Luxury homes are defined by their local marketplace. Depending on the town, $2,000,000 to $2,500,000 would be considered the starting price for a luxury home in the Chicago North Shore villages of Winnetka, Wilmette, Kenilworth, Glencoe, and Northfield.
The sales of luxury homes in 2016 looked like this:
The average market time for these homes to sell in 2016 was 262 days - however 4-bedroom homes priced above $2,500,000 took 338 days. The average list to sell price ratio (based on original price) was 89%.
I've also shown the current inventory of luxury homes plus the absorption rate of those homes. Remember, the absorportion rate is defined as the amount of time it would take for all the inventory to sell without any new homes coming on the market. And for some of our villages, it will take a long time meaning the luxury market is a buyer's market.
Wilmette continues to be a strong real estate market with the best absorption rate for luxury homes. Kenilworth, Winnetka, and Glencoe have surpluses of high-end inventory and will clearly take longer to sell. Northfield has 3 luxury homes for sale but with none having sold in 2016, the absorption rate is basically not known.
If you would like more information on the luxury home market in Chicago's North Shore communities of Winnetka, Wilmette, Kenilworth, or Glencoe - please give me a call! 847-977-6024