JULY 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
JUNE HOME SALES
Year To Date 2025 vs 2024 - Up 3.4%
Month 2025 vs 2024 -Up 9.4%
Month By Neighborhood
NEAR NORTH -Down 2.8%
LINCOLN PARK - Up 33.1%
LAKEVIEW - Up 13.3%
NORTH CENTER - No Change
Month By Price Point
Under $500,000 - Down 1.8%
$500,000 to $1,000,000 - Up 12.4%
$1,000,000 to $2,000,000 - Up 22.5%
Over $2,000,000 - Up 80.0%
JUNE HOMES UNDER CONTRACT
Year To Date 2025 vs 2024 - Down 0.6%
Month 2025 vs 2024 - Down 1.9%
Month By Neighborhood
NEAR NORTH - Up 3.9%
LINCOLN PARK -Up 4.3%
LAKEVIEW - Down 10.3%
NORTH CENTER - Down 16.3%
Month By Price Point
Under $500,000 - No Change
$500,000 to $1,000,000 - Up 16.6%
$1,000,000 to $2,000,000 - Up 12.7%
Over $2,000,000 - Up 42.8%
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.
JUNE HOMES FOR SALE
Year To Date 2025 vs 2024 - Down 20.1%
Month 2025 vs 2024 - Down 26.6%
Month By Neighborhood
NEAR NORTH - Down 26.0%
LINCOLN PARK - Down 35.0%
LAKEVIEW - Down 21.8%
NORTH CENTER - Down 27.6%
Month By Price Point
Under $500,000 - Down 23.7%
$500,000 to $1,000,000 - Down 31.8%
$1,000,000 to $2,000,000 - Down 22.0%
Over $2,000,000 - Down 33.3%
JUNE MONTHS OF SUPPLY OF INVENTORY
Year To Date 2025 vs 2024 - Down 25.0% to 2.1 MSI
Month 2025 vs 2024 - Down 27.6% to 2.1 MSI
Month By Price Point
Under $500,000 - Down 13.6% to 1.9 MSI
$500,000 to $1,000,000 - Down 34.8% to 1.5 MSI
$1,000,000 to $2,000,000 - Down 23.8 to 3.2 MSI
Over $2,000,000 - Down 54.9 % to 4.6 MSI
Month By Neighborhood
NEAR NORTH - Down 27.3% to 4.0 MSI
LINCOLN PARK - Down 42.9% to 1.2 MSI
LAKEVIEW - Down 22.2% to 1.4 MSI
NORTH CENTER - Down 21.7 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.
JUNE MEDIAN PRICING
Year To Date 2025 vs 2024 - Down 11.9%
Month 2025 vs 2024 - Down 21.7 %
Month By Neighborhood
NEAR NORTH - Down 22.9%
LINCOLN PARK - Down 14.9%
LAKEVIEW - Down 26.6%
NORTH CENTER - Down 11.7%
Month By Price Point
Under $500,000 - Down 20.6%
$500,000 to $1,000,000 - Down 26.1%
$1,000,000 to $2,000,000 - Down 19.9%
Over $2,000,000 - Down 11.9%
JUNE NEW LISTINGS
Year To Date 2025 vs 2024- Down 11.9%
Month 2025 vs 2024 - Down 21.7%
Month By Neighborhood
NEAR NORTH -Down 22.9%
LINCOLN PARK Down 14.9 %
LAKEVIEW - Down 26.6%
NORTH CENTER - Down 11.1%
Month By Price Point :
Under $500,000 - Down 11.9%
$500,000 to $1,000,000 Down 19.9%
$1,000,000 to $2,000,000 -Down 26.1%
Over $2,000,000 -Down 20.6%
JUNE SUMMARY
JUNE MARKET INDICATORS
Home sales rose for the first time in three months in June 2025 vs 2024, despite historically low inventory levels.
Declining inventories continue to turn up the heat on an already hot buyers market.
Sellers brokers are still busy managing large open house turnouts and multiple offer contracts and as a result are shrinking showing times.
Buyers brokers continue to rush 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 rose from 665 units in June 2024 to 728 units in 2025. (+9.4%)
The increases were fueled by a 33.1% increase in Lincoln Park and a 13.3% increase in Lakeview. North Center dropped 2.8% and there was no change in North Center.
Homes priced over $500,000 reported increases while lower priced homes reported a small 1.8% decrease.
UNITS UNDER CONTRACT
591 homes went under contract in June 2025 which represented a 1.9% decrease vs 2024.
Lincoln Park and Near North reported increases, while Lakeview and North Center reported decreases.
Homes priced over $500,000 reported increases while there was no change in lower priced homes.
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 864 new listings in June 2025 which represented a 21.7% decrease vs 2024.
All four neighborhoods reported decreases from 11.7% to 26.3%.
When looking at June 2025 new listings by price point, all four price points reported decreases from 11.9% to 26.1%
HOMES FOR SALE
June 2025 inventories decreased 26.6% vs 2024.
All four neighborhoods reported decreases from 21.8% to 35.0%.
All four price points reported decreases from 22.0% in to 33.3%
MONTHS OF SUPPLY OF INVENTORY
June 2025 MSI for the four neighborhoods dropped 27.6% to 2.1MSI.
The Near North Side which traditionally has the highest MSI, dropped 27.3% to 4.0MSI. The other three neighborhoods have a months of supply of inventory of between 1.2 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
June 2025 median home prices rose 11.6 % vs 2025.
All four neighborhoods posted increases with Lincoln Park and North Center post double digit increases of 15.4% and 17.4%
All four price points increased from 0.8% for homes priced under $500,000 to 10.7% for luxury homes priced over $2,000,000.
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.