In a recent turn of events, Chicago and Colorado Springs have joined the million-dollar club for luxury homes, as reported by Mansion Global. This surge is attributed to the tight inventory and high interest rates pushing prices to new heights. The median listing price for luxury homes in both metros has surpassed $1 million, highlighting a significant crisis in housing availability.
Matt Silver, a notable broker with Corcoran Urban Real Estate in Chicago, emphasizes the severity of the situation, stating, “We are past a shortage and full-on in a crisis.” This shortage is not just limited to luxury homes but extends to the general housing market, driving overall prices upward. The luxury segment, less sensitive to interest rates, sees buyers who prefer to wait for favorable conditions, further reducing active listings.
In Colorado Springs, the completion of the "The Gap" project has facilitated commuting from Denver, increasing demand and prices in the luxury market.
This trend reflects a broader national issue where inventory constraints and increasing prices are redefining the luxury housing market. For more insights, check out the full article on Mansion Global here.