Chicago’s Best Residential Realtors
Chicago’s top residential agents and brokers have made $2.72 billion in sales over the past year — and plan to navigate a market that is finally turning to buyers.
Jeff Lowe’s group at Compass in the lead TRD first ranking list of residential brokers, with $381.42 million. Lowe was followed by Americorp’s Matt Laricy team at $303.74 million and ESW Chicago Group of @properties Christies International Real Estate at $287.08 million.
Although a vibrant seller’s market created many opportunities for agents and brokers, the limitations were clear. The condominium market accounted for more than half of Laricy’s business, meaning it has spent most of the pandemic dealing with a tough market as Chicagoans flee for more space in the suburbs.
On the contrary, Laricy says a recession could bring stability to the struggling downtown condo market as buyers seek more space in single-family homes. A weaker economy and layoffs could reduce employees’ leverage to work from home, boosting the market as workers tire of long commutes.
“It’s a tale of two cities,” Laricy said. You have single-family homes and small buildings on the outskirts that have been performing, and you have the inner city, which has been underperforming.
The Chicago condo market has struggled as units stay on the market longer and sell for less than single-family homes. Many of Chicago’s most expensive condos are still selling below asking prices. Even the record-breaking Trump Tower Chicago penthouse that sold for $20 million originally asked for $10 million more.
On average, condos also spend more time on the market than detached single-family homes. In the first three months of the year, Chicago homes sold after an average of 61 days, compared to 99 for condos.
The list is the first of its kind by TRD in the Chicago market. Source is publicly available figures from MRED – Midwest Real Estate Data and information submitted by companies. It only includes trades closed from June 16, 2021 to June 16, 2022. Trades include both the buy side and the sell side.
Neither Laricy nor Lowe are panicking about the state of the market, saying they expect the market to normalize and become less favorable to sellers.
Laricy compared worries about returning to offices to the aftermath of the 2008 recession, when some analysts feared the United States was turning into a nation of renters – speculation that turned out to be unfounded.
“Offices will exist, cities will exist,” Laricy said. “I think everyone you know will be back in an office within the next three to four years.”
UPDATE: 08/09/22, 12:30 p.m.: This story has been updated to add in the eighth paragraph that the data comes from publicly available MRED figures.