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Here’s What’s Behind November’s Mini-Rush of Luxury Home Sales

Here's What's Behind November's Mini-Rush of Luxury Home Sales

Across the market as a whole, inventory and home sales fell again in October, and prices have continued to increase, according to data released by Illinois Realtors. Experts working with Illinois Realtors expect challenging market conditions to extend through the end of the year.

“Our forecasts indicate that these trends will continue over the next three months throughout the state,” said Daniel McMillen, professor of real estate and associate dean for faculty affairs at the University of Illinois Chicago College of Business Administration. However, Chicago’s luxury market is somewhat of an outlier, since market forces that limit purchasing power for an average buyer, such as increasing interest rates, are less impactful given high-end buyers often purchase in cash.