MAY 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.
APRIL HOME SALES
Year To Date 2024 vs 2023 - Up 2.7%
Month 2024 vs 2023 -Up 13.4%
Month By Neighborhood
NEAR NORTH - Up 41.5%
LINCOLN PARK - Down 10.1%
LAKEVIEW - Up 3.3%
NORTH CENTER - Up 5.6%
Month By Price Point
Under $500,000 - Up 16.1%
$500,000 to $1,000,000 - Up 20.1%
$1,000,000 to $2,000,000 - Down 13.5%
Over $2,000,000 - Up 23.5%
APRIL HOMES UNDER CONTRACT
Year To Date 2024 vs 2023 - Down 3.5%
Month 2024 vs 2023 - Up 31.8%
Month By Neighborhood
NEAR NORTH - Up 14.2%
LINCOLN PARK - Down 12.7%
LAKEVIEW - Down 3.7%
NORTH CENTER - Up 17.0%
Month By Price Point
Under $500,000 - Up 3.7%
$500,000 to $1,000,000 - Down 7.8%
$1,000,000 to $2,000,000 - Down 16.6%
Over $2,000,000 - Up 65%
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.
APRIL HOMES FOR SALE
Year To Date 2024 vs 2023 - Down 8.9%
Month 2024 vs 2023 - Down 6.9%
Month By Neighborhood
NEAR NORTH - Down 1.0%
LINCOLN PARK - Down 14.4%
LAKEVIEW - Down 23.7%
NORTH CENTER - Down 6.5%
Month By Price Point
Under $500,000 - Up 5.7%
$500,000 to $1,000,000 - Down 19.1%
$1,000,000 to $2,000,000 - Down 10.0%
Over $2,000,000 - Down 5.7%
APRIL MONTHS OF SUPPLY OF INVENTORY
Year To Date 2024 vs 2023 - No Change at 2.8 MSI
Month 2024 vs 2023 - Down 3.3% to 2.9 MSI
Month By Price Point
Under $500,000 - Down 11.1% to 2.0 MSI
$500,000 to $1,000,000 - Down 35.5% to 2.7 MSI
$1,000,000 to $2,000,000 - Down 14.0% to 4.9 MSI
Over $2,000,000 - Down 8.3% to 9.9 MSI
Month By Neighborhood
NEAR NORTH - Down 7.0% to 5.3 MSI
LINCOLN PARK - No Change at 2.3 MSI
LAKEVIEW - Down 15.8% to 1.6 MSI
NORTH CENTER - Up 14.3% at 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.
APRIL MEDIAN PRICING
Year To Date 2024 vs 2023 - Up 9.4%
Month 2024 vs 2023 - Up 17.5%
Month By Neighborhood
NEAR NORTH - Up 6.0%
LINCOLN PARK - Down 4.3%
LAKEVIEW - Up 11.8%
NORTH CENTER - Up 21.6%
Month By Price Point
Under $500,000 - No Change
$500,000 to $1,000,000 - Up 3.8%
$1,000,000 to $2,000,000 - Down 5.0%
Over $2,000,000 - Down 4.2%
APRIL DAYS ON THE MARKET
Year To Date 2024 vs 2023- Down 12.3% to 78 Days
Month 2024 vs 2023 - Down 16.9% to 64 Days
Month By Neighborhood
NEAR NORTH - Down 11.6% to 107 days
LINCOLN PARK - Down 28.3% to 43 days
LAKEVIEW - Down 23.3% to 46 days
NORTH CENTER - Down 6.2% to 61 Days
Month By Price Point :
Under $500,000 - Down 9.7% to 56 Days
$500,000 to $1,000,000 Down 13.0% to 60 Days
$1,000,000 to $2,000,000 - Up 36.5% to 94 Days
Over $2,000,000 - Down 5.3% to 89 Days
MAY SUMMARY
Combined April 2024 home sales for Near North Side, Lincoln Park, Lakeview and North Center increased by 13.4% after dropping in March.
All six of our comparatives had positive results for April , but varied by neighborhood and price point.
While the local & national economic news continues to vary almost weekly, we seem to be moving in the right direction.
MAY MARKET INDICATORS
HOMES SALES - The April home sales results were driven by a 41.5% increase on the Near North Side. Lakeview and North Center had single digit increases, while Lincoln Park reported a 10.1% decrease.
Sales also increased in homes priced under $1,000,000 and over $2,000,000. Sales of homes priced between 1 & 2 Million dropped 13.5%.
Homes that went under contract in April 2024 increased 31.8% and were driven by the Near North Side and North Center. Lincoln Park and Lakeview both reported decreases.
INVENTORY - Inventory levels dropped an additional 6.9% in April 2024 vs 2023, but did not have the negative effect on home sales that we saw in March. The April decreases varied by neighborhood with Near North Side dropping only 1% and Lakeview dropping by 23.7%.
Looking at inventory levels by price point, homes priced under $500,000 reported a 5.7% increase, while homes priced over $500,000 had decreases.
HOME PRICES - April 2024 home prices rose by 17.5% with three of the four neighborhoods reported increases from 6% for Near North to 21.6% for North Center. Lincoln Park was the only neighborhood to report a decrease in home prices at 4.3%.
April home prices varied by price point. There was no change in homes priced under $500,000, while homes priced between $500,000 and $1,000,000 increased 3.8% Homes prices between &1,000,000 and $2,000,000 dropped 5%, while homes priced over $2,000,000 dropped 4.2%.
Traditionally, low inventory levels significantly drive up prices, but this has not been the case on Chicago’s North Side. While year to date prices have risen 9.4%, 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. Sellers should consider the R.O.I. of renovations before they list their homes.
GOING FORWARD - The market is improving but but there are many twists and turns. 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.