Chicago is the No. 5 luxury housing market in the country for homes $1 million and up, according to the new Coldwell Banker Previews International Luxury Market Report.
The report analyzed which U.S. cities had the highest number of luxury home sales valued at $1 million or more from June 2014 to June 2015. With 1,098 sales, Chicago’s fifth-place ranking put it behind San Jose (with 1,241 sales), San Francisco (2,324), Los Angeles (2,685) and New York (6,752).
High-Net-Worth Individuals in Real Estate
The report also surveyed the wealthiest 1.5 percent of the U.S. population – or high-net-worth (HNW) individuals – on their buying habits, revealing some insight into why the luxury home market has been so strong over the past few years.
HNW Millennials under the age of 35 made up the majority of those who were looking to purchase new property in the upcoming year, with 69 percent looking to do so; that compares with 50 percent of those aged 35 to 49, and 17 percent of those 50 and older.
HNW Millennials have spent an average of $4.96 million on their last home, while those aged 35 to 49 have spent $5.24 million.