Chicagoland Real Estate: Gossip, Drama, and Deep-Dish Deals

The Chicagoland real estate market continues to evolve, with exciting developments, high-profile property sales, and a touch of drama to keep things interesting. Here’s the latest scoop on what’s happening in and around the Windy City—because real estate is basically the new reality TV.

Residential Market Trends

The Chicagoland residential market is hotter than a deep-dish pizza fresh out of the oven. As of December 2024, the median home price hit $366,590, which is 7.8% higher than last year. Homes are selling faster than Cubs tickets after a World Series win (we can dream, right?), with an average time on the market of just 35 days. But don’t be fooled—while some homes are selling below asking price, a whopping 27% are sparking bidding wars and going above asking. It’s survival of the fittest out there, folks!

Commercial Real Estate Highlights

In commercial real estate, former Phoenix Suns owner Robert Sarver has entered the chat, scooping up the former Groupon headquarters at 600 West Chicago Avenue. Looks like Chicago is still a slam dunk for big-time buyers.

On the flip side, Alderman Brian Hopkins gave a big thumbs down to a 500-unit residential tower proposal on the North Side. Developers, take note: compromise is the name of the game if you want to score in Chicago.

Luxury Market Shakeups

The luxury market is giving us all the drama we could ask for. Billionaire Ken Griffin just sold his No. 9 Walton penthouse for $19 million—a staggering 44% loss from the $34 million he originally paid. Ouch. If you thought your Zillow "estimate" was rough, imagine losing $15 million.

Meanwhile, Michael Jordan’s Highland Park estate finally found a buyer after 12 years on the market. Originally listed at $29 million, the price dropped faster than Jordan’s opponents in the '90s, eventually selling for $14.855 million. MJ may have been the GOAT on the court, but his real estate strategy… not so much.

Market Challenges and Opportunities

Inventory is scarcer than a decent parking spot downtown, and buyers are feeling the heat. The number of homes on the market has more than halved in the past five years, making it a real-life game of musical chairs—except with houses and way more anxiety.

Still, some properties manage to stand out. A Gold Coast mansion, rocking an Italian Renaissance Revival vibe, recently hit the market for just under $7 million. Because who doesn’t want to live in a house that looks like it belongs in a period drama?

Real Estate Gossip

In other news, Broadway producer Michael Leavitt made a sneaky move, selling his River North condo before it even officially hit the market. Known for bringing the Blue Man Group to Chicago, Leavitt’s real estate plays are just as slick as his theatrical productions. Bravo, Michael, bravo.

Looking Ahead

As we head deeper into 2025, the Chicagoland real estate market promises more twists and turns than a Lake Shore Drive commute. From high-profile sales to inventory battles, it’s clear that this year will keep buyers, sellers, and investors on their toes. Stay tuned for the next episode of "As the Market Turns."

Sources

• Rocket Homes Market Report

• The Real Deal Chicago

• Architectural Digest

• New York Post

• Wall Street Journal

• Chicago Business

• Chicago Magazine