January 2022 million dollar single family home sales in Chicago and Suburbs
In the competitive landscape of luxury real estate in Chicago, January 2022 marked a historic milestone for million-dollar single-family home sales. This period achieved an all-time record for January months, with 196 units sold totaling $326,673,540. This represented a substantial 29% increase in sales value and an 18% rise in units compared to January 2021. The M2 money supply, a key indicator of economic liquidity, stood at $19.37T in January 2021 and climbed to $21.66T in January 2022, reflecting an 11.82% year-over-year growth that underscores the financial robustness fueling the demand for luxury homes in Chicago.
Leading the pack, Lake Forest dominated with total sales of $40,193,892, a remarkable 78.27% year-over-year increase. The Barrington Area surged to the 9th position, boasting $12,246,850 in sales—a staggering 375% year-over-year jump—highlighting its growing appeal among affluent buyers seeking million-dollar homes in Chicago’s suburbs. Chicago’s Old Town/Near North Side neighborhood also showcased strong performance, with a 542% year-over-year gain, propelling it to 8th place in the rankings.
However, not all areas experienced gains; Hinsdale, a perennial favorite in luxury real estate, saw a 50% decline in sales year-over-year, dropping from 1st to 4th place. These shifts illustrate the dynamic nature of the luxury real estate market in Chicago, where economic indicators like M2 growth correlate with heightened activity in million-dollar single-family homes.
M2* Board of Governors of the Federal Reserve System (US), M2 [M2SL], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/M2SL, August 18, 2022.
Sales data collected from mredllc.com