Outlook: Chicago Luxury Real Estate at Full Speed Ahead

Posted by Helaine Cohen on Saturday, January 11th, 2014 at 3:58pm.

Chicago luxury condos helping drive local real estate market Chicago condos for sale are a hot commodity, and for those who are looking at luxury units will have a lot to benefit from in the coming year. According to a recent study by ZipRealty, Chicago is ranked in the top 10 metro areas expected to have an uptick in home-selling activity. Homes in the Chicago market sold at a much higher rate in 2013 than they did in 2012 and it’s anticipated that the trend will continue.

The luxury real estate market, in particular, is expected to have a great year. With the stock market posting high closings during the later half of 2013, some market experts are sure that the upcoming year will show elevated levels of luxury home and condo buying.

In Chicago, demand for real estate is up and the inventory of properties fell 25 percent in November year-over-year. At the same rate, the median number of days a Chicago property is on the market fell 31 percent during the same time period. When looking at luxury real estate in Chicago, a report from MRED found that a total of 1,859 homes within the $1 million-plus category sold between January and November of 2013, a 34 percent increase since the prior year.

"Increasing economic stability, employment, and consumer confidence are all factors for this surge in activity. The improved market has also allowed trade-up buyers to move up to more expensive homes," real estate expert Jim Merrion told CNN Money. " We expect this positive trend to continue to rise for these reasons."

If you’d like to learn more about this and other Chicago condos for sale, don’t hesitate to contact me at 312-953-0961  today. I serve some of the most affluent and sophisticated neighborhoods throughout Chicago and would be more than happy to assist you in your search.

Helaine Cohen, Chicago Real Estate Broker

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