The Real Deal Chicago

Chicago luxury home sales surge in Q2, but prices flat: report

Luxury condo and townhome sales in the city jumped by 19 percent, but single-family home sales sagged
By Alex Nitkin | July 30, 2018 01:00PM

(Credit: iStock)

The number of home sales above $1 million inched higher in the Chicago metro area in the second quarter year over year, but registered a larger gain inside the city.

The results were due in part to the surge in condominium and townhome sales Downtown and in nearby neighborhoods, according to report published by Re/Max.

The median luxury home sale price stayed flat at $1.3 million in the seven-county area, and the citywide median declined by 2.3 percent to roughly match it, thanks to the construction of hundreds of new luxury units since 2017, according to a report published by Re/Max.

Overall the number of luxury home sales climbed about 2 percent in the Chicago metro area and 7.3 percent inside the city compared year over year.

The report registered 215 luxury attached home sales inside the city from April through June, representing a nearly 19 percent jump year over year. The number more than doubled in the Near West Side and Near South Side submarkets, respectively hitting 23 and 15 units, while it sank by 20 percent Downtown.

The 242 second-quarter sales of detached houses in Chicago marks a 1.2 percent drop over last year, coinciding with a 0.4 percent decline in the median sale price, to $1.34 million. Luxury detached home sales doubled on the Near North Side and more than tripled in Logan Square, where 32 units changed hands, while they fell by half in Uptown.

The number of suburban luxury home sales dipped 3 percent below the second quarter of 2017, while the median price inched up by 0.4 percent to $1.28 million. Hinsdale and Winnetka registered the most luxury home sales of any suburbs, combining for more than 100 between April and June.

Listings above $10 million regularly pop up in both the city and the suburbs. The historic Thompson Mansion was listed for $22 million in Gold Coast this spring, and a 13,000-square-foot home in Lake Forest hit the market for $15 million a month later.

So far this year, units in JDL Development’s condo tower at 9 West Walton have dominated the list of most expensive residential sales.