The Chicago luxury real estate market continues to dominate, and showed remarkable strength during the first quarter of this year. According to a recent report by RE/MAX, homes that cost $1 million or more saw sales increase 23%. The median price of a Chicago luxury home climbed to $1,383,900 between January and April 2013, a marked improvement year-over-year.
The median price of an attached luxury home that sold in March and April came in at $1.39 million, up from $1.32 million one year earlier. Chicago luxury condo and townhome sales were up in both categories, and this segment recorded the greatest gains when compared to the same months in 2012. In this segment, sales rose 36% during the first quarter, but marked an even more impressive 39% increase during the March-April buying period.
The Near North area has had a particularly strong start to the year in the Chicago luxury condo market with 77 of 106 sales in this area, and a robust median sales price of $1,545,000 during March and April. That’s an 18% increase over the same period last year. The Loop also saw a marked improvement in the luxury category with 15 of 29 sales falling into the $1 million and higher category, with the March-April median price coming in at $1,345,000, compared to $1,330,000 a year earlier. Sales of other properties around Chicago priced $1 million and higher increased 28% during the same period.
Buyers continue to take advantage of historically low interest rates and the attractive lifestyle that living in downtown Chicago offers. With so many luxury Chicago condos for sale, it can be difficult to navigate the variety of choices. That’s why working with a local real estate agent who knows this market well is so important.If you’re thinking about purchasing here, please contact me for more information about the Chicago real estate market. I’m a local estate agent who specializes in Chicago condos for sale and I’d love to learn more about your unique real estate objectives.