JULY 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.
JUNE HOME SALES
Year To Date 2024 vs 2023 - Up 0.4%
Month 2024 vs 2023 -Down 10.8%
Month By Neighborhood
NEAR NORTH - Down 4.7%
LINCOLN PARK - Down 18.0%
LAKEVIEW - Down 13.9%
NORTH CENTER - Down 8.1%
Month By Price Point
Under $500,000 - Down 13.8%
$500,000 to $1,000,000 - Down 6.5%
$1,000,000 to $2,000,000 - Down 9.7%
Over $2,000,000 - Up 13.0%
JUNE HOMES UNDER CONTRACT
Year To Date 2024 vs 2023 - Down 1.5%
Month 2024 vs 2023 - Down 4.8%
Month By Neighborhood
NEAR NORTH - Up 3.8%
LINCOLN PARK -Down 1.0%
LAKEVIEW - Down 9.9 %
NORTH CENTER - Down 28.6%
Month By Price Point
Under $500,000 - Down 10.0%
$500,000 to $1,000,000 - Down 6.2%
$1,000,000 to $2,000,000 - Up 22.4%
Over $2,000,000 - Down 7.1%
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.
JUNE HOMES FOR SALE
Year To Date 2024 vs 2023 - Down 9.2%
Month 2024 vs 2023 - Down 9.8%
Month By Neighborhood
NEAR NORTH - Down 8.2%
LINCOLN PARK - Down 27.2%
LAKEVIEW - Down 15.8%
NORTH CENTER - Down 22.6%
Month By Price Point
Under $500,000 - Down 0.4%
$500,000 to $1,000,000 - Down 24.3%
$1,000,000 to $2,000,000 - Down 20.4%
Over $2,000,000 - Down 8.8%
JUNE MONTHS OF SUPPLY OF INVENTORY
Year To Date 2024 vs 2023 - Down 3.3% to 2.9 MSI
Month 2024 vs 2023 - Down 16.7% to 3.0 MSI
Month By Price Point
Under $500,000 - No Change at 2.3 MSI
$500,000 to $1,000,000 - Down 25.0% to 2.7 MSI
$1,000,000 to $2,000,000 - Down 32.3% to 4.4 MSI
Over $2,000,000 - Down 7.6 % to 10.9 MSI
Month By Neighborhood
NEAR NORTH - Down 15.9% to 5.3 MSI
LINCOLN PARK - Down 23.3% to 2.3 MSI
LAKEVIEW - Down 9.1% to 2.0 MSI
NORTH CENTER - Down 7.4% 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.
JUNE MEDIAN PRICING
Year To Date 2024 vs 2023 - Up 6.4%
Month 2024 vs 2023 - Down 5.5 %
Month By Neighborhood
NEAR NORTH - Up 10.5%
LINCOLN PARK - Down 0.8%
LAKEVIEW - Up 4.0%
NORTH CENTER - Down 22.4%
Month By Price Point
Under $500,000 - Down 2.9%
$500,000 to $1,000,000 - Down 0.4%
$1,000,000 to $2,000,000 - Up 2.2%
Over $2,000,000 - Up 0.6%
JUNE DAYS ON THE MARKET
Year To Date 2024 vs 2023- Down 6.8% to 69 Days
Month 2024 vs 2023 - No Change at 51 Days
Month By Neighborhood
NEAR NORTH - Up 2.4% to 84 days
LINCOLN PARK - Down 42.6% to 31 days
LAKEVIEW - Down 24.3% to 28 days
NORTH CENTER - Up 106.7% to 62 Days
Month By Price Point :
Under $500,000 - Down 20.5% to 31 Days
$500,000 to $1,000,000 Up 10.6% to 52 Days
$1,000,000 to $2,000,000 -Down 18.1% to 77 Days
Over $2,000,000 - Up 20.8% to 111 Days
JULY SUMMARY
All six market indicators for Near North Side, Lincoln Park, Lakeview and North Center were down in June 2024 vs 2023: however, this varied somewhat by neighborhood and price point.
Low inventories, buyer apprehension and expectations, along with some unrealistic seller pricing, have all led to a slow down for the past two months.
The good news is that the long awaited Fed interest rate cuts may become a reality in the next few months and should have a positive impact on the market.
JULY MARKET INDICATORS
HOMES SALES - Combined home sales in our four subject neighborhoods dropped 10.8% in June 2024 vs 2023.
This was the second consecutive month of sales decreases, but unlike last month all four neighborhoods were down in June.
Sales increased in homes priced over $2,000,000 while homes priced under $2,000,000 reported decreases for June.
Homes that went under contract in June 2024 decreased 4.8%; however Near North reported a 3.8% increase.
INVENTORY - Inventory levels continued to fall by 9.8% in June 2024 vs 2023. These are historically low levels and are one of the primary causes for the current market conditions.
June inventory levels dropped in all four subject neighborhoods and price points.
HOME PRICES - Combined June 2024 home prices dropped by 5.5% vs 2023. While Near North and North Center drove the decreases, Lincoln Park and Lakeview reported increases.
June home prices varied by price point with homes priced under $1,000,000 dropping 1.7%. Homes priced over $1,000,000 rose 1.4%.
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 6.4%, 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. 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 second half of 2024 should be quite a ride, so fasten your seat belt!!!
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.