Chicago’s top housing agents and brokers made $2.72 billion in sales in the past year.
Compass’s Jeff Lowe’s group tops the list TRD’s First home broker ranking list with $381.42 million. Lowe was followed by Americorp’s Matt Laricy Team with his $303.74 million and @properties Christies International Real Estate’s ESW Chicago Group with his $287.08 million.
The hot-selling market presented many opportunities for agents and brokers, but the limitations were clear. The high-rise condominium market accounted for more than half of Larisi’s business. That means he faced a tough market most of the pandemic as Chicagoans fled for more space in the suburbs.
If anything, a recession could bring stability to the downtown condo market as buyers seek more space in single-family homes, Larisi said. A weaker economy and job cuts are likely to boost the market as employees become less influential when working from home and workers are fed up with long commutes.
“This is a tale of two cities,” said Larisi. Single-family homes and small buildings in the suburbs perform well, while city centers perform poorly. ”
The Chicago condo market is struggling as units stay on the market longer and sell for less than single-family homes. Many of Chicago’s best-priced condos are still below the asking price. Even Trump Tower Chicago’s record-breaking penthouse, which sold for $20 million, originally demanded an additional $10 million.
On average, condos spend more time on the market than single-family homes. In his first three months of the year, Chicago homes sold an average of 61 days later, compared with his 99 days for condos.
This list is TRDs at the Chicago market. Source: MRED – Midwest Real Estate Data and publicly available figures from company submissions. Only transactions completed between June 16, 2021 and June 16, 2022 are included. Trading includes both the buy side and the sell side.
Neither Larisi nor Lowe are panicking about the state of the market, saying they expect the market to normalize and be unfavorable for sellers.
Laricy likened the fear of returning to the office to the aftermath of the 2008 recession. Some analysts feared the United States would become a renter state, but that speculation turned out to be unfounded.
“There will be offices, there will be cities,” Larisi said. “I think people you know will be back in the office in the next three to four years.”
Updated: Aug 9, 2022, 12:30 PM: This article has been updated to add in the eighth paragraph that the data are from published MRED figures.