Redfin Reports High Luxury Buyer Demand in Chicago and Jacksonville
What happened
Redfin found that both Chicago and Jacksonville have more high-income households and luxury buyers than they did in 2019, though both cities have fewer homes for sale. In Jacksonville, the luxury buyer pool grew 10.4% from a year earlier, while active luxury listings fell 9.4%. Chicago saw a 10.5% increase in buyers, but active listings fell 10.7%.
From cities929.com
Why it matters
The report indicates that more buyers are competing for fewer homes in both markets. Nationally, builders are struggling, with 66% of builders offering sales incentives in September, and pending sales were down 8.6% from a year earlier.
Redfin tracks diverse real estate market trends across major US metros, including high growth in Chicago, declines in Seattle, Austin, Tampa, San Antonio, and double-digit growth in Detroit.
From cities929.com
Who's involved
- RedfinReports on market demand and trends in Chicago and Jacksonville
- ChicagoMajor US city where Redfin tracks market demand
- JacksonvilleMajor US city where Redfin tracks market demand
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Marriott InternationalSpeculative
Increased luxury buyer demand in Chicago could boost hotel occupancy and revenue for Marriott International.
- FEDSpeculative
The tension between wealth growth and high financing costs could influence FED monetary policy.
Keep exploring
Part of
Redfin tracks diverse real estate market trends across major US metros, including high growth in Chicago, declines in Seattle, Austin, Tampa, San Antonio, and double-digit growth in Detroit.Also in this story
- Cost of living pressures are being felt in major US cities, including Austin and Detroit.
- Luxury market trends are being compared between Austin and San Antonio.
- Relocation trends show Tampa Bay surpassing Austin and Nashville in recent moves, with recruitment noted from Detroit.
- Corporate migration is driving up luxury home prices as high-net-worth buyers explore various growth markets across the US.
The entities involved
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Chicago
city and county seat of Cook County, and largest city in State of Illinois, United States of America
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Jacksonville
city in Duval County, and largest city in State of Florida, United States
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Redfin
American real estate brokerage