Luxury homes sales take off in Chicago

by Liz Hughes

The demand for luxury homes has exploded, rising nearly 81% for homes in the $1 million-plus range, according to a new report from Point2 Homes.

The report analyzed housing inventory in 30 large, 30 mid-sized and 20 small cities across the country, looking at the share of homes above $1 million, $3 million and $5 million to build their rankings. 

Nationally, the number of homes selling for more than $1 million rose 81% to 17,216 in February from 9,635 the prior year, according to the National Association of Realtors. 

Chicago ranked 17th in the report’s list of the 30 largest cities’ share of luxury listings. 

In Chicago, where the median home price is $357,000, 12% of listings were above $1 million, 1.7% above $3 million and 0.5% above $5 million.

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