The sales of luxury homes priced at $1 million or more has increased by eight percent in 2015 while the median sales price of luxury homes slightly fell, according to the RE/MAX Luxury Report on Metro Chicago Real Estate.
"The luxury market is the one segment of the metro Chicago residential real estate market in which we are seeing a high level of inventory," said Jim Merrion, regional director of the RE/MAX Northern Illinois real estate network. "That fact contributed to the slight decline in the median sales price of luxury homes, even as sales activity increased."
According to the press release of RE/MAX Northern Illinois in PR NewsWire, the luxury home sales in the Metro Chicago area has increased to 2,353 in 2015, while the median sales price of luxury real estate has slightly dropped by one percent to $1,340,000. The number of days a luxury home stayed in the market has also increased, from 131 days in 2014, to 135 days in 2015.
The number of detached and attached luxury home sales in Chicago has also increased. Detached luxury homes sales rose to 617 units, 19 percent higher than 2014, while attached luxury homes sales gained two percent more than in 2014 to 503 units. Both detached and attached luxury homes have their median sales price dip in 2015. Detached luxury homes' median sales prices decreased by three percent to $1,420,000, while attached homes slipped two percent to $1,375,000. The average market time of detached luxury homes has increased, from 88 days in 2014 to 107 days in 2015, while attached homes tend to sell fast and have lessened its market time to 116 days from 128 days in 2014.
The RE/MAX Luxury Report on Metro Chicago Real Estate is a quarterly analysis by RE/MAX of $1 million-plus homes sales in Cook, DuPage, Kane, Kendall, Lake, McHenry and Will counties, and is based on sales data compiled by MRED, the regional multiple listing service.
The RE/MAX Northern Illinois network, with headquarters in Elgin, Ill., consists of more than 2,250 sales associates and 105 independently owned and operated RE/MAX offices that provide a full range of residential and commercial brokerage services.