If the Chicago real estate market is hot, then the luxury real estate market in Chicago is on fire. Each month the sales volume is being turned up, and properties are moving off the market faster than they were put on. In August alone, we saw more than $70 million in single-family luxury home sales (those priced $1 million and above) and just under $75 million in Chicago luxury condo sales.
The influx of sales can be attributed to a few things. Many buyers spent the last few years on the fence, hesitant to move too quickly as the market came back around. That changed quickly as lower-than-low interest rates began to rise and home prices started to creep up, putting more buyers out there than there are homes to buy.
That heightened demand has lead to a noticable decline in the time it takes a property to sell. It’s not uncommon to see a property sell within hours of it being listed, and many homes are being marketed as “coming soon” to build up the buzz even before it’s marked for sale.
What current buyers are seeing as must-have properties isn’t a surprise–new, great neighborhood, lots of space, high-end finishes and details. These specifics can drive inventory down even further, since buyers are searching only for properties that match up to their wants and needs. So when one hits the market, those properties are quick to get scooped up.
What’s Selling in Luxury Chicago Real Estate
So what is it exactly that lxuury buyers are looking for on the Chicago real estate market? Here is what I’ve found to be a few top requests:
Location: Chicago has a number of neighborhoods that offer everything the luxury buyer could want, and these areas continue to be extremely popular as the market picks up. Lincoln Park and the Gold Coast have been key areas for both luxury single-family homes and luxury downtown Chicago condos have been a go-to for buyers in need of an urban upgrade.
Family-centric spaces: Certain features are catching the eye of buyers looking for a family home in the city. Things like outdoor space–not simple a terrace or a deck, but a lawn with room for the kids to play. They’re also gravitating toward things like large kitchens, designed to be a hub for the family’s daily routine. Buyers also want square footage, and lots of it. Even though much of the luxury market is condominiums, many of these properties don’t sacrifice space and live much like a single-family home.
Quality: Many buyers specifically seeking out new construction properties that offer a brand-new, fresh space that they can move right into rather than buying something old that they’ll need to renovate to meet their taste and style. And new construction is looking better than ever, with buildings like 2550 Lincoln Park and the Ritz-Carlton Residences that are designed down to every detail, so buyers know they are getting what they pay for.
If you’re looking for that just-right luxury property to make a purchase, contact me for current listings and properties that might fit your needs. Call me at (312) 498-5080 or email me at [email protected]