at least $1 million throughout April and June. Compared to the 741 sales during the same time the year prior, the market saw a 12 percent increase this year. Chicago luxury home sales increased 18 percent to 398 units, accounting for 48 percent of all luxury sales. In the surrounding suburbs, there were a total of 434 units sold, increasing 7 percent over the same...