JUNE 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.
MAY HOME SALES
Year To Date 2024 vs 2023 - Up 2.2%
Month 2024 vs 2023 -Down 1.3%
Month By Neighborhood
NEAR NORTH - Up 2.0%
LINCOLN PARK - Up 9.4%
LAKEVIEW - Down 13.9%
NORTH CENTER - Up 3.6%
Month By Price Point
Under $500,000 - Down 10.4%
$500,000 to $1,000,000 - Down 2.5%
$1,000,000 to $2,000,000 - Up 45.6%
Over $2,000,000 - Up 8.3%
MAY HOMES UNDER CONTRACT
Year To Date 2024 vs 2023 - Down 1.7%
Month 2024 vs 2023 - Down 3.5%
Month By Neighborhood
NEAR NORTH - Up 5.4%
LINCOLN PARK -Up 7.8%
LAKEVIEW - Down 21.2 %
NORTH CENTER - Down 5.6%
Month By Price Point
Under $500,000 - Down 7.3%
$500,000 to $1,000,000 - Up 1.5%
$1,000,000 to $2,000,000 - Up 9.4%
Over $2,000,000 - Down 28.0%
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.
MAY HOMES FOR SALE
Year To Date 2024 vs 2023 - Down 9.0%
Month 2024 vs 2023 - Down 14.2%
Month By Neighborhood
NEAR NORTH - Down 10.3%
LINCOLN PARK - Down 25.4%
LAKEVIEW - Down 19.2%
NORTH CENTER - Down 14.5%
Month By Price Point
Under $500,000 - Down 4.5%
$500,000 to $1,000,000 - Down 22.9%
$1,000,000 to $2,000,000 - Down 30.1%
Over $2,000,000 - Down 6.7%
MAY MONTHS OF SUPPLY OF INVENTORY
Year To Date 2024 vs 2023 - No Change at 2.9 MSI
Month 2024 vs 2023 - Down 11.8% to 3.0 MSI
Month By Price Point
Under $500,000 - Down 4.5% to 2.1 MSI
$500,000 to $1,000,000 - Down 22.9% to 2.7 MSI
$1,000,000 to $2,000,000 - Down 30.1% to 4.4 MSI
Over $2,000,000 - Down 11.1 % to 6.7 MSI
Month By Neighborhood
NEAR NORTH - Down 17.5% to 5.2 MSI
LINCOLN PARK - Down 14.8% to 2.3 MSI
LAKEVIEW - Down 14.3% to 1.8 MSI
NORTH CENTER - Down 3.8% at 2.5 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.
MAY MEDIAN PRICING
Year To Date 2024 vs 2023 - Up 8.3%
Month 2024 vs 2023 - Up 5.1%
Month By Neighborhood
NEAR NORTH - Up 11.2%
LINCOLN PARK - Up 8.2%
LAKEVIEW - Up 8.1%
NORTH CENTER - Down 3.5%
Month By Price Point
Under $500,000 - Up 3.1%
$500,000 to $1,000,000 - Down 1.1%
$1,000,000 to $2,000,000 - Down 9.9%
Over $2,000,000 - Up 5.3%
MAY DAYS ON THE MARKET
Year To Date 2024 vs 2023- Down 9.8% to 73 Days
Month 2024 vs 2023 - No Change at 60 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 11.1% to 48 Days
$500,000 to $1,000,000 Up 12.7% to 62 Days
$1,000,000 to $2,000,000 -Down 18.8% to 82 Days
Over $2,000,000 - Down 17.5% to 118 Days
JUNE SUMMARY
Combined May 2024 home sales for Near North Side, Lincoln Park, Lakeview and North Center fell by 1.3% vs 2023.
Spring home sales continue to waver with increases one month and decreases the next, making trends difficult to identify.
While there are many positive indicators, they vary by neighborhood, price point and property type.
We seem to be moving in the right direction, but progress is slower than anticipated.
JUNE MARKET INDICATORS
HOMES SALES - While home sales dropped slightly in May, three of the four neighborhoods reported increases with only Lakeview dropping 13.9%.
Sales also increased in homes priced over $1,000,000 while homes priced under $1,000,000 reported decreases for May.
Homes that went under contract in May 2024 decreased 3.5% with Near North and Lincoln Park increasing while Lakeview and North Center decreased.
INVENTORY - Falling Inventory levels seem to be the only consistent trend on the North Side, dropping an additional 14.2% in May in all four neighborhoods. Homes priced between $500,000 and $2,000,000 reported the largest drop. The decrease in inventory levels in homes priced under $500,000 and over $2,000,000 were minimal.
HOME PRICES - May 2024 home prices rose by 5.1%, with three of the four neighborhoods reporting increases from 11.2% for Near North to 8.1% for Lakeview. North Center was the only neighborhood to report a decrease in home prices at 3.8%.
May home prices varied by price point and were the reverse of inventory results. Homes priced from $500,000 to $2,000,000 dropped 22.9% to 30.1%. Homes priced under $500,000 rose 3.1% while homes priced over $2,000,000 rose 5.3%
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 8.3%, 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. Pricing must reflect the true value of the home.
BUYERS - Buyers are out there, although showings and open house attendance seem to have slowed in the past few weeks. 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.