MARCH 2025 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.
FEBRUARY HOME SALES
Year To Date 2025 vs 2024 - Up 4.9%
Month 2025 vs 2024 -Down 8.1%
Month By Neighborhood
NEAR NORTH -Down 7.3%
LINCOLN PARK - Down 17.8%
LAKEVIEW - Down 13.8%
NORTH CENTER - Up 45.5%
Month By Price Point
Under $500,0 - Down 22.9%
$500,000 to $1,000,000 - Down 13.8%
$1,000,000 to $2,000,000 - Up 1.2%
Over $2,000,000 - Up 95.0%
FEBRUARY HOMES UNDER CONTRACT
Year To Date 2025 vs 2024 - Down 7.8%
Month 2025 vs 2024 - Down 13.1%
Month By Neighborhood
NEAR NORTH - Down 14.5%
LINCOLN PARK -Down 8.8%
LAKEVIEW - Down 11.2%
NORTH CENTER - Down 23.4%
Month By Price Point
Under $500,000 - Down 22.9%
$500,000 to $1,000,000 - Down 13.8%
$1,000,000 to $2,000,000 - Up 1.2 %
Over $2,000,000 - Up 95.0%
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.
FEBRUARY HOMES FOR SALE
Year To Date 2025 vs 2024 - Down 23.6%
Month 2025 vs 2024 - Down 24.3%
Month By Neighborhood
NEAR NORTH - Down 20.9%
LINCOLN PARK - Down 37.6%
LAKEVIEW - Down 17.4%
NORTH CENTER - Down 48.0%
Month By Price Point
Under $500,000 - Down 16.9%
$500,000 to $1,000,000 - Down 33.6%
$1,000,000 to $2,000,000 - Down 35.8%
Over $2,000,000 - Down 19.6%
FEBRUARY MONTHS OF SUPPLY OF INVENTORY
Year To Date 2025 vs 2024 - Down 29.6% to 1.9 MSI
Month 2025 vs 2024 - Down 31.0% to 2.0 MSI
Month By Price Point
Under $500,000 - Down 18.1% to 1.8 MSI
$500,000 to $1,000,000 - Down 46.2% to 1.4 MSI
$1,000,000 to $2,000,000 - Down 43.8% to 2.7 MSI
Over $2,000,000 - Down 30.0 % to 6.0 MSI
Month By Neighborhood
NEAR NORTH - Down 28.4% to 3.9 MSI
LINCOLN PARK - Down 40.9% to 1.3 MSI
LAKEVIEW - Down 13.3% to 1.3 MSI
NORTH CENTER - Down 45.8% at 1.3 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.
FEBRUARY MEDIAN PRICING
Year To Date 2025 vs 2024 - Up 9.5%
Month 2025 vs 2024 - Up 12.5 %
Month By Neighborhood
NEAR NORTH - Up 30.0%
LINCOLN PARK - Up 14.7%
LAKEVIEW - Down 3.2%
NORTH CENTER - Up 12.2%
Month By Price Point
Under $500,000 - Up 16.2%
$500,000 to $1,000,000 - Up 4.6%
$1,000,000 to $2,000,000 - Down 6.0%
Over $2,000,000 - Down 6.3%
FEBRUARY DAYS ON THE MARKET
Year To Date 2025 vs 2024- Down 20.9% to 72 Days
Month 2025 vs 2024 - Down 14.6% to 76 Days
Month By Neighborhood
NEAR NORTH -Down 18.3% to 116 Days
LINCOLN PARK - Down 30.4% to 55 days
LAKEVIEW - Down 16.9% to 54 days
NORTH CENTER - Up 14.7% to 78 Days
Month By Price Point :
Under $500,000 - Down 19.7% to 53 Days
$500,000 to $1,000,000 Down 29.3% to 65 Days
$1,000,000 to $2,000,000 -Up 4.0 to 103 Days
Over $2,000,000 -Up 15.5% to 186 Days
FEBRUARY SUMMARY
MARCH MARKET INDICATORS
After four consecutive months of home sales increases, the lack of inventory finally caught up with the market. 2025 February home sales dropped 8.1% vs 2024.
The market is very active as it was last year at this time and buyers are out looking for new homes.
The excitement of large open house turnouts and multiple offer contracts may make the market seem healthier than it is ; however, the year vs year numbers paint a different picture.
Buyers are facing inventory levels in 2025 that are currently 24.3% lower than 2024 (which was a record year for low inventories).
February 2025 new listings were down 23.5% vs 2024. Lincoln Park new listings were down 26.7%, Lakeview new listings were down 28.0% and North Center new listings were down 40.0%.
These three neighborhoods have a months of supply of inventory of 1.3. Traditionally 6.0MSI - 7.0MSI is the dividing line between a buyers market and a sellers market. The current 1.3MSI is historically low.
Many in the industry continue to say that 2025 will be similar to 2004 with sales and price increases and stable interest rates between 6.5% and 7%; however, there are so many variables at the national, state and local levels, that it is impossible to predict with certainty. One thing that is certain is that the market needs a major influx of inventory, but many home owners are still reluctant to let go of their current 3+% interest loans on their current homes. Political & economic uncertainty along with perceived / actual rising crime rates are also keeping sellers on the sidelines.
Home Sales
Home sales decreased 8.1% in February 2025 vs 2024.
Three of the four of our neighborhoods reported decreases and only North Center sales rose (+45.5%).
Homes priced under $1,000,000 reported decreases while luxury homes priced over $1,000,000 reported increases.
Units Under Contract
Homes that went under contract in February 2025 dropped 13.1% vs 2024.
Near North reported and increase, while Lincoln Park and Lakeview decreased. There was no change in North Center.
Homes priced under $1,000,000 reported decreases while luxury homes over $1,000,000 increased.
It should be noted, that the homes that went under contract in February will probably close in March giving us an indication of next months home sales.
Homes For Sale
February 2025 inventories decreased 24.3% vs 2024.
All four neighborhoods reported decreases in inventory from 17.4% in Lakeview to 48.0% in North Center.
All four price points reported inventory decreases in December from 16.9% to 35.8%.
In February, the combined months of supply of inventory for the four neighborhoods dropped 31.0% and is now at 2.0 MSI.
Median Home Prices
February 2025 median home prices rose 12.5 % vs 2024.
Three of the four neighborhoods reported increases, with Lakeview posting the only decrease at 3.2%.
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 move on it’s current trajectory, we will continue to see multiple offers and rising home prices until inventory levels can begin to catch up to demand.
Going Forward
The current low inventory, multiple offer situation can be difficult and complicated. Buyers often have to make offers after seeing the home once, without a second showing. Be sure that your broker has experience in navigating this market.
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.