Chicago Luxury Real Estate Market November 2020
Posted by Linda Shaughnessy on Friday, December 11th, 2020 at 4:38pm.
If you've been waiting to buy a luxury condo or single family home on Chicago's Near North Side, you should take advantage of this strong buyer's market, combined with historically low interest rates.
Gold Coast Streeterville River North Mag Mile Old Town
How's the market for a Near North luxury property priced between $1M and $2M ?
It's a buyer's market for Near North luxury properties priced between $1M and $2M, same as this time last year and last month. This segment of the market make up 10.5% of the overall North Side total inventory in Chicago’s Gold Coast, Streeterville, River North and Old Town - 144/1368 of the available properties for sale.
We are seeing a -8.28% decrease in Chicago's Near North inventory Closed units and closed volume are both down -25-27% (last month they were up between +50-67%) with closed units down -25% (6 fewer homes) and closed volume down -26.65% (down by $8.6M) year over year.
Luxury Near North inventory has a 9.5% months of inventory, 18 closed sales, and 31 pending sales going into December with a +112.82% increase in average days on the market - 201 more days year-over-year. Closed volume is down over $30M compared to last month.
How's the market for a Near North luxury property priced over $2M?
The Near North luxury and ultra-luxury market is the strongest buyer's market in the Gold Coast, Streeterville, River North, and Old Town with 35.1 months of inventory to sell going into December (similar to last month and same time last year.) New listings and total inventory are both up between +9-19%. There are 190 properties (40 single family and 150 condos) available in this price category with no sales in November 2020. Last month we saw a closing volume of $26M or 8 homes.
