Welcome!

News Feed Item

RE/MAX Luxury Report on Metro Chicago Real Estate: More and Faster Sales for $1 Million-Plus Residential Market in 2013

CHICAGO, Jan. 21, 2014 /PRNewswire/ -- Luxury homes sold in greater number and more quickly during 2013 in the seven-county metropolitan Chicago real estate market even as the median sales price held steady, according to the RE/MAX Luxury Report on Chicago Real Estate, a bi-monthly analysis of home sales at $1 million plus.  The metro area includes the counties of Cook, DuPage, Kane, Kendall, Lake, McHenry and Will. 

(Logo:  http://photos.prnewswire.com/prnh/20140116/CG48021LOGO)

Sales were brisk, with 2,038 luxury properties changing hands; 33 percent more luxury homes sold during the year than in 2012.  The average time it took for those $1 million-plus homes sold in 2013 to find a buyer was 160 days, down from 223 days in the prior year.  The median sales price held at $1,325,000.

Chicago Luxury Home Sales

In Chicago, total luxury sales were up 26 percent for the year to 900 units, and the median sales price climbed 0.4 percent to $1,370,000.  The average market time shrank to 141 days, compared to 195 days in 2012. 

Activity in the Chicago luxury market shifted somewhat in 2013, with detached homes accounting for 54 percent of sales while sales of attached homes represented 46 percent.  In 2012, 51 percent of luxury sales were in the attached category; 49 percent involved detached residences. 

Not only did detached homes attract the majority of sales activity, they also performed a bit better by other measures.  Detached sales increased 39 percent to 485 units.  The median price of a detached luxury home rose 1 percent to $1,350,500 compared to $1,335,000 in 2012.  Average market time was 120 days last year, down from 167 days in 2012.

In contrast, sales of attached homes rose 13 percent to 415 units, and the median sales price dipped 1 percent to $1,390,020.  Average market time for 2013 was 166 days, down from 221 days in 2012.

The Lincoln Park community remained the city's top area for luxury detached homes, with 166 sales in 2013, up 24 percent from the prior year.  Sales of attached luxury homes were concentrated in the Near North Side community, which had 270 sales in 2013, 65 percent of the citywide total.  

Suburban Luxury Home Sales

In the metro Chicago area outside Chicago, home sales of $1 million or more totaled 1,138 units during 2013, 39 percent more than in 2012.  The median sales price was $1,283,282, down 1 percent from the prior year.  Average market time was 175 days, 72 less than in 2012. 

The five suburban towns with the most luxury home sales were:  Hinsdale with 142 sales and a median sales price of $1,436,000; Winnetka with 133 sales and a median price of $1,515,000; Lake Forest with 104 sales and a median price of $1,290,000; Wilmette with 83 sales and a median price of $1,212,500, and Glencoe, where 71 sales had a median price of $1,400,000.  

RE/MAX has been the leader in the northern Illinois real estate market since 1989.  The RE/MAX Northern Illinois network, with headquarters in Elgin, Ill., consists of 2,000 sales associates and 100 individually owned and operated RE/MAX offices that provide a full range of residential and commercial brokerage services.  Its www.illinoisproperty.com website provides comprehensive information about the network and about residential and commercial property for sale in the region.  The northern Illinois network is part of RE/MAX, LLC, a global real estate organization with 90,000+ sales associates in 90+ nations. 

Contact: Laura Ortoleva, 847-428-4200, [email protected]

SOURCE RE/MAX Northern Illinois

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle.
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
Providing the needed data for application development and testing is a huge headache for most organizations. The problems are often the same across companies - speed, quality, cost, and control. Provisioning data can take days or weeks, every time a refresh is required. Using dummy data leads to quality problems. Creating physical copies of large data sets and sending them to distributed teams of developers eats up expensive storage and bandwidth resources. And, all of these copies proliferating...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, will posit that disruption is inevitable for c...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.