CHICAGO—Luxury homes in the seven-county metropolitan Chicago real estate market sold at a faster pace during the first quarter of 2015 than they did a year earlier, according to a new report from RE/MAX. Luxury home sales totaled 378 or 16% more than the same period last year. And sellers were also finding buyers more quickly, requiring an average of just 144 days, compared to 158 days last year.
The RE/MAX analysis included all of the $1-million-plus home sales in Cook, DuPage, Kane, Kendall, Lake, McHenry and Will counties. The median sales price for these homes was $1,350,000 during the first quarter, down slightly from $1,372,500 a year earlier.
“In our view that isn't a negative,” Jim Merrion, regional director of the RE/MAX Northern Illinois real estate network, tells GlobeSt.com. “Instead, it indicates that sales accelerated most rapidly in the $1 million to $1.5 million segment of the luxury market, which is what you would expect to see as consumer confidence rises.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
