In what’s been a historic, frantic market, homes selling for large sums over list prices have risen sharply since January. In the second quarter, it grew even higher.

According to a new report from Zillow, 1,670 homes nationally sold for $500,000 or more over list price in the second quarter of 2021, three times more than they did in the first quarter. Homes selling for $1 million over list price doubled over the previous quarter, and the share of homes sold for 30% or more over list price rose to 1.4% in the second quarter, compared to 0.9% in the first three months of the year. 

Chicago was no exception. 

While no homes in the Chicago market sold for $1 million or more over their initial list prices in the first half of 2021, there was nevertheless robust activity. Five homes sold for $500,000 or more over list price in the second quarter, compared to two in the first quarter and zero in the second quarter of 2019. Just 0.7% of homes sold for 30% or more above list price, compared to 0.6% in the first quarter.

The report cites downward-trending interest rates as a major demand driver, giving homebuyers more buying power, as well as record-high home appreciation and an increase in remote-work options.