Chicago area sets record for $4M+ home sales with one month to go

The number of properties trading above that threshold already eclipsed the 2015 record

Chicago /
Dec.December 04, 2018 04:00 PM

70 homes and condos have sold for more than $4 million so far in 2018. (Credit: iStock)

With a month still left in the year, the Chicago area already set a new record for the number of homes selling for $4 million or more.

A total of 70 homes and condos have sold above that threshold so far in 2018, far eclipsing the record of 52 in all of 2015, according to Crain’s. And another dozen homes under contract at $4 million or more could close by Dec. 31.

A total of 46 properties traded for $4 million or more in 2017.

The luxury market has been bolstered by a strong economy and recent tax cuts that have wealthy buyers willing to spend. The number of homes selling for $1 million or more increased 19 percent in the third quarter, with a record-setting 790 such sales tallied.

Properties within the city accounted for half the luxury sales recorded in the third quarter. And of the 70 home sales of $4 million or more, 20 have been for units in JDL Development’s No. 9 Walton luxury condo tower in the Gold Coast according to Crain’s.

While the market for high-end homes has been strong, the same can not be said for the rest of the local housing market.

In June, shrinking inventory levels led to the biggest drop in sales volume in two years. Chicago is predicted to have the weakest housing market in the country in 2019, with a forecasted 7 percent drop in sales and a 2 percent drop in sales price. [Crain’s]Joe Ward


Related Articles

arrow_forward_ios
Redwood Capital Group co-founders David Carlson and Mark Isaacson. (Redwood Capital, Dwell)
400-unit Naperville complex lists as suburban market improves
400-unit Naperville complex lists as suburban market improves
1930 North Orchard Street (Google Maps)
Lincoln Park mansion sale sets record
Lincoln Park mansion sale sets record
Chicago-Area signed contracts hit record (Getty)
I’ll take it: Chicago-area signed contracts soar past record
I’ll take it: Chicago-area signed contracts soar past record
Homes in the Gold Coast (Getty)
Gold Coast faces 12-year luxury supply glut
Gold Coast faces 12-year luxury supply glut
Nicholas Chabraja, above, and his wife, Eleanor, relisted their Lake Forest mansion (Redfin/Ann Lyon and Jeffrey Folker of @properties)
Lake Forest mansion relists, hoping to ride home sales wave
Lake Forest mansion relists, hoping to ride home sales wave
1919 North Howe Street (Photo via Realtor)
12K sf Lincoln Park mansion sells for $12M
12K sf Lincoln Park mansion sells for $12M
John Liew and Waldorf Astoria Residences (Chicago Booth, Google Maps)
Billionaire hedge funder buys at Waldorf Astoria
Billionaire hedge funder buys at Waldorf Astoria
1917 North Howe Street (Google Maps)
Lincoln Park mansion sells for record-breaking $11.9M
Lincoln Park mansion sells for record-breaking $11.9M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...