T
he competition for the top brokerage spot in Chicago has shifted to new areas, with first-ranked firm @properties Christie's International Real Estate and runner-up Compass expanding their presence in North and Northwest side neighborhoods. According to The Real Deal's ranking of Chicago's top brokerages by community area, demand has moved away from downtown to areas just outside the city center.
Compass took the top spot along the Milwaukee Avenue corridor, a hotspot for residential real estate, with 317 deals in Logan Square and 589 in West Town, more than triple the number of deals as it did in downtown. @properties Christie's International Real Estate came close behind, with 847 deals in the area.
Buyers in these areas are often younger people buying their first homes, sometimes second homes, said Baird & Warner's Richard Druker. He noted a reversal of trends in these neighborhoods where duplex down properties are now selling quickly.
Top brokerages notched similar numbers of deals in Logan Square and West Town as they did in downtown, with @properties maintaining its lead on Compass in areas like the Near North Side, Near West Side, Lakeview, and Lincoln Park. The total dollar volume brought in by Chicago brokerages was also highest in these areas.
The rising appeal to the north and northwest of the Loop can be attributed to the downtown area's relatively small population compared to other areas. Downtown luxury condos were once a driving force at the top of the real estate market, but high-end buyers have shifted their focus to other areas, leaving downtown listings to suffer price cuts or sit on the market for longer.
@properties led the pack in the downtown area with 227 deals closed there to Compass' 183. Berkshire Hathaway HomeServices Chicago came in third with 99 deals while Baird & Warner and Jameson Sotheby's International Realty followed closely behind.
In contrast, top firms have been less active on the South and West Sides, with Coldwell Banker Realty taking the lead in West Side neighborhoods like Humboldt Park, Austin, and Garfield Park. The brokerage has long-standing commitments to these areas and has recruited agents who are representative of those communities.
RE/MAX Mi Casa tops the charts in Southwest side neighborhoods like Lawndale, Brighton Park, Gage Park, and West Englewood down to Ashburn, while Keller Williams Preferred Realty is a larger player in far South Side neighborhoods.
