Million-Dollar Condo Sales More Common in Chicago Today
If you noticed more million-dollar homes sales in Chicago last year, you’re not imagining things. As this story by Crain’s Chicago Business reports, there were plenty of million-dollar home sales in 2017 here.
And leading the way? High-end condominiums.
According to the Crain’s story, the Chicago area saw 2,658 homes sell for $1 million or higher in 2017. That’s a lot of homes, and it’s a jump of about 10 percent. In 2016, the area saw 2,423 home sales of $1 million or more.
In fact, 2017’s total of million-dollar sales was the highest ever recorded in the Chicago area.
Crain’s reported that two-thirds of this increase came from luxury condos. As Crain’s writes, 235 more homes in the Chicago region sold for $1 million or more in 2017 when compared to 2016. Of that total, 160 of these homes were condominiums.
In the city itself, 647 condominiums sold for $1 million or higher in 2017, according to the Crain’s story. That’s a pretty significant jump from 2016, when 487 city condos sold for $1 million or more.
Why are high-end condos so popular? A growing number of people want to live in the center of cities. Condos priced at $1 million or more aren’t all that rare in the heart of Chicago. At the same time, developers are building luxury condos that are larger. These bigger spots appeal to a greater number of buyers, including families, who are willing to spend a bit more for modern luxury in the city.
Of course, this doesn’t mean that you must spend $1 million or more if you want to live in a Chicago condo. There are plenty of units available in the city at more affordable prices. If you’re looking for a Chicago condo that’s friendlier to your budget, be sure to work with a REALTOR® who knows the city market.