OCTOBER 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.
SEPTEMBER HOME SALES
Year To Date 2024 vs 2023 - Down 0.6%
Month 2024 vs 2023 -Down 17.8%
Month By Neighborhood
NEAR NORTH - Down 25.6%
LINCOLN PARK - Up 6.9%
LAKEVIEW - Down 22.4%
NORTH CENTER - Down 10.0%
Month By Price Point
Under $500,000 - Down 72%
$500,000 to $1,000,000 - Down 19.0%
$1,000,000 to $2,000,000 - Up 36.7%
Over $2,000,000 - Down 0.8%
SEPTEMBER HOMES UNDER CONTRACT
Year To Date 2024 vs 2023 - Down 0.2%
Month 2024 vs 2023 - Up 2.4%
Month By Neighborhood
NEAR NORTH - Up 21.3%
LINCOLN PARK -Up 18.2%
LAKEVIEW - Down 29.8%
NORTH CENTER - Down 12.9%
Month By Price Point
Under $500,000 - Down 3.1%
$500,000 to $1,000,000 - Up 10.7%
$1,000,000 to $2,000,000 - Down 21.2%
Over $2,000,000 - Down 25.0%
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.
SEPTEMBER HOMES FOR SALE
Year To Date 2024 vs 2023 - Down 12.2%
Month 2024 vs 2023 - Down 19.5%
Month By Neighborhood
NEAR NORTH - Down 17.5%
LINCOLN PARK - Down 26.9%
LAKEVIEW - Down 15.3%
NORTH CENTER - Down 32.6%
Month By Price Point
Under $500,000 - Down 8.9%
$500,000 to $1,000,000 - Down 23.0%
$1,000,000 to $2,000,000 - Down 26.3%
Over $2,000,000 - Down 16.7%
SEPTEMBER MONTHS OF SUPPLY OF INVENTORY
Year To Date 2024 vs 2023 - Down 9.0% to 2.9 MSI
Month 2024 vs 2023 - Down 21.6% to 2.9 MSI
Month By Price Point
Under $500,000 - Down 14.8% at 2.3 MSI
$500,000 to $1,000,000 - Down 27.7% to 2.6 MSI
$1,000,000 to $2,000,000 - Down 31.0% to 4.0 MSI
Over $2,000,000 - Down 7.9 % to 9.3 MSI
Month By Neighborhood
NEAR NORTH - Down 23.4% to 4.9 MSI
LINCOLN PARK - Down 29.0% to 2.2 MSI
LAKEVIEW - Down 8.7% to 2.1 MSI
NORTH CENTER - Down 26.7% at 2.2 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.
SEPTEMBER MEDIAN PRICING
Year To Date 2024 vs 2023 - Up 6.1%
Month 2024 vs 2023 - Up 9.4 %
Month By Neighborhood
NEAR NORTH - Up 2.6%
LINCOLN PARK - Up 10.8%
LAKEVIEW - Up 15.9%
NORTH CENTER - Up 8.0%
Month By Price Point
Under $500,000 - Down 11.3%
$500,000 to $1,000,000 - Up 3.6%
$1,000,000 to $2,000,000 - Up 1.5%
Over $2,000,000 - Down 6.5%
SEPTEMBER DAYS ON THE MARKET
Year To Date 2024 vs 2023- Down 7.0% to 63 Days
Month 2024 vs 2023 - Down 21% to 49 Days
Month By Neighborhood
NEAR NORTH - Down 17.8% to 97 days
LINCOLN PARK - Down 25% to 30 days
LAKEVIEW - Down 17.9% to 32 days
NORTH CENTER - Down 24.5% to 37 Days
Month By Price Point :
Under $500,000 - Down 9.0% to 52 Days
$500,000 to $1,000,000 Down 37.0% to 43 Days
$1,000,000 to $2,000,000 -Down 9.0% to 70 Days
Over $2,000,000 - Down 61.0% to 39 Days
SEPTEMBER SUMMARY
SEPTEMBER MARKET INDICATORS
Despite positive interest rate and economic news, what appeared to be a market gaining momentum in September, ended up being another sluggish month on Chicago’s North Side.
The six comparatives in this report show many areas of stagnation ; however, there are also some positive signs.
Home Sales
Home sales were down a disappointing 17.9% in September 2024 vs 2023. Lincoln Park was the only one of the four neighborhoods with an increase at 6.9%.
Looking at home sales by price, luxury homes from $1,000,000 to $2,000,000 was the only price point range that had an increase at 36.7%.
Units Under Contract
Homes that went under contract in September 2024 rose by 2.4% vs 2023. This small increase was led by double digit increases in Near North and Lincoln Park, but were offset by double digit decreases in Lakeview and North Center. Homes priced between $500,000 & $1,000,000 increased by 10.7% while the other three pricepoints decreased.
It should be noted, that the homes that went under contract in September will probably close in October giving us an indication of where next months home sales are headed.
Homes For Sale
Inventory levels in all four neighborhoods continue to drop to near historic lows. September 2024 homes for sale dropped 19.5% vs 2023. The combined months of supply of inventory is now at 2.9MSI. The dividing line between a buyers market and a sellers market is usually considered to be 6.0MSI. There is currently not enough inventory for a sustained increase in sales.
Median Home Prices
Good news for home sellers, as September 2024 home prices rose 9.4% over 2023. Each of the 4 neighborhoods reported increases as did homes priced from $500,000 to $2,000,000. With record low inventories home prices are expected to spike; however, unlike the suburbs and other large cities across the country, Chicago prices have remained relatively low for the past few years. As the market begins to improve, we will continue to see multiple offers and rising home prices until inventory levels can begin to catch up to demand.
4th Quarter
The market traditionally begins to slow down a bit in November. This year, however, lower interest rates and positive economic news may bring more buyers and sellers into the market, boosting both sales and inventory levels. It is imperative that the market stay balanced and not be weighted too heavily toward buyers or sellers in order for real estate growth to be healthy.
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.