DECEMBER 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.
NOVEMBER HOME SALES
Year To Date 2024 vs 2023 - Up 2.0%
Month 2024 vs 2023 -Up 10.7%
Month By Neighborhood
NEAR NORTH - Up 21.8%
LINCOLN PARK - Up 30.1%
LAKEVIEW - Down 9.7%
NORTH CENTER - Down 13.9%
Month By Price Point
Under $500,0 - Down 1.1%
$500,000 to $1,000,000 - Up 20.0%
$1,000,000 to $2,000,000 - Up 25.5%
Over $2,000,000 - Down 35%
NOVEMBER HOMES UNDER CONTRACT
Year To Date 2024 vs 2023 - Down 2.1%
Month 2024 vs 2023 - Up 0.3%
Month By Neighborhood
NEAR NORTH - Up 11.2%
LINCOLN PARK -Down 5.0%
LAKEVIEW - Up 6.0%
NORTH CENTER - Down 52.9%
Month By Price Point
Under $500,000 - Up 5.9%
$500,000 to $1,000,000 - Up 7.0%
$1,000,000 to $2,000,000 - Down30.1 %
Over $2,000,000 - No Change
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.
NOVEMBER HOMES FOR SALE
Year To Date 2024 vs 2023 - Down 13.5%
Month 2024 vs 2023 - Down 22.4%
Month By Neighborhood
NEAR NORTH - Down 19.8%
LINCOLN PARK - Down 41.7%
LAKEVIEW - Down 7.2%
NORTH CENTER - Down 38.8%
Month By Price Point
Under $500,000 - Down 18.3%
$500,000 to $1,000,000 - Down 29.8%
$1,000,000 to $2,000,000 - Down 25.1%
Over $2,000,000 - Down 17.1%
NOVEMBER MONTHS OF SUPPLY OF INVENTORY
Year To Date 2024 vs 2023 - Down 12.5% to 2.8 MSI
Month 2024 vs 2023 - Down 28.1% to 2.3 MSI
Month By Price Point
Under $500,000 - Up 17.4% at 2.7 MSI
$500,000 to $1,000,000 - Down 38.7% to 1.9 MSI
$1,000,000 to $2,000,000 - Down 30.6% to 3.4MSI
Over $2,000,000 - Down 20.4 % to 7.4 MSI
Month By Neighborhood
NEAR NORTH - Down 26.8% to 4.1 MSI
LINCOLN PARK - Down 44.4% to 1.5 MSI
LAKEVIEW - No Change at 1.9MSI
NORTH CENTER - Down 32.0% 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.
NOVEMBER MEDIAN PRICING
Year To Date 2024 vs 2023 - Up 6.6%
Month 2024 vs 2023 - Down 2.7 %
Month By Neighborhood
NEAR NORTH - Up 28.4%
LINCOLN PARK - Down 26.4%
LAKEVIEW - Down 0.9%
NORTH CENTER - Up 7.2%
Month By Price Point
Under $500,000 - Up 7.8%
$500,000 to $1,000,000 - Down 3.3%
$1,000,000 to $2,000,000 - Down 8.5%
Over $2,000,000 - Down 24.2%
NOVEMBER DAYS ON THE MARKET
Year To Date 2024 vs 2023- Down 4.5% to 63 Days
Month 2024 vs 2023 - Down 1.5% to 64 Days
Month By Neighborhood
NEAR NORTH -Up 25.8% to 117 Days
LINCOLN PARK - Down 26.9% to 38 days
LAKEVIEW - Down 5.2% to 55 days
NORTH CENTER - Down 20% to 44 Days
Month By Price Point :
Under $500,000 - Down 7.5% to 49 Days
$500,000 to $1,000,000 Down 16.0% to 63 Days
$1,000,000 to $2,000,000 -Up 6.2% to 85 Days
Over $2,000,000 - Down 7.5% to 49 Days
NOVEMBER SUMMARY
NOVEMBER MARKET INDICATORS
2024 Home Sales rose against 2023 for the second consecutive month in Near North, Lincoln Park, Lakeview and North Center, despite falling inventory levels and interest rate uncertainty.
The six comparatives in this report show many areas of positive growth; however, there are also inconsistencies among neighborhoods and price points. As a result, emerging trends are hard to identify.
Home Sales
November 2024 home sales were up 10.7% vs 2023. Near North and Lincoln Park reported strong increases while Lakeview and North Center reported decreases.
Homes priced from $500,000 to $2,000,000 reported increased sales compared to last year. Homes priced under $500,000 and over $2,000,000 reported declines.
Home sales are now up 2.0% year to date vs 2023.
Units Under Contract
Homes that went under contract in November 2024 rose a meager 0.3% over 2023. Three neighborhoods had increases with North Center reporting the only decrease at 52.9%. While three price points increased, homes priced from $1,000,000 to $2,000,000 showed a decrease for the second consecutive month.
It should be noted, that the homes that went under contract in November will probably close in December giving us an indicator of next months home sales.
Homes For Sale
Inventory levels in all four neighborhoods continue to drop to near historic lows. November 2024 homes for sale dropped 22.4% vs 2023. The combined months of supply of inventory dropped 28.1% and is now at 2.3MSI. The dividing line between a buyers market and a sellers market is usually considered to be 6.0MSI. Near North is at 4.1 MSI, while the other three neighborhoods are under 2.0MSI.
Without an influx of new homes for sale it will be difficult to sustain monthly increases in home sales.
Median Home Prices
November 2024 home prices dropped 2.7% over 2023. Near North and North Center reported increases while Lincoln Park and Lakeview decreased.
2024 year to date median prices are up 6.6% 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. If the market continues to improve, we will see multiple offers and rising home prices until inventory levels can begin to catch up to demand.
Looking Ahead To 2025
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 could come into play at the federal, state and local levels, making 2025 predictions difficult.
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.