Illinois

Luxury Real Estate in Illinois

Illinois concentrates its high-value property in two places: Chicago's lakefront and near-north buildings, and the North Shore suburbs running from Winnetka through Lake Forest. Hinsdale and the western suburbs form a third, quieter market.

What Sellers Should Know

Chicago's luxury condominium market is building-specific to an unusual degree. Assessments, reserve health and the building's own sales history often move a buyer more than the unit itself does. Have those documents ready early.

What Buyers Should Know

North Shore properties are frequently older and larger than they appear, and carrying costs — property tax in particular — vary sharply between townships. Confirm the effective rate for the specific address rather than the area.

The Illinois Market in Context

Across every price band, the statewide median sale price was $284,000 as of March 2025, according to Redfin. Homes took a median of 48 days to sell in 2024 at 2.6 months of supply — still short of the four to six months that marks balance — and closed sales fell 1% against 2023, per Clever Real Estate's state analysis. Those are whole-market numbers spanning starter homes to estates; the luxury tier trades on its own timeline and against its own comparables.

Market data: Redfin state median sale prices, March 2025; Clever Real Estate 2025 state study (2024 days on market, months of supply, and 2023–24 change in sales). These figures describe the broader Illinois market and are not Platinum Group transaction data.