APRIL 2024 MARKET ANALYSIS FOR CHICAGO'S NORTH SIDE
Our monthly market analysis below details six real estate comparatives for the Near North Side, Lincoln Park, Lakeview and North Center, in addition to our comprehensive monthly summary.
MARCH HOME SALES
Year To Date 2024 vs 2023 - Down 3.4%
Month 2024 vs 2023 -Down 15.0%
Month By Neighborhood
NEAR NORTH - Down 3.8%
LINCOLN PARK - Down 2.5%
LAKEVIEW - Down 30.1%
NORTH CENTER - Down 40.0%
Month By Price Point
Under $500,000 - Down 13.6%
$500,000 to $1,000,000 - Down 16.8%
$1,000,000 to $2,000,000 - Down 16.4%
Over $2,000,000 - Down 15.0%
MARCH HOMES UNDER CONTRACT
Year To Date 2024 vs 2023 - Down 8.0%
Month 2024 vs 2023 - Down 11.7%
Month By Neighborhood
NEAR NORTH - Up 4.1%
LINCOLN PARK - Down 17.6%
LAKEVIEW - Down 19.0%
NORTH CENTER - Down 41.3%
Month By Price Point
Under $500,000 - Down 8.4%
$500,000 to $1,000,000 - Down 13.1%
$1,000,000 to $2,000,000 - Down 18.9%
Over $2,000,000 - Down 17.2%
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.
MARCH HOMES FOR SALE
Year To Date 2024 vs 2023 - Down 7.4%
Month 2024 vs 2023 - Down 8.2%
Month By Neighborhood
NEAR NORTH - Up 0.7%
LINCOLN PARK - Down 13.5%
LAKEVIEW - Down 34.5%
NORTH CENTER - Down 10.7%
Month By Price Point
Under $500,000 - Down 8.4%
$500,000 to $1,000,000 - Down 13.1%
$1,000,000 to $2,000,000 - Down 18.9%
Over $2,000,000 - Up 17.2%
MARCH MONTHS OF SUPPLY OF INVENTORY
Year To Date 2024 vs 2023 - No Change at 2.7 MSI
Month 2024 vs 2023 - Up 7.7% to 2.8 MSI
Month By Price Point
Under $500,000 - Up 17.6% to 2.0 MSI
$500,000 to $1,000,000 - Down 13.8% to 2.5 MSI
$1,000,000 to $2,000,000 - Down 5.7% to 4.9 MSI
Over $2,000,000 - Down 3.0% to 9.5 MSI
Month By Neighborhood
NEAR NORTH - No Change at 5.3 MSI
LINCOLN PARK - Up 10.0% to 2.2 MSI
LAKEVIEW - Down 21.1% to 1.5 MSI
NORTH CENTER - Up 15.0% at 2.3 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.
MARCH MEDIAN PRICING
Year To Date 2024 vs 2023 - Up 9.2%
Month 2024 vs 2023 - Up 9.8%
Month By Neighborhood
NEAR NORTH - Down 19.6%
LINCOLN PARK - Up 22.90%
LAKEVIEW - Up 13.0%
NORTH CENTER - Up 19.7%
Month By Price Point
Under $500,000 - Down 0.3%
$500,000 to $1,000,000 - Up 4.8%
$1,000,000 to $2,000,000 - Down 8.0%
Over $2,000,000 - Down 4.2%
MARCH DAYS ON THE MARKET
Year To Date 2024 vs 2023- Down 9.4% to 86 Days
Month 2024 vs 2023 - Down 12.0% to 80 Days
Month By Neighborhood
NEAR NORTH - Down 8.8% to 124 days
LINCOLN PARK - Down 20.9% to 72 days
LAKEVIEW - Down 13.7% to 63 days
NORTH CENTER - Down 7.7% to 60 Days
Month By Price Point :
Under $500,000 - Down 25.6% to 61 Days
$500,000 to $1,000,000 Down 11.8% to 82 Days
$1,000,000 to $2,000,000 - Up 14.4% to 119 Days
Over $2,000,000 - Down 5.2% to 144 Days
MARCH SUMMARY
After three consecutive monthly increases of home sales, historically low inventory levels are taking a toll on the North Side real estate market.
Combined March 2024 home sales for Near North Side, Lincoln Park, Lakeview and North Center dropped by 15% vs March 2023.
There are still positive indicators and while the economic news varies, we seem to be moving in the right direction.
The main issue is that there are simply not enough homes for sale to meet buyer demands or last year’s numbers.
APRIL MARKET INDICATORS
INVENTORY - Combined inventory levels dropped 8.2% in March 2024 vs 2023. This is on top of a 27.5% drop in March 2023 vs 2022. Lincoln Park, Lakeview and North Center have between 1.5 and 2.3 months of supply of inventory which are historically low levels. The most dramatic inventory decreases occurred in homes priced between $500,000 and $1,000,000, which dropped 23.6% and homes in Lakeview which dropped 34.5%.
HOMES SALES - All four neighborhoods and price points dropped in March 2024 vs 2023 from 3.8% in the Near North Side to 40.0% in North Center.
Homes that went under contract in March 2024 dropped 11.7% vs 2023. This is significant in that these homes usually close within 30 to 45 days and are an indicator of what direction home sales will trend in April.
HOME PRICES - March 2024 home prices rose by 8.9% over 2023 with Lincoln Park prices rising 22.9%. Three of the four neighborhoods reported increases with only Near North reporting a 19.6% decrease. Homes priced between $500,000 - $1,000,000 showed increases, while prices on homes priced under $500,000 and over $1,000,000 dropped. Traditionally, low inventory levels significantly drive up prices, but this has not been the case on Chicago’s North Side. While city numbers are rising, they are lower than the Chicago suburbs and many cities across the country. Despite low inventory levels, buyers are still very price conscious and would rather wait for new homes to come on the market than over pay because of low inventory levels. Pricing must reflect the true value of the home.
BUYERS - Buyers are out there!! Showing requests and attendance at open houses in the past three months remain strong. Many buyers are looking for homes in “turnkey” condition. Updated kitchens, bathrooms, flooring and paint colors are very important, as many buyers do not want to do the updates themselves.
GOING FORWARD - The market is improving but the turn around could be a slow one until inventory levels rise. Buyers and sellers should do their homework before moving forward.
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, we would welcome the opportunity to have a conversation about your real estate needs, goals and expectations.