More North Shore Luxury Homes Selling at Faster Pace

Photo caption: A five-bedroom Winnetka home at 657 Sheridan Road is currently on the market for $6,775,000. Photo credit: Zillow.com

When it comes to luxury homes selling over the $1 million mark, the Chicago-area real estate market has seen a marked improvement compared to last year.

Between January and September of 2014, 1,675 units were sold in the seven-county Chicago metro Chicago area, which was an increase of 8 percent compared to the same time period last year. The median sales price was $1,340,000, which was up 3 percent, according to a Re/MAX press release.

The suburbs saw a 3 percent increase in luxury home sales and the median sales price was up by 3 percent to $1,300,000. In addition, the average time the luxury home sat on the market dropped by 16 percent to 150 days.

The most active suburban market for luxury homes was Winnetka where 121 homes sold for at least $1 million, which is a 15 percent increase over last year. The median sales price for those homes was $1,440,000.

Several other North Shore communities have noted an active year for its luxury real estate market. In Wilmette, 94 luxury homes sold between January and September with a median sales price of $1,307,5000.

Here is a look at some of the other active real estate markets for luxury homes in the Chicago suburbs:

• Hinsdale: 93 home sales with median sales price of $1,505,000
• Lake Forest: 73 home sales with median price of $1,350,000
• Glenview: 58 sales at a median price of $1,184,000
• Glencoe: 51 sales at a median price of $1,475,000
• Barrington area: 35 sales with a median price of $1,370,000
• Highland Park: 29 sales at a median price of $1,210,000
• Naperville: 28 sales at a median price of $1,188,500