New Report Calls Near West A 'Major Locus' For Luxury Home Sales

CHICAGO, IL — First-quarter sales of homes over $1 million have gone up in Chicagoland, according to a RE/MAX Luxury Report. There were 489 sales in the Chicago area in the first quarter — an increase of 7.5 percent over the same quarter last year, the data shows. One of the biggest shifts happened in Chicago's Near West Side — the neighborhood had 25 luxury attached home sales in the first quarter, according to the report.

"That is particularly striking because from 2011 through 2017, first quarter sales of luxury attached homes in the Near West Side totaled only eight units," the report stated.

In 2017, there were 12 luxury attached sales in the Near West Side during the first six months, then 33 sales in the July-December period, according to the RE/MAX report.

“Demand for luxury homes is clearly on the upswing right now, but only time will tell if this is a temporary situation sparked by buyers eager to act before interest rates move higher, or if this reflects a longer-term trend that will help pare down the large number of luxury listings on the market,” said Jeff LaGrange, vice president of RE/MAX Northern Illinois Region.

He said the median sales price will be of particular interest moving forward.

"If it continues to advance, it will confirm that demand and supply are moving into better balance,” LaGrange said.

North Center and Lincoln Park led the pack for attached home sales, accounting for more than half of all first-quarter luxury detached sales in the city, according to the report.

North Center led with 28 sales, up 12 percent, at a median price of $1.37 million, while Lincoln Park had 25 sales, up 8.7 percent, with a median price of $1.7 million, according to the report.

Main image via Realtor.com