JUNE 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.
Please let us know if you need information on any of Chicago’s other neighborhoods
MAY HOME SALES
Year To Date 2025 vs 2024 - Up 0.6%
Month 2025 vs 2024 -Down 10.1%
Month By Neighborhood
NEAR NORTH -Down 12.8%
LINCOLN PARK - Up 4.1%
LAKEVIEW - Down 8.2%
NORTH CENTER - Down 36.7%
Month By Price Point
Under $500,000 - Down 13.7%
$500,000 to $1,000,000 - Down 11.8%
$1,000,000 to $2,000,000 - Down 9.8%
Over $2,000,000 - Up 51.7%
MAY HOMES UNDER CONTRACT
Year To Date 2025 vs 2024 - Down 0.2%
Month 2025 vs 2024 - Up 4.0%
Month By Neighborhood
NEAR NORTH - No Change
LINCOLN PARK -Down 3.5%
LAKEVIEW - Up 13.8%
NORTH CENTER - Up 12.5%
Month By Price Point
Under $500,000 - Down 0.6%
$500,000 to $1,000,000 - Up 5.9%
$1,000,000 to $2,000,000 - No Change
Over $2,000,000 - Up 73.9%
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.
MAY HOMES FOR SALE
Year To Date 2025 vs 2024 - Down 19.6%
Month 2025 vs 2024 - Down 21.8%
Month By Neighborhood
NEAR NORTH - Down 20.3%
LINCOLN PARK - Down 31.4%
LAKEVIEW - Down 16.7%
NORTH CENTER - Down 31.1%
Month By Price Point
Under $500,000 - Down 17.9%
$500,000 to $1,000,000 - Down 28.8%
$1,000,000 to $2,000,000 - Down 20.3%
Over $2,000,000 - Down 32.6%
MAY MONTHS OF SUPPLY OF INVENTORY
Year To Date 2025 vs 2024 - Down 27.6% to 2.1 MSI
Month 2025 vs 2024 - Down 26.7% to 2.2 MSI
Month By Price Point
Under $500,000 - Down 9.0% to 2.0 MSI
$500,000 to $1,000,000 - Down 40.0% to 1.6 MSI
$1,000,000 to $2,000,000 - Down 25.0% to 3.3 MSI
Over $2,000,000 - Down 48.1 % to 5.5 MSI
Month By Neighborhood
NEAR NORTH - Down 23.6% to 4.2 MSI
LINCOLN PARK - Down 39.1% to 1.4 MSI
LAKEVIEW - Down 21.1% to 1.5 MSI
NORTH CENTER - Down 25.0 to 1.8 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.
MAY MEDIAN PRICING
Year To Date 2025 vs 2024 - Up 8.9%
Month 2025 vs 2024 - Up 8.6 %
Month By Neighborhood
NEAR NORTH - Down 1.6%
LINCOLN PARK - Up 15.0%
LAKEVIEW - Up 11.0%
NORTH CENTER - Down 6.7%
Month By Price Point
Under $500,000 - Up 3.0%
$500,000 to $1,000,000 - Up 1.4%
$1,000,000 to $2,000,000 - Up 3.6%
Over $2,000,000 - Down 4.8%
MAY NEW LISTINGS
Year To Date 2025 vs 2024- Down 11.6%
Month 2025 vs 2024 - Down 16.9%
Month By Neighborhood
NEAR NORTH -Down 11.7%
LINCOLN PARK Down 26.3 %
LAKEVIEW - Down 19.0%
NORTH CENTER - Down 21.4%
Month By Price Point :
Under $500,000 - Down 21.2%
$500,000 to $1,000,000 Down 13.8%
$1,000,000 to $2,000,000 -Down 5.1%
Over $2,000,000 -Down 24.3%
MAY SUMMARY
MAY MARKET INDICATORS
For the second consecutive month historically low inventory levels in May 2025 resulted in home sales decreases of 10.1%. vs 2024.
The continuing decline of inventory has resulted in some chaotic situations
Sellers brokers are busy managing large open house turnouts and multiple offer contracts.
Buyers brokers are rushing to be the first in line for showings and are adding new incentives to their contracts in an effort to make their offer the most attractive. 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 sometimes difficult and complicated market.
HOME SALES
Home sales dropped from 729 units in May 2024 to 655 units in 2025. (-10.1%)
Three of the four neighborhoods reported decreases and only Lincoln Park had an increase (4.1%)
Homes priced under $1,000,000 reported decreases while luxury homes priced over $1,000,000 reported increases.
UNITS UNDER CONTRACT
666 homes went under contract in May 2025 which represented a 4.0% increase vs 2024.
Lakeview and North Center reported increases, while Lincoln Park reported the only decrease at 3.5%. There was no change on the Near North Side.
Homes priced over $2,000,000 and those priced between $500,000 and $1,000,000 reported increases while homes priced under $500,000 had decreases. There was no change in luxury homes priced over $2,000,000.
It should be noted, that the homes that went under contract in May will probably close in June giving us an indication of next months home sales.
NEW LISTINGS
There were 1068 new listings in May 2025 which represented a 16.9% decrease vs 2024.
All four neighborhoods reported decreases from 11.7% to 26.3%.
When looking at May 2025 new listings by price point, all four price points reported decreases from 5.1% to 24.3%
HOMES FOR SALE
April 2025 inventories decreased 21.8% vs 2024.
All four neighborhoods reported decreases from 21.1% to 25.0%.
All four price points reported decreases from 9.0% in homes priced under $500,000 to 48.1% for luxury homes priced over $2,000,000.
MONTHS OF SUPPLY OF INVENTORY
May 2025 MSI for the four neighborhoods dropped 26.7% to 2.2MSI.
The Near North Side which traditionally has the highest MSI, dropped 23.6% to 4.2MSI. The other three neighborhoods have a months of supply of inventory of between 1.4 MSI and 1.8 MSI.
It should be noted that 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
May 2025 median home prices rose 8.6 % vs 2024.
Lincoln Park and North Center posted increases while Near North and Lakeview home prices dropped.
Homes priced under $2,000,000 rose from 1.4% to 3.6% while luxury homes priced over $2,000,000 dropped 4.8%.
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.
Despite the many multiple offer situations in the current market, sellers should be sure that their listing price reflects the true market value of the neighborhood and property type. Sellers that overprice their homes in an effort to take advantage of low inventory levels can still experience long market times.
Some savvy sellers are deliberately pricing their homes under market value in an effort to drive up the price through multiple offers,
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.
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.