The Chicagoland region has seen a marked drop in sales of luxury homes.
According to Chicago Magazine, the number of homes that sold for more than $1 million dropped by 4.3 percent in one year. The numbers were compiled by the magazine from July 1, 2006 to June 30 of this year.
The Gold Coast saw the largest number of sales of luxury homes in all of Chicago during the period. A total of 322 homes were sold in the neighborhood.
Luxury homes aren’t the only properties seeing a pronounced drop in sales. Home sales across the city of Chicago dropped by more than 20 percent during the third quarter.
A total of 1956 single family homes were sold in the city during the period, according to the Chicago Association of Realtors.
Total sales of homes in the Chicago suburbs are down as well. A total of 12,728 homes were sold in the Chicago suburbs, according to the Chicago Association of Realtors. This is a 24 percent drop from the same period last year.
As sales continue to drop around the area, prices should follow. Buyers should start to find excellent deals on Chicago Real Estate in neighborhoods around the greater Chicagoland region.
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