Luxury real estate in Chicago and its suburbs reached new heights in 2024, with a record-breaking surge in million-dollar home sales. As demand for high-end properties soared, neighborhoods like Edgewater, Lincoln Square, and Wilmette joined the exclusive club where the median home price topped $1 million for the first time.

This shift reflects the growing appetite for premium properties, fueled by low inventory, rising home values, and increased wealth among buyers. Let’s take a closer look at the market trends shaping Chicago’s luxury real estate landscape.

Chicago’s Expanding Luxury Market

In 2024, buyers seeking homes priced at $1 million and above were more competitive than ever, often facing multiple bidding wars. This heightened demand pushed median prices above the million-dollar mark in several new neighborhoods, alongside long-established luxury areas like Lincoln Park, Lakeview, and West Town.

According to recent data from the Chicago Association of Realtors and Midwest Real Estate Data, there were 5,742 sales of homes priced at $1 million or more—a remarkable 23% increase from the previous year and more than double the volume recorded five years ago.

Wilmette Joins the North Shore’s Elite

The North Shore has long been home to some of the most sought-after luxury properties in the Chicago area. In 2024, Wilmette became the latest suburb to break the million-dollar median price threshold, joining Kenilworth, Winnetka, Glencoe, and Lake Forest.

With its charming downtown, top-rated schools, and lakefront access, Wilmette’s desirability continues to grow. In a competitive market, buyers had to act fast—some securing homes by meeting seller demands, such as waiving contingencies or accommodating delayed move-in requests.

Lincoln Square and Edgewater: The Rise of High-End Urban Living

City buyers also saw a shift, with Lincoln Square and Edgewater becoming two of the latest Chicago neighborhoods where median home prices exceeded $1 million.

• Lincoln Square, known for its vibrant shopping, dining, and cultural scene, attracted buyers who wanted more space while still enjoying easy access to downtown. Many chose Lincoln Square after realizing they could upgrade from a condo in Lincoln Park to a full home with a yard for the same price.

• Edgewater, including the coveted Lakewood-Balmoral and Andersonville areas, saw a 13% jump in median home prices to $1.04 million. The neighborhood’s tree-lined streets, historic architecture, and proximity to the lakefront make it one of the most charming and in-demand areas in Chicago.

Luxury Market Outlook

With a growing number of buyers seeking high-end properties, the Chicago luxury market is expected to remain competitive. The limited supply of homes and the strong demand for high-quality, move-in-ready properties will likely continue driving prices upward.

For homeowners considering selling, this presents a prime opportunity to capitalize on the market’s momentum. Whether you're thinking of listing your home or searching for your dream property, having an expert real estate advisor on your side is key.

 Looking to buy or sell in Chicago’s luxury market? Contact Connie Dornan for expert guidance on navigating the competitive real estate landscape.