What does the impending sale of Michael Jordan’s mansion in Highland Park, Illinois, mean for the average citizen?

HIGHLAND PARK, Ill. (CBS) — The Chicago area real estate market records a spectacular deal involving Michael Jordan's North Shore mansion finally under contract after more than a dozen years.

The sale is making headlines, but could it have an impact on the real estate market for other luxury properties or even regular homeowners? Experts don't think so, for better or worse.

Nevertheless, the sale is causing excitement in the real estate industry.

“Finally – I mean, wow, is it really happening?” said Megan Mawicke, a North Shore luxury real estate agent and former CBS News Chicago sports anchor and reporter.

The Jordan Mansion's 5,200-square-foot property features a standard-size basketball court, circular infinity pool, putting green, tennis court and cigar room. The home also has nine bedrooms, 19 bathrooms, five fireplaces, a massive study and a super-futuristic kitchen with a huge center island.

The property first came on the market in 2012 and is now finally under contract. This is good news for the real estate market in the North Shore suburbs, said Mawicke.

“We're at a peak right now on the North Shore. We've been at an all-time low for over three years, so if you couldn't sell that house in this market, you probably wouldn't sell it,” she said. “So it makes perfect sense that this is the real estate market it's selling in.”

Mawicke said it is not known who bought the house, nor is the final price known. But the deal could set a new record for Highland Park.

Still, Mawicke describes the real estate market as hyperlocal – and does not expect the potential sale to impact other luxury properties or the market for the average citizen.

This may not be good news for the owners of a nearly 1,700 square meter medieval-style English mansion in Harvard, Illinoiswhich is scheduled to be auctioned on October 29 with a suggested starting bid of $5.5 million.

Last month, the most expensive house in the city of Chicago sold for $15.25 million. Sotheby's International Realty reported that new owners sold the 25,000-square-foot home at 1932 N. Burling St. in Lincoln Park, south and east of the intersection of Armitage Avenue and Halsted Street, last month for $15.25 million.

One expert said the sales made were evidence of the strength of the market.

“If people like that are parking their money in residential real estate, you can conclude that our market is still strong,” said real estate agent Heidi Zimek. “It continues to be strong.”

Jordan initially offered his house for $29 million in February 2012– which eventually raised the price to $14,855,000 – the digits of this eight-digit number make up Jordan's jersey number 23, which also hangs on the entrance gate.

It's unclear, however, whether the “23” will remain on this gate. The house has become a fan favorite among visitors to famous Chicago homes, and the new owners may not want it that way.

“Anyone who buys this house and wants to live in it must feel comfortable with the people in front of the gate,” said Mawicke.