The streak of $4 million home sales in Chicago finally came to an end in January
It had to come to an end eventually. And that end came in January. Crain’s Chicago Business reported that no home in the Chicago area sold for $4 million or more last month.
That’s significant because it’s the first time this has happened in at least five years.
As Crain’s reports, this might be one more sign that the high-end of the Chicago housing market is starting to slow.
Crain’s said that in every month from 2015 through 2019, at least one home in the Chicago area sold for $4 million or more. And in 2018 — a record year for high-end home sales — the Chicago area saw an average of six home sales of $4 million or more each month.
This doesn’t mean, though, that we won’t see $4 million sales this year in Chicago. In fact, Crain’s reported that a home did hit that sales milestone already this February. Crain’s said that a home sold for $4.3 million on Dec. 13 in the Chicago area. Then came that quiet January. But on Feb. 3, a home on Chicago’s Cedar Street in the Gold Coast neighborhood fetched a price tag of $5.45 million.
It’s not just the high end of the Chicago housing market that’s a bit on the sluggish side today. Home sales in all price ranges slowed throughout 2019. Part of the reason is a lack of inventory. There simply aren’t as many condos and single-family homes on the market in Chicago as there usually are. But there are also worries about high property taxes in the city. And Chicago’s population continues to decline, all of which can slow the local housing market.
If you’re selling a home today in Chicago, your best move is to work with a knowledgeable REALTOR® familiar with your city neighborhood. This pro can help you buck the sluggish market and nab the best possible sales price for your condo or single-family residence.