Luxury Home Sales on the Rise in Chicago
A good sign of the strength of a housing market is how well it’s higher-end homes perform, those residences selling for $1 million or more. According to a recent feature story by Chicago Magazine, the luxury market in Chicago is thriving, and that should be considered good news by all city home sellers.
The story says that the Chicago area witnessed the most million-dollar home sales during the first three months of this year than it has in six years. When high-end buyers — those willing to spend big dollars on homes — are active in the housing market, it’s a sign that residential real estate here is particularly hot.
Chicago Magazine reported that million-dollar sales during the first quarter of the year were up 31.1 percent when compared to last year in the Chicago area of Cook, DuPage, Kane, Kendall, Lake, McHenry and Will counties. The story says that 455 luxury homes sold during the first three months of the year.
The story says that slightly more than half of these high-end sales took place within the limits of the city of Chicago, with the city’s North Center neighborhood seeing 25 of these sales. The median sales price of these high-end homes in North Center during the quarter hit $1.27 million.
You might not be selling a million-dollar home anytime soon. But you should be pleased that demand for luxury residences is on the rise in Chicago. That’s a sign that demand for all housing types in the city is also strong.
And the truth is, there isn’t enough inventory in the city these days for the number of people who want to buy homes. If you’re listing your Chicago home at the right market price, and you’ve decluttered and staged it, your odds are high today of getting a good offer.