RE/MAX Luxury Report on Metro Chicago Real Estate: Third Quarter Saw High-End Home Sales Gain in Suburbs, Slow in City
RE/MAX Luxury Report
on Metro Chicago Real
Estate: Third Quarter
Saw High-End Home
Sales Gain in Suburbs,
Slow in City
CHICAGO - Sales in the
metro Chicago luxury
home market slowed
slightly during the third
quarter, with city and
suburban luxury sales
moving in opposite
directions. The RE/
MAX Luxury Report
on Metro Chicago Real
Estate reports that 728
properties sold for at
least $1 million during the
quarter. That compares
to 742 sales in the same
quarter last year, a 2
percent decrease.
Positive news in the
suburbs, where luxury
sales rose 5.5 percent to
420 units, was offset by
slowing sales in the Cit y
of Chicago, where activity
declined 10.5 percent to
308 units.
For the first nine months
of 2016, luxury sales
totaled 1,907 units, up
from 1,864 sales during
the same period last year,
an increase of 2 percent.
The RE/MAX report is
a quarterly analysis of $1
million-plus home sales
in Cook, DuPage, Kane,
Kendall, Lake, McHenry
and Will counties from
data compiled by Midwest
Real Estate Data (MRED).
Jack Kreider, executive
vice president and
regional director of RE/
MAX Northern Illinois,
pointed out that there
continues to be a large
inventory of luxury
homes for sale in the
metro Chicago area. The
inventory of homes listed for at least $1 million was
3,344 units at the end of
September, up from 2,722
one year earlier, a 23
percent increase.
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