Buyers are taking advantage of the market that UBS recently identified as “undervalued.”Loop North News reports on the latest market analysis from Re/Max that found robust high-end home sales for Chicago’s seven-county metro area. The quarterly Re/Max Luxury Report on Metro Chicago Real Estate noted that a total of 739 existing homes priced at $1 million or more were sold during the third quarter of 2015 in the seven-county metro area.The total topped the 737 luxury home sales posted in the second quarter of 2015 in the metro area, and bettered the 736 units sold during the third quarter of 2014.
A total of 202 luxury units were sold in Chicago in the third quarter of 2015 – a solid 12 percent gain over the same period in 2014 and a whopping 30 percent increase over the 2013 level.
It doesn’t appear that the city’s “undervalued” label will be leaving anytime soon, either. The report notes that while luxury sales have been up, prices took a dip. In the third quarter of 2015, the median sales price for a high-end resale home in Chicago was $1.4 million, down 4% from the same period in 2014. [Loop News North]View full listing (pictured top)