MAY 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.
APRIL HOME SALES
Year To Date 2025 vs 2024 - Up 5.8%
Month 2025 vs 2024 -Down 4.6%
Month By Neighborhood
NEAR NORTH -Up 2.0%
LINCOLN PARK - Down 9.6%
LAKEVIEW - Down 6.8%
NORTH CENTER - Down 18.0%
Month By Price Point
Under $500,000 - Down 18.8%
$500,000 to $1,000,000 - Down 6.9%
$1,000,000 to $2,000,000 - Up 30.0%
Over $2,000,000 - Up 138.0%
APRIL HOMES UNDER CONTRACT
Year To Date 2025 vs 2024 - Down 2.1%
Month 2025 vs 2024 - Down 7.5%
Month By Neighborhood
NEAR NORTH - Down 11.7%
LINCOLN PARK -Up 13.1%
LAKEVIEW - Down 12.6%
NORTH CENTER - Down 44.4%
Month By Price Point
Under $500,000 - Down 12.9%
$500,000 to $1,000,000 - Down 1.0%
$1,000,000 to $2,000,000 - Down 14.3 %
Over $2,000,000 - Up 29.0%
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.
APRIL HOMES FOR SALE
Year To Date 2025 vs 2024 - Down 20.7%
Month 2025 vs 2024 - Down 20.2%
Month By Neighborhood
NEAR NORTH - Down 23.3%
LINCOLN PARK - Down 23.9%
LAKEVIEW - Up 3.1%
NORTH CENTER - Down 14.0%
Month By Price Point
Under $500,000 - Down 9.5%
$500,000 to $1,000,000 - Down 24.8%
$1,000,000 to $2,000,000 - Down 24.1%
Over $2,000,000 - Down 33.2%
APRIL MONTHS OF SUPPLY OF INVENTORY
Year To Date 2025 vs 2024 - Down 29.1% to 1.7 MSI
Month 2025 vs 2024 - Down 20.8% to 1.9 MSI
Month By Price Point
Under $500,000 - Down 41.6% to 5.2 MSI
$500,000 to $1,000,000 - Down 27.5% to 2.9 MSI
$1,000,000 to $2,000,000 - Down 33.3% to 1.6 MSI
Over $2,000,000 - Down 11.8 % to 1.5 MSI
Month By Neighborhood
NEAR NORTH - Down 26.9% to 3.8 MSI
LINCOLN PARK - Down 30.0% to 1.4 MSI
LAKEVIEW - Up 8.3% to 1.3 MSI
NORTH CENTER - No Change 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.
APRIL MEDIAN PRICING
Year To Date 2025 vs 2024 - Up 9.1%
Month 2025 vs 2024 - Up 7.1 %
Month By Neighborhood
NEAR NORTH - Up 13.5%
LINCOLN PARK - Up 11.6%
LAKEVIEW - Up 10.5%
NORTH CENTER - Down 3.5%
Month By Price Point
Under $500,000 - Down 1.9%
$500,000 to $1,000,000 - Down 4.0%
$1,000,000 to $2,000,000 - Up 0.7%
Over $2,000,000 - Up 23.7%
APRIL NEW LISTINGS
Year To Date 2025 vs 2024- Down 11.7%
Month 2025 vs 2024 - Down 12.5%
Month By Neighborhood
NEAR NORTH -Down 17.8%
LINCOLN PARK Up 5.4 %
LAKEVIEW - Down 10.8%
NORTH CENTER - Down 20.7%
Month By Price Point :
Under $500,000 - Down 9.4%
$500,000 to $1,000,000 Down 7.5%
$1,000,000 to $2,000,000 -Down 14.9%
Over $2,000,000 -Down 12.9%
APRIL SUMMARY
APRIL MARKET INDICATORS
Despite a bump in home sales in March, inventory levels in April 2025 dropped 20.2% vs 2024 and drove April 2025 homes sales down 4.6% vs 2024.
Large open house turnouts and multiple offer contracts continue on new listings as a result, but supply cannot currently keep up with demand.
HOME SALES
Home sales dropped from 656 units in April 2024 to 626 units in 2025. (-4.6%)
Three of the four neighborhoods reported decreases and only Near North had an increase (2.0%)
Homes priced under $1,000,000 reported decreases while luxury homes priced over $1,000,000 reported increases.
UNITS UNDER CONTRACT
625 homes went under contract in April 2025 which represented a 7.5% decrease vs 2024.
Near North, Lakeview and North Center reported decreases, while Lincoln Park reported the only increase at 13.1%.
Homes priced over $2,000,000 reported decreases while homes priced under $2,000,000 had increases.
It should be noted, that the homes that went under contract in April will probably close in May giving us an indication of next months home sales.
NEW LISTINGS
There were 1043 new listings in April 2025 which represented a 20.2% decrease vs 2024.
Three neighborhoods reported decreases from 10.8% to 20.7%. Lincoln Park posted a 5.4% increase during the same time period.
When looking at April 2025 new listings by price point, all four price points reported decreases from 9.4% to 14.9%
HOMES FOR SALE
April 2025 inventories decreased 20.2% vs 2024.
Near North and Lincoln Park reported decreases, Lakeview increased inventory levels by 3.1% and there was no change in North Center.
All four price points reported decreases from 9.5% in homes priced under $500,000 to 33.2% for luxury homes priced over $2,000,000.
MONTHS OF SUPPLY OF INVENTORY
April 2025 MSI for the four neighborhoods dropped 20.8% to 1.9MSI. It is the first time that it has dropped under 2.0
The Near North Side which traditionally has the highest MSI, dropped 26.9% to 3.8MSI. 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.
MEDIAN HOME PRICES
April 2025 median home prices rose 7.1 % vs 2024.
Three of the four neighborhoods reported increases, with North Center posting the only decrease at 3.5%.
Homes priced under $1,000,000 rose from .7% to 23.7% while luxury homes priced over $1,000,000 dropped from 1.9% to 4.0%.
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 2+% 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.