RE/MAX unveils luxury report on metro Chicago real estate

Sales of homes priced at $1 million or more in the metropolitan Chicago real estate market accelerated in 2015, while their median sales price declined slightly, according to the RE/MAX Luxury Report on Metro Chicago Real Estate. The report is a quarterly analysis by RE/MAX of $1 million-plus home sales in Cook, DuPage, Kane, Kendall, Lake, McHenry and Will counties. It is based on sales data compiled by MRED, the regional multiple listing service. There were 2,353 luxury home sales in 2015, 8 percent more than in 2014. Their median sales price was $1,340,000, 1 percent less than in 2014. Time required for those luxury properties to find a buyer rose slightly to 135 days from 131 days in 2014. "The luxury market is the one segment of the metro Chicago residential real estate market in which we are seeing a high level of inventory," said Jim Merrion, regional director of the RE/MAX Northern Illinois real estate network. "That fact contributed to the slight decline in the median sales price of luxury homes even as sales activity increased,” Merrion said.