$1M+ homes are the norm in more Illinois cities
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Illinois boasts three more "million-dollar cities" than a year ago, data shows.
Why it matters: Luxury real estate prices are rising nationwide, largely because those with deeper pockets are best positioned to buy in a market with low inventory and high mortgage rates.
The big picture: Persistent demand for homes outside of downtowns is one reason some states are seeing an uptick in million-dollar cities, says Stephanie Anton, a president at The Corcoran Group, a national luxury real estate company.
- The number of U.S. million-dollar cities climbed from 491 to 550 in the last year, per a recent Zillow report.
State of play: Typical home values climbed above $1 million in Hinsdale, Lake Forest and Bannockburn, per Zillow.
- Those areas joined Illinois' other million-dollar cities: Glencoe, Winnetka and Kenilworth.
While the city of Chicago's highest-end real estate sales slowed last year, more homes are selling that cost between $1 million and $2 million, local broker Mary Jo Nathan says.
What they're saying: Luxury house shoppers "want 100% of what they want, and they're willing to wait for it," Nathan tells Axios.
- It's partly why homebuilders are still building. "Once that luxury home goes into resale, it's a used home. It's like a used car," Nathan says.
The bottom line: "For affluent consumers, real estate isn't just a shelter decision," Anton says.
- "It's about signaling who you are" and acquiring something unique.