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

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