CHICAGO
A surge in luxury sales in the second half of 2024 is expected to continue throughout 2025, as activity in the top echelon of the Windy City market hits its stride. Prices in Chicago’s luxury real estate sector continue to climb, with price growth outpacing most other major metropolitan areas, and the U.S. national average. From July through December 2024, the market saw an unprecedented number of homes list for $10 million and above, many quickly going under contract. At the same time, the Chicago area also experienced a raft of record-breaking prices for properties in the $3-$5 million range. In all, 2024 closings for Chicago-area homes priced at $4 million and up – the upper end of the city’s real estate market – jumped 35% over 2023. This upward trajectory reflects a renewed confidence in the market among buyers and sellers, according to George Schultz, an @properties Christie’s International Real Estate managing broker in Chicago. Schultz also pointed to Chicago’s relative affordability as a draw for luxury buyers. “For its size and sophistication, Chicago is one of the most affordable large cities in America in any luxury category. You simply get so much more value from a condo, townhome or single-family home in Chicago than in other large cities in America,” says Schultz. Schultz also cites the city’s world-renowned arts scene and growing financial and tech sectors as reasons high- net-worth individuals are making the move to the city. Downtown condo sales are the one slow spot in the market. Condos in the heart of the city continue to sell below asking prices, largely driven by the lingering effects of the COVID-19 pandemic, which exacerbated crime downtown and led to widespread office closures.
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