On Monday, Crain's Chicago Business announced that "The top of the market just went over the top". Chicago has seen record-breaking home sales this past year with 75 homes selling for $4 million or more. Crain's interviewed Corcoran Urban Real Estate's Managing Partner, Matthew Farrell , for his take on the luxury market.  The firm has represented a multitude of clients ranging from two bedrooms purchases up to full-floor penthouse residences at Chicago's newest luxury tower, the St. Regis Chicago, located in the New Eastside. 

One of the reasons attributed to the rise in home buyers purchasing at $4 million + is the wealth available in the stock market. The stock market has been soaring since shortly after the pandemic began, and “it’s generated a lot of expendable income for people who are invested,” said Matt Farrell, managing partner at Corcoran Urban Real Estate. “Now they’re saying, ‘Let’s do something fun with it, honey.’ ” 

To read the article in its entirety and hear what other factors have been at play click here: Chicago Luxury Housing Market Breaks Record