Chicago luxury home sales are having a moment

The number of homes sold for $4M or more has matched 2015's all-time high

1950 North Burling Street, No. 9 Walton
1950 North Burling Street, No. 9 Walton

The market for multimillion-dollar homes in the Chicago area has already outperformed last year’s tally.

Through the end of August, 51 houses and condos sold for at least $4 million in metro Chicago. That’s more than all of 2016 or 2017, and equalling the all-time high for a full year in 2015, according to Crain’s.

Experts attributed the surge in luxury sales to a strong economy that has the rich more willing to spend.

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The hottest areas for high-priced homes are the Gold Coast, Lincoln Park and North Shore suburbs. JDL Development’s No. 9 Walton at 9 West Walton Street in the Gold Coast recorded 13 sales of $4 million or more by the end of August, including this year’s top price of $12.1 million, while three properties sold for at least $10 million-plus in Winnetka. A Lincoln Park mansion, meanwhile, sold for $11.9 million.

Four properties in Chicago and the suburbs went for $12 million or more, tying 2016, the market’s all-time best year for $12 million-and-up sales.

The picture isn’t as rosy for the overall market, though: Sales of homes at all prices in the nine-county Chicago metro area through July fell 2 percent year over year, according to figures released by Illinois Realtors.

And even the luxury market is not without its challenges: 15 properties listed at $4 million-plus have lingered on the market as long as four years, according to Crain’s, and many high-price properties that have sold had seen price slashes. [Crain’s] — John O’Brien