Chicago Luxury Home Sales Break Record

Chicago’s luxury residential market is outpacing the boom years.

The number of home sales over $4 million hit a record high in the first half of the year, Crain’s reported.

Seventy-six homes in that price range sold through June 30, a 77 percent increase over the 43 recorded during the same period last year, Illinois Realtors data shows. By contrast, home sales across all price tiers grew by just 0.37 percent year-over-year.

Trophy assets are in high demand.

“High-net-worth buyers are in strong cash positions right now,” said Carrie McCormick of @properties Christie’s International Real Estate. She and fellow agent Sharon O’Hara represented a $10.1 million Gold Coast penthouse sale in March, the city’s top deal so far this year.

Winnetka dominates the ultra-luxury suburban market. Jena Radnay of @properties had the metro’s highest and third-highest sales so far this year: a $12 million lakefront estate in June, and a separate $9.6 million waterfront deal, also in Winnetka.

Ultra-wealthy buyers are gravitating to Lake Michigan’s shoreline as an alternative to high-risk luxury markets like Florida and California, Radnay said. “No sharks, no fires,” and relatively undervalued property, she said.

The 76 sales logged through June outpaced the first half of 2022, which previously set the record with 72 sales and ultimately closed out with 136. If this year’s pace continues, it could end with 152 such deals, nearly triple the number sold in 2019.

Downtown condos are also showing signs of life after a rocky early-2020s stretch. Of the 20 priciest sales so far this year, 14 were in the city, and most were downtown condos, according to the outlet. Three were in the St. Regis tower, including one just shy of $9 million.

The price ceiling hasn’t topped $12 million this year, while several deals closed in the $14 to $19 million range last year. Two luxury properties — one for nearly $15 million in Lake Forest and a $35 million mansion in Winnetka — are under contract and could shift that bar when they close.

— Judah Duke