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Luxury home sales rise in 2018, but not like the year before

(Credit: Chicago’s Luxury Real Estate)

Sales of $1 million-plus homes in the Chicago area grew modestly in 2018 after a big year in 2017.

Luxury sales grew by 1.4 percent last year, a decrease from the 10 percent growth in sales of $1 million-and-up homes recorded in 2017, according to Crain’s.

Much of the year’s luxury sales were concentrated in Chicago, where a slew of new, high-end condominiums dominated the list of the year’s priciest home sales. The Near North Side saw 377 sales of $1 million-plus, more than suburbs Hinsdale, Wilmette and Lake Forest combined, according to Crain’s, which cited statistics from Re/Max.

Despite the slowdown in the overall luxury market, sales of homes trading at $4 million or more posted a record year in 2018.

While 2018 was good for high-end home sales, that can’t be said for the rest of the local housing market. Sales of homes at all prices were down 3.5 percent through September.

That trend is expected to continue into this year, with experts predicting that Chicago will have the weakest housing market in the U.S. [Crain’s]Joe Ward

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