In 2017, Chicago’s luxury condo market had a strong year. Now in 2018, at least five homes priced at $4 million or more sold each month in Chicago, according to Crain’s Chicago Business. As of early December 2018, a total of 70 $4-million-plus homes sold in the Chicago area.

Luxury Sales in 2018

Luxury home sales in the Chicago area are up 35 percent compared to the last record year, according to the report. Released in December, the Crain’s report speculates that Chicago and its surrounding suburbs could close out the year with 75 or more $4-million-plus sales. Crain’s found Midwest Real Estate Data pointing to a dozen homes in that price range with pending contracts.

While luxury home sales are on an upswing, overall, Chicago home sales dropped 6.8 percent year-over-year in November, according to Chicago Now.

Neighborhoods and Suburbs for Upscale Homebuyers

Lincoln Park is the quintessential Chicago neighborhood

If homebuyers are looking for high-end options, these are a few of the neighborhoods that had sales of $4 million or more in 2018.

Lincoln Park

Lincoln Park has a reputation for upscale living. The neighborhood is one of the top spots to find new condos and townhomes, and it’s also home to historic, highly priced properties. For example, a 10,000-square-foot townhouse dating back to the 1910s sold for $4.75 million in the neighborhood in 2018, according to the Crain’s report. 

Although Lincoln Park has mansions and brand-new condos, multi-million-dollar homes are not the only homes on the market. The neighborhood’s median sale price is in the mid $500s, according to Neighborhoods.com.

Gold Coast

The neighborhood name suggests luxury, and homebuyers seeking that level of property don’t have to look too hard here.

In 2017, billionaire Ken Griffin bought the top four floors of the ultra-luxury condo building No. 9 Walton. In 2018, 20 of the Chicago area’s high-end sales were units in the nearly completed building, according to the Crain’s report. 

Last year, Crain’s reported that the building’s units would go for an average of more than $5.5 million apiece. The median sale price in the Gold Coast is in the low $400s. 

Winnetka

Multi-million-dollar homes are not exclusively the realm of the city. Homebuyers found an active luxury market out in the suburbs.

For example, a home in the northern suburb of Winnetka sold for approximately $4.48 million in 2018, Crain’s reports. The 1960s home features four bedrooms and 112 feet of beach. Crain’s notes that this property is one of seven $4 million-plus homes to sell in the suburb in 2018. The number of luxury home sales in Winnetka is not particularly surprising, given the suburb’s frequent status of one of the state’s wealthiest places.

Highland Park

Highland Park also landed on the list with an upscale sale in 2018. Buyers snagged a lakefront mansion for $4.2 million, $1 million less than the sale price 17 years ago, according to another Crain’s Chicago Business report. Like the Winnetka mansion, this Highland Park home comes with beachfront access.

While no stranger to mansions, Highland Park also has more reasonably prices neighborhoods, like Sunset Park (median sale price in the mid $300s).

Future Luxury Sales in Chicago

If homebuyers are curious where luxury sales will pop up in 2019, Lakeshore East and Streeterville are two neighborhoods to watch.

Lakeshore East is a master-planned community with an emphasis on luxury living. The 100-story Vista Tower is going up in the neighborhood, and sales are underway. In July of 2018, an $18.5 million condo in the building went under contract, according to another Crain’s Chicago Business report.

Just across the river in Streeterville, another condo tower—One Bennett Park—is another development to watch. The 70-story tower includes just 69 condos, which are expected to range in price from $2 million to $15 million. The small number of condos is an explicit decision to make One Bennett Park more exclusive. Luxury real estate is a defining factor in Streeterville, the neighborhood that also contains Navy Pier and The Magnificent Mile.