High-End Home Sales Keep Rising in Chicago

Sales of the most expensive homes in the Chicago market continue to rise, according to a recent story by Crain’s Chicago Business.

 

And that’s good news for all home sellers. It shows that the Chicago housing market, while not booming as some markets across the country are, is still a solid one, with home sales increasing and median sales prices rising.

 

According to the Crain’s story, the sale of high-end homes in the Chicago area rose 15 percent in the first half of the year. Crain’s cited numbers from Midwest Real Estate Data in its story.

 

Crain’s reported that in the six-county Chicago area, 210 homes sold for $2 million or more in the first six months of this year. Last year, 175 such homes sold during this six-month period.

 

Home sales of all prices are actually on the rise, too. Midwest Real Estate Data said that home sales in general increased 6 percent during the first half of the year in the six-county region, with 54,409 homes sold during this period.

 

One particular Chicago condominium building has accounted for a good slice of the high-end sales in the city, 4 E. Elm in Chicago’s Gold Coast neighborhood. Crain’s reported that in March buyers began closing on condominiums in this 35-unit building. In all, the building saw 24 sales of $2 million or more in the first half of the year, an impressive total.

 

The biggest sale here was the building’s penthouse unit, which sold for an impressive $6.7 million in June.

 

You might not be selling a million-dollar-plus property. But even selling a home for $250,000, $300,000 or $400,000 is a complex task. That’s why it’s so important to work with a REALTOR® who knows your neighborhood and the prices that homes in it typically earn.

 

The local housing market is not sizzling; it is steady and strong. We’re also in the middle of a seller’s market because the number of homes for sale is low compared to the demand for them, especially in some of the more desirable neighborhoods in Chicago. To take advantage of this? You need to work with a REALTOR® who can help you sell your home for the best possible price.