SEPTEMBER 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.
AUGUST HOME SALES
Year To Date 2024 vs 2023 - Up 1.0%
Month 2024 vs 2023 -Up 1.0%
Month By Neighborhood
NEAR NORTH - Up 2.8%
LINCOLN PARK - UP 11.2%
LAKEVIEW - Down 8.0%
NORTH CENTER - No Change
Month By Price Point
Under $500,000 - Up 0.9%
$500,000 to $1,000,000 - Down 5.9%
$1,000,000 to $2,000,000 - Up 2.6%
Over $2,000,000 - Up 42.3%
AUGUST HOMES UNDER CONTRACT
Year To Date 2024 vs 2023 - Down 0.6%
Month 2024 vs 2023 - Down 1.7%
Month By Neighborhood
NEAR NORTH - Down 2.0%
LINCOLN PARK -Up 23.8%
LAKEVIEW - Down 14.3 %
NORTH CENTER - Down 5.4%
Month By Price Point
Under $500,000 - Down 8.9%
$500,000 to $1,000,000 - Down 3.4%
$1,000,000 to $2,000,000 - Up 3.2%
Over $2,000,000 - Up 100.2%
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.
AUGUST HOMES FOR SALE
Year To Date 2024 vs 2023 - Down 11.4
Month 2024 vs 2023 - Down 21.3%
Month By Neighborhood
NEAR NORTH - Down 14.6%
LINCOLN PARK - Down 32.0%
LAKEVIEW - Down 27.8%
NORTH CENTER - Down 43.5%
Month By Price Point
Under $500,000 - Down 17.5%
$500,000 to $1,000,000 - Down 27.1%
$1,000,000 to $2,000,000 - Down 23.9%
Over $2,000,000 - Down 16.7%
AUGUST MONTHS OF SUPPLY OF INVENTORY
Year To Date 2024 vs 2023 - Down 6.5% to 2.9 MSI
Month 2024 vs 2023 - Down 25.7% to 2.6 MSI
Month By Price Point
Under $500,000 - Down 23.1 at 2.0 MSI
$500,000 to $1,000,000 - Down 29.4% to 2.4 MSI
$1,000,000 to $2,000,000 - Down 31.6% to 3.9 MSI
Over $2,000,000 - Down 23.9 % to 8.3 MSI
Month By Neighborhood
NEAR NORTH - Down 21.0% to 4.9 MSI
LINCOLN PARK - Down 33.3% to 2.0 MSI
LAKEVIEW - Down 19.0% to 1.7 MSI
NORTH CENTER - Down 39.9% at 1.7 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.
AUGUST MEDIAN PRICING
Year To Date 2024 vs 2023 - Up 4.9%
Month 2024 vs 2023 - Up 3.1 %
Month By Neighborhood
NEAR NORTH - Up 6.5%
LINCOLN PARK - Down 9.5%
LAKEVIEW - Up 3.8%
NORTH CENTER - Up 13.4%
Month By Price Point
Under $500,000 - Down 17.5%
$500,000 to $1,000,000 - Down 27.1%
$1,000,000 to $2,000,000 - Down 23.9%
Over $2,000,000 - Down 16.7%
AUGUST DAYS ON THE MARKET
Year To Date 2024 vs 2023- Down 4.4% to 65 Days
Month 2024 vs 2023 - Up 9.0% to 56 Days
Month By Neighborhood
NEAR NORTH - Up 18.1 to 98 days
LINCOLN PARK - Up 27.2% to 60 days
LAKEVIEW - Down 15.0% to 34 days
NORTH CENTER - Down 11.4% to 31 Days
Month By Price Point :
Under $500,000 - Up 4.7% to 45 Days
$500,000 to $1,000,000 Down 12.0% to 44 Days
$1,000,000 to $2,000,000 -Down 5.1% to 73 Days
Over $2,000,000 - Up 53.5% to 152 Days
AUGUST SUMMARY
AUGUST MARKET INDICATORS
The sluggish summer market may now be in the rear view mirror, as the real estate market on the North Side appears to be building momentum.
Our summary this month was delayed because we have had such an extremely busy September.
August
Market results in August reflected the same trends that we have seen most of the summer.
Home sales were up slightly at 1.0%, while homes that went under contract in August dropped 1.7% vs 2023.
Inventory levels continued double digit drops at 21.3%. Months of supply of inventory dropped from 3.5 MSI in 2023 to 2.6 MSI in August.
Median home prices rose only 3.1% which is surprising considering low inventory levels.
SEPTEMBER
Our September results will not be ready for another two weeks, but there seems to have been a strong upturn in activity.
While these observations are strictly subjective, showings, open house attendance and offers began to rise as soon as the Labor Day ended.
The anticipation and implementation of interest rate cuts were obviously a major contributor, but there seems to be a new urgency for both buyers and sellers.
We traditionally get a sales bump in September, but this year the bump seems to be stronger than in past years.
It will be interesting to see if the Fed’s interest rate drop will extend the September bump into the 4th quarter and whether sellers will be adding much needed inventory to the market.
The September market results should give valuable insight as to where the market is going.
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.