The luxury home market started heating up last year. Based on the Chicago area MLS (this does not include private sales and those not listed on the MLS), in 2013, there were 365 homes (including condos) that sold for over $1,500,000 in Chicago. That’s a 20% increase over 2012. In the surrounding suburbs there were 353 homes that sold for over $1,500,000 which was a 29% increase year over year.
I personally have seen an increase in appraisal requests for these high end properties as well. In 2013, I appraised 26 homes that were valued over $1,000,000 while in 2012 I only completed 17.