LINCOLN PARK — Sales of million-dollar luxury homes are booming in Lincoln Park.
According to the RE/MAX Luxury Report on Metro Chicago Real Estate for the third quarter of the year, released this week, Lincoln Park led the city in million-dollar sales of attached homes — meaning condominiums, townhouses and co-ops — and reclaimed the lead from North Center in sales of million-dollar detached homes.
The report, culled from Midwest Real Estate Data, found that 34 attached homes sold for $1 million or more in Lincoln Park from July through September, a 79 percent increase from the same period a year ago, with a median price of $1.35 million, up 15 percent.
Sales of detached, stand-alone luxury homes, selling for $1 million or more, were likewise robust, with Lincoln Park reclaiming the top spot as busiest luxury neighborhood after North Center led the city over the first half of the year.
According to the report, 45 houses sold for $1 million or more in the third quarter in Lincoln Park, up 7.1 percent from the same time period last year, with a median price of $1.66 million, also up 5.4 percent.
Some 35 houses sold for $1 million or more in North Center, a 12.9 percent increase from a year ago, with a median price of $1.27 million. Other top Chicago neighborhoods for million-dollar houses included Lakeview (32 sales at a median price of $1.53 million), and West Town, (28 sales at a median price of $1.24 million.)
Real estate analysts cheered how the inventory of million-dollar homes across the Chicago area was down 5 percent at the end of September, compared with a year ago, possibly spurring continued price increases.
"The quarter just ended underscored a fairly stable luxury market,” said Chris Calomino, spokesman for RE/MAX Northern Illinois. “Over the last four years, third-quarter sales have held in a narrow range, with a high of 742 units in 2015 and a low of 728 units in 2016. An encouraging sign this quarter was the decline in luxury inventory because we've seen a significant increase in luxury listings over the last few years."
Midwest Real Estate Data found 741 homes selling for $1 million or more in Cook, DuPage, Kane, Kendall, Lake, McHenry and Will counties in the third quarter, just under that high of 742 two years ago.