APRIL 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.
MARCH HOME SALES
Year To Date 2025 vs 2024 - Up 7.9%
Month 2025 vs 2024 -Up 8.4%
Month By Neighborhood
NEAR NORTH -Down 8.4%
LINCOLN PARK - Up 5.7%
LAKEVIEW - Up 39.3%
NORTH CENTER - Up 13.9%
Month By Price Point
Under $500,000 - Down 7.4%
$500,000 to $1,000,000 - Up 13.8%
$1,000,000 to $2,000,000 - Up 46.0%
Over $2,000,000 - Up 7.2%
MARCH HOMES UNDER CONTRACT
Year To Date 2025 vs 2024 - Down 1.9%
Month 2025 vs 2024 - Up 1.4%
Month By Neighborhood
NEAR NORTH - Up 1.6%
LINCOLN PARK -Down 5.8%
LAKEVIEW - Up 8.2%
NORTH CENTER - No Change
Month By Price Point
Under $500,000 - Down 8.5%
$500,000 to $1,000,000 - Up 12.3%
$1,000,000 to $2,000,000 - Down 6.5 %
Over $2,000,000 - Up 62.5%
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.
MARCH HOMES FOR SALE
Year To Date 2025 vs 2024 - Down 22.4%
Month 2025 vs 2024 - Down 23.8%
Month By Neighborhood
NEAR NORTH - Down 24.7%
LINCOLN PARK - Down 31.7%
LAKEVIEW - Down 4.5%
NORTH CENTER - Down 36.0%
Month By Price Point
Under $500,000 - Down 14.3%
$500,000 to $1,000,000 - Down 31.5%
$1,000,000 to $2,000,000 - Down 31.1%
Over $2,000,000 - Down 30.5%
MARCH MONTHS OF SUPPLY OF INVENTORY
Year To Date 2025 vs 2024 - Down 13.0% to 2.0 MSI
Month 2025 vs 2024 - Down 28.6% to 2.0 MSI
Month By Price Point
Under $500,000 - Down 14.3% to 1.8 MSI
$500,000 to $1,000,000 - Down 44.0% to 1.4 MSI
$1,000,000 to $2,000,000 - Down 38.7% to 3.0 MSI
Over $2,000,000 - Down 39.1 % to 5.6 MSI
Month By Neighborhood
NEAR NORTH - Down 29.1% to 3.9 MSI
LINCOLN PARK - Down 36.4% to 1.4 MSI
LAKEVIEW - Down 7.1% to 1.3 MSI
NORTH CENTER - Down 33.3% to 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.
MARCH MEDIAN PRICING
Year To Date 2025 vs 2024 - Up 11.0%
Month 2025 vs 2024 - Up 9.2 %
Month By Neighborhood
NEAR NORTH - Up 16.9%
LINCOLN PARK - Up 18.0%
LAKEVIEW - Up 12.9%
NORTH CENTER - Down 4.9%
Month By Price Point
Under $500,000 - Down 0.1%
$500,000 to $1,000,000 - Up 2.1%
$1,000,000 to $2,000,000 - Up 7.0%
Over $2,000,000 - Up 4.8%
MARCH MARKET TIME
Year To Date 2025 vs 2024- Down 19.5%
Month 2025 vs 2024 - Down 18.9%
Month By Neighborhood
NEAR NORTH -Down 12.0%
LINCOLN PARK - Down 29.3%
LAKEVIEW - Down 18.0%
NORTH CENTER - Down 25.0%
Month By Price Point :
Under $500,000 - Down 16.3%
$500,000 to $1,000,000 Down 29.7%
$1,000,000 to $2,000,000 -Down 26.2%
Over $2,000,000 -Up 14.7%
MARCH SUMMARY
MARCH MARKET INDICATORS
Despite predictions of lower home sales because of historically low inventory levels, the market surprised. 2025 March home sales increased by 8.4% over March 2024.
This is rather amazing as March 2025 inventory levels continued to drop 23.8% vs 2024.
2025 Year To Date Inventories are currently 22.4% lower than 2024 (which was a record year for low inventories).
Large open house turnouts and multiple offer contracts continue on new listings as a result.
NEW LISTINGS
March 2025 new listings were down 10.5% vs 2024. Near North and Lincoln Park new listings reported decreases, Lakeview new listings were flat and North Center new listings were up 3.1%.
When looking at March 2025 new listings by price point, only mid priced homes from $500,000 to $1,000,000 had a slight 1.0 increase over 2024. The other three price points had decreases ranging from 13.5% to 15%.
MONTHS OF SUPPLY OF INVENTORY
The Near North Side which traditionally has the highest MSI, dropped 29.1 % to 3.9MSI. The other three neighborhoods have a months of supply of inventory of between 1.4 MSI and 1.3 MSI. 6.0 MSI - 7.0MSI is considered the dividing line between a buyers market and a sellers market. The current MSI are historically low.
HOME SALES
Home sales rose 8.4% in March 2025 vs 2024.
Three of the four of our neighborhoods reported decreases and only Near North had a decrease. (-8.4%)
Homes priced over $500,000 reported increases while lower homes priced under $500,000 reported decreases.
UNITS UNDER CONTRACT
Homes that went under contract in March 2025 rose 1.4% vs 2024.
Near North and Lakeview reported and increase, while Lincoln Park decreased, There was no change in North Center.
Homes priced over $2,000,000 and between $500,000 to $1,000,000 reported increases while homes priced under $500,000 and between $1,000,000 and $ 2,000,000 had decreases.
It should be noted, that the homes that went under contract in March will probably close in April giving us an indication of next months home sales.
HOMES FOR SALE
March 2025 inventories decreased 23.8% vs 2024.
All four neighborhoods reported decreases in inventory ranging from 4.5% in Lakeview to 36.0% in North Center.
Homes priced over $2,000,000 and between $500,000 to $1,000,000 reported increases while homes priced under $500,000 and between $1,000,000 and $2,000,000 had decreases.
MEDIAN HOME PRICES
March 2025 median home prices rose 9.2 % vs 2024.
Three of the four neighborhoods reported increases, with Lakeview posting the only decrease at 4.9%.
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
With the current turmoil at the national and local levels, events continue to unfold. This makes it impossible to predict with certainty how our local real estate business will be affected. 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.
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.