Sales of Luxury Homes Accelerating

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.