NOVEMBER 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.
OCTOBER HOME SALES
Year To Date 2024 vs 2023 - Up 1.4%
Month 2024 vs 2023 -Up 9.9%
Month By Neighborhood
NEAR NORTH - Up 13.6%
LINCOLN PARK - Up 14.6%
LAKEVIEW - Up 5.7%
NORTH CENTER - Down 6.3%
Month By Price Point
Under $500,0 - Up 3.7%
$500,000 to $1,000,000 - Up 14.6%
$1,000,000 to $2,000,000 - No Change
Over $2,000,000 - Up 109.1%
OCTOBER HOMES UNDER CONTRACT
Year To Date 2024 vs 2023 - Down 13.0%
Month 2024 vs 2023 - Up 19.1%
Month By Neighborhood
NEAR NORTH - Up 21.4%
LINCOLN PARK -Up 64.6%
LAKEVIEW - Up 1.9%
NORTH CENTER - Down 24.2%
Month By Price Point
Under $500,000 - Up 17.8%
$500,000 to $1,000,000 - Up 39.1%
$1,000,000 to $2,000,000 - Down 2.5%
Over $2,000,000 - Up 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.
OCTOBER HOMES FOR SALE
Year To Date 2024 vs 2023 - Down 12.2%
Month 2024 vs 2023 - Down 9.0%
Month By Neighborhood
NEAR NORTH - Down 18.5%
LINCOLN PARK - Down 38.4%
LAKEVIEW - Down 15.8%
NORTH CENTER - Down 38.4%
Month By Price Point
Under $500,000 - Down 11.7%
$500,000 to $1,000,000 - Down 18.7%
$1,000,000 to $2,000,000 - Down 27.7%
Over $2,000,000 - Down 23.2%
OCTOBER MONTHS OF SUPPLY OF INVENTORY
Year To Date 2024 vs 2023 - Down 9.0% to 2.9 MSI
Month 2024 vs 2023 - Down 29.7% to 2.6 MSI
Month By Price Point
Under $500,000 - Down 21.7% at 1.8 MSI
$500,000 to $1,000,000 - Down 37.1% to 2.2 MSI
$1,000,000 to $2,000,000 - Down 32.6% to 3.3 MSI
Over $2,000,000 - Down 9.5 % to 7.6 MSI
Month By Neighborhood
NEAR NORTH - Down 25.8% to 4.6 MSI
LINCOLN PARK - Down 43.8% to 1.8 MSI
LAKEVIEW - Down 8.7% to 2.1 MSI
NORTH CENTER - Down 33.3% at 2.0 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.
OCTOBER MEDIAN PRICING
Year To Date 2024 vs 2023 - Up 6.5%
Month 2024 vs 2023 - Down 7.2 %
Month By Neighborhood
NEAR NORTH - Up 9.0%
LINCOLN PARK - Down 6.8%
LAKEVIEW - Up 6.0%
NORTH CENTER - Up 25.6%
Month By Price Point
Under $500,000 - Down 3.8%
$500,000 to $1,000,000 - Down 1.7%
$1,000,000 to $2,000,000 - Down 0.1%
Over $2,000,000 - Down 7.6%
OCTOBER DAYS ON THE MARKET
Year To Date 2024 vs 2023- Down 4.5% to 63 Days
Month 2024 vs 2023 - Up 3.8% to 55 Days
Month By Neighborhood
NEAR NORTH - No Change at 90 days
LINCOLN PARK - Down 19.2% to 42 days
LAKEVIEW - Down 2.9% to 33 days
NORTH CENTER - Down 50% to 54 Days
Month By Price Point :
Under $500,000 - Up 11.6% to 48 Days
$500,000 to $1,000,000 Down 24.0% to 38 Days
$1,000,000 to $2,000,000 -Down 29.5% to 62 Days
Over $2,000,000 - Down 31.7% to 58 Days
OCTOBER SUMMARY
OCTOBER MARKET INDICATORS
While the Fed has recently cut interest rates, mortgage rates have risen for the past four week. Despite the rate increase and the local and national political turmoil, the real estate market gained momentum in October in Near North, Lincoln Park, Lakeview and North Center.
The six comparatives in this report show many areas of positive growth; however, inventory fatigue continues to be a serious problem.
Home Sales
For the first time since April, home sales had a strong increase. October 2024 home sales were up 9.9% vs 2023. Three of the four neighborhoods reported increases and North Center reported the only decrease.
Three of the four neighborhood price points have increases over 2023. Homes priced from $1,000,000 to $2,000,000 reported flat sales compared to last year.
Home sales are now up 1.4% year to date vs 2023
Units Under Contract
Homes that went under contract in October 2024 mirrored home sales and rose 19.1% over 2023. Three neighborhoods had increases with North Center reporting the only decrease. And while three price points increased, homes priced from $1,000,000 to $2,000,000 showed a slight decrease.
It should be noted, that the homes that went under contract in October will probably close in November giving us a positive indicator of next months home sales.
Homes For Sale
Inventory levels in all four neighborhoods continue to drop to near historic lows. October 2024 homes for sale dropped 29.6% vs 2023. The combined months of supply of inventory dropped 29.6% and is now at 2.6MSI. The dividing line between a buyers market and a sellers market is usually considered to be 6.0MSI. Lincoln Park is at 1.8MSI and Lakeview and North Center are at 2.0MSI.
Without an influx of new homes for sale it will be difficult to sustain monthly increases in home sales.
Median Home Prices
October 2024 home prices rose 7.2% over 2023. Three of the four neighborhoods reported increases and only Lincoln Park decreased by 6.8%.
2024 year to date median prices are up 6.5% vs 2023
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 during the holidays; however, 2024 has been anything but a traditional year. There are still a lot of variables that will come into play, so fasten your seat belt and let’s see where the market takes us.
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.