Luxury home sales activity in the seven-county Chicago area increased modestly during the second quarter, while prices showed little upward momentum, according to the quarterly RE/MAX Luxury Report on Metro Chicago Real Estate. Home purchases of $1 million or more climbed to 916 units, up +1.9% from the same period last year. For the full first half of this year, the increase was +3.2% to 1,408 units. Both those transaction totals were the highest for their respective periods since RE/MAX began tracking luxury home sales in 2011.
The second-quarter median sales price in the luxury bracket was unchanged at $1.3 million, and average market time, which is the number of days from the date a property is listed until it goes under contract, dipped to 149 days from 167 days a year ago.