Chicago’s high-end suburban real estate market appears to be on the rebound from earlier dips in the market. Statistics from Midwest Real Estate Data (MRED) point towards a market that is characteristically consistent, signifying that now may be the time to sell.
CEO of Midwest Real Estate Data, Russ Bergeron, remarked, “The ratio of sale-price to original list-price for suburban homes in the $1 million – $3 million range has remained right at 85 percent over the last two years. It indicates a very stable, consistent upper-level market.” The same consistency is seen in the over-$3 million range, except that sale-price to original-list price has dropped from 85 percent to about 83 percent.
Bergeron went on to point out the average market time for property in the $1 million – $3 million range has decreased from 300 days to 253 since 2009. The over-$3 million range however has increased from 379 to 444 days.
When asked about how suburban regions were faring comparatively, Bergeron replied that he had viewed statistically varying data between Chicago’s north and west suburbs. In particular, the North Shore showed a two-year marginal gain of about 4 percent in luxury homes from list-to-sale prices. Meanwhile, certain western suburbs in the same category showed a roughly 8 percent decrease. He also noted that both regions have lowered market time by about 16 percent.
Luxury home specialists have viewed similar trends portraying a consistent high-end real estate market. “It does look like we are no longer trending downward, and we’re leveling off. Priced right, homes will sell now,” said Beth Burtt, of Brush Hill, Inc. Realtors in Hinsdale.