DECEMBER 2022 MARKET ANALYSIS FOR CHICAGO'S NORTH SIDE
Home sales dropped for the ninth consecutive month when compared to 2021 in Lincoln Park, Near North Side, Lakeview and North Center.
Rising mortgage rates and historically low inventory levels are the primary reasons that many buyers and sellers are staying on the sidelines, waiting for some stability; however, rising taxes, crime rates and stock market woes are all having an effect on the market.
In order to get a true picture of the market in our analysis below, we are comparing 2022 to both 2021, which was a record rebound year from COVID and 2019 which was the last “normal year” before COVID.
While it is looking more likely that the economy is going to make a “soft landing” rather than go into a hard recession, it is too early to know for sure. In comparison to 2019 there are a significant amount of homes being sold in 2022 despite the low inventory levels. This is a strong sign that demand is out there, but there are just not enough homes for sale. There are real estate opportunities and as the economy improves the market could move quickly. The question is when ( not if ) the market will improve.
Please review the analysis below for your neighborhood and price point to see for yourself how they are performing. Each section below has a button that provides additional monthly, year to date and 10 year trends. Chicago is a big complicated city and so is the real estate market. There is no “one size fits all.” Buyers and sellers should look at market statistics for their individual neighborhood, property type and price point to get accurate data.
NOVEMBER HOME SALES
Year To Date 2022 vs 2021 - Down 13.2 %
Year to Date 2022 vs 2019 - Up 21.4 %
Month 2022 vs 2021 - Down 44.8%
Month By Neighborhood
NEAR NORTH - Down 43.2%
LINCOLN PARK - Down 40.0%
LAKEVIEW - Down 51.9%
NORTH CENTER - Down 38.7%
Month By Price Point
Under $500,000 - Down 41.6%
$500,000 to $1,000,000 - Down 38.0%
$1,000,000 to $2,000,000 - Down 50.7%
Over $2,000,000 - Down 45.4%
NOVEMBER HOMES UNDER CONTRACT
Year To Date 2022 vs 2021- Down 18.0%
Year To Date 2022 vs 2019 - Up 14.3%
Month 2022 vs 2021 - Down 43.7%
Month By Neighborhood
NEAR NORTH - Down 43.8%
LINCOLN PARK - Down 48.4%
LAKEVIEW - Down 36.8%
NORTH CENTER - Down 49.1%
Month By Price Point
Under $500,000 - Down 42.5%
$500,000 to $1,000,000 - Down 42.6%
$1,000,000 to $2,000,000 - Down 55.6%
Over $2,000,000 - Down 24.0%
Noteworthy : Most home sales that closed this month went under contract in a previous month. Units Under Contract reflects a more accurate picture of the current month, although not every home that goes under contract closes.
NOVEMBER HOMES FOR SALE
Year To Date 2022 vs 2021- Down 55.1%
Year To Date 2022 vs 2019 - Down 26.6%
Month 2022 vs 2021 - Down 22.5%
Month By Neighborhood
NEAR NORTH - Down 18.3%
LINCOLN PARK - Down 30.4%
LAKEVIEW - Down 34.7%
NORTH CENTER - Up 16.7%
Month By Price Point
Under $500,000 - Down 35.1%
$500,000 to $1,000,000 - Down 12.6%
$1,000,000 to $2,000,000 - Down 13.2%
Over $2,000,000 - Up 22.5%
NOVEMBER MONTHS OF SUPPLY OF INVENTORY
Year To Date 2022 vs 2021 - Down 34.0% to 2.9 MSI
Year To Date 2022 vs 2019 - Down 46.3% to 2.9 MSI
Month 2022 vs 2021 - Down 6.6% to 2.8 MSI
Month By Price Point
Under $500,000 - Down 18.5% to 2.2 MSI
$500,000 to $1,000,000 - Up 3.7% to 2.8 MSI
$1,000,000 to $2,000,000 - Up 7.5% to 4.3 MSI
Over $2,000,000 - Up 18.0% to 8.5 MSI
Month By Neighborhood
NEAR NORTH - Down 10.9% to 4.9 MSI
LINCOLN PARK - Down 12.5% to 2.1 MSI
LAKEVIEW - Down 20.8% to 1.9 MSI
NORTH CENTER - Up 60.0% to 2.4 MSI
Noteworthy - Traditionally, MSI over 7.0 designates a buyer’s market and under 6.0 a seller’s market. Between 6.0 & 7.0 is considered a neutral market.
NOVEMBER MEDIAN PRICING
Year To Date 2022 vs 2021- Up 3.8%
Year To Date 2022 vs 2019- Up 9.0%
Month 2022 vs 2021 - Down 2.9%
Month By Neighborhood
NEAR NORTH - Down 6.0%
LINCOLN PARK - Down 16.7%
LAKEVIEW - Down 6.4%
NORTH CENTER - Up 1.1%
Month By Price Point
Under $500,000 - Down 5.9%
$500,000 to $1,000,000 - Down 1.7%
$1,000,000 to $2,000,000 - Down 1.4%
Over $2,000,000 - Down 19.3%
NOVEMBER DAYS ON THE MARKET
Year To Date 2022 vs 2021- Down 49.7% to 66 Days
Year To Date 2022 vs 2019- Up 26.6% to 66 Days
Month 2022 vs 2021 - Down 21.6% to 69 Days
Month By Neighborhood
NEAR NORTH - Down 20.0% to 100 days
LINCOLN PARK - Up 6.6% to 81 days
LAKEVIEW - Down 30.8% to 54 days
NORTH CENTER - Down 43.2% to 42 Days
Month By Price Point :
Under $500,000 - Down 22.9% to 69 Days
$500,000 to $1,000,000 - Down 21.8% to 68 Days
$1,000,000 to $2,000,000 - Up 47.8% to 105 Days
Over $2,000,000 - Down 37.0% to 51 Days
YOUR HOME
A logical question would be “how does all of this affect the home that I am planning to sell or potentially buy?”
Every home is unique and a detailed analysis of your property and neighborhood is a necessity to fully understand the true market value and whether this is the right time to buy or sell.
There are many criteria both objective and subjective that must be analyzed in order to get a true picture.
Internet home pricing sites that claim to calculate your home’s value using only algorithms can be wildly inaccurate. Many market analysis from real estate agents that have not taken the time to personally tour the home can also be seriously flawed. Today’s volatility demands that you get a broker who thoroughly understands this rapidly changing market.
Whether you are buying or selling a home, I would welcome the opportunity to have a conversation about your real estate needs, goals and expectations.