Chicago Illinois Luxury Homes accounts for about the top 10% of our listed for sale inventory. The luxury home market in Barrington is just one of many in the Chicago Illinois area. You can read our recent luxury homes market report for Barrington here.
Here is the Chicago Illinois luxury homes market report for March 2018. This gives buyers and sellers in other areas of metro Chicago a general idea of what to expect if entering the luxury real estate market soon. It encompasses all of the city and suburbs.
The beginning price point for luxury homes, those in the top 10% of the entire Chicago market, is less than Barrington and starts at $750,000. The report takes into account all markets, some do not have the high prices but they do have higher priced homes based on their own averages.
The chart below shows that sales relative to listings is just 7%. The luxury real estate market in Chicago and suburbs as tough for sellers to enter. The chart below shows single family home sales and inventory available.
A 13 month trend of luxury single family homes in Chicagoland shows more activity in the warmer months, the median price is holding fairly steady. As expected a spike of new listings occurred in February as new sellers start the marketing process. No doubt there will be more new listings to come in spring.
We do have some attached homes in the luxury home market of Chicago. Consider high rises downtown on the lake front. Condos there can attract a hefty price tag. The chart below shows townhomes and condo sales. With sales at 10%, attached properties are doing a little better. A little.
The 13 month trend for luxury attached properties in Chicago also shows a steady median price, more sales in summer and a spike of inventory in later winter.
The Chicago luxury home sales market is a buyers market all round. Buyers have a huge choice of homes to consider, no matter the price point they are shopping in.
Start a Search of Chicago Illinois Luxury Homes For Sale
If you are entering the market to sell a higher priced property you should be aware of the time it might take to find a buyer. Setting your expectations at the start of a client and agent relationship is something we must do. You need to do what it takes to present your home in it’s best possible light. We must do our best to market your property to get the most exposure. Luxury homes are often purchased by out of town and out of state buyers. Professional photograph is not an option, it’s mandatory.
National and international exposure is also mandatory. We can add a website just for your property, and expose it to luxury buyers on a number of price specific web locations specializing in luxury home marketing. We’ll never know when a buyer is ready to start the process or where he’ll look, so the wider audience we market to the better.