Windy City luxury home sales on the rise
Luxury homes in Chicagoland are selling like hot cakes. Now more buyers are scooping up these extravagant residences more quickly and in greater numbers than we’ve seen in a long time. A new RE/Max analysis of the sale of homes totaling $1 million or more shows that 2,038 of these abodes changed hands in 2013. That’s up 33 percent from the amount of luxury homes sold in 2012, according to the Chicago Business Journal online.
What’s more, the actual sales of the Chicago luxury homes are closing faster as well. Last year, the average length of time it took to sell a $1-million-plus home in Chicagoland was 160 days. That’s much faster than the average time it took in 2012, 223 days.
Within the Chicago city limits, luxury home sales in 2013 rose 26 percent year over year to 900 units, which means that Chicago is doing great! The median cost of those homes rose 0.4 percent, hitting $1,370,000. The average time these residences were on the market also shrank, from 195 days in 2012 to 141 days in 2013.
Detached homes in Chicago actually sold more rapidly than attached homes, at a rate of 54 percent of luxury sales vs. 46 percent.
The top neighborhood for the sale of luxury detached homes was Lincoln Park, where the median price for an upscale residence in 2013 reached $1,530,313. Other areas with a huge uptick were West Town and North Center.
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