AUGUST 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
JULY HOME SALES
Year To Date 2025 vs 2024 - Up 3.4%
Month 2025 vs 2024 -Down 0.4%
Month By Neighborhood
NEAR NORTH -Up 5.5%
LINCOLN PARK - Up 3.21%
LAKEVIEW - Down 9.6%
NORTH CENTER - Down 7.5%
Month By Price Point
Under $500,000 - Down 8.0%
$500,000 to $1,000,000 - Down 0.1%
$1,000,000 to $2,000,000 - Up 15.3%
Over $2,000,000 - Up 62.5%
JULY HOMES UNDER CONTRACT
Year To Date 2025 vs 2024 - Up 0.6%
Month 2025 vs 2024 - Down 3.4%
Month By Neighborhood
NEAR NORTH - Up 5.4%
LINCOLN PARK -Down 16.1%
LAKEVIEW - Down 3.5%
NORTH CENTER - Down 22.4%
Month By Price Point
Under $500,000 - Down 9.3%
$500,000 to $1,000,000 - Down 7.3%
$1,000,000 to $2,000,000 - Down 1.3%
Over $2,000,000 - Down 17.9%
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.
JULY HOMES FOR SALE
Year To Date 2025 vs 2024 - Down 19.9%
Month 2025 vs 2024 - Down 24.9%
Month By Neighborhood
NEAR NORTH - Down 24.9%
LINCOLN PARK - Down 36.0%
LAKEVIEW - Down 16.4%
NORTH CENTER - Down 21.2%
Month By Price Point
Under $500,000 - Down 24.5%
$500,000 to $1,000,000 - Down 30.2%
$1,000,000 to $2,000,000 - Down 20.1%
Over $2,000,000 - Down 27.5%
JULY MONTHS OF SUPPLY OF INVENTORY
Year To Date 2025 vs 2024 - Down 27.5% to 2.1 MSI
Month 2025 vs 2024 - Down 25.0% to 2.1 MSI
Month By Price Point
Under $500,000 - Down 17.3% to 1.9 MSI
$500,000 to $1,000,000 - Down 42.3% to 1.5 MSI
$1,000,000 to $2,000,000 - Down 20.5 to 3.1 MSI
Over $2,000,000 - Down 52.1 % to 4.4 MSI
Month By Neighborhood
NEAR NORTH - Down 28.3% to 3.8 MSI
LINCOLN PARK - Down 42.9% to 1.2 MSI
LAKEVIEW - Down 16.7% to 1.5 MSI
NORTH CENTER - Down 15.0 to 1.7 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.
JULY MEDIAN PRICING
Year To Date 2025 vs 2024 - Up 9.3%
Month 2025 vs 2024 - Up 6.9%
Month By Neighborhood
NEAR NORTH - Up 4.1%
LINCOLN PARK - Up 4.3%
LAKEVIEW - Up 25.7%
NORTH CENTER - Up 0.1%
Month By Price Point
Under $500,000 - Down 9.9%
$500,000 to $1,000,000 - Down 4.0%
$1,000,000 to $2,000,000 - Down 4.0%
Over $2,000,000 - Down 4.9%
JULY NEW LISTINGS
Year To Date 2025 vs 2024- Down 11.3%
Month 2025 vs 2024 - Down 12.4%
Month By Neighborhood
NEAR NORTH -Down 8.1%
LINCOLN PARK Down 29.0 %
LAKEVIEW - Down 8.2%
NORTH CENTER - Down 12.1%
Month By Price Point :
Under $500,000 - Down 16.9%
$500,000 to $1,000,000 Down 4.5%
$1,000,000 to $2,000,000 -Down 15.6%
Over $2,000,000 -Up 1.6%
JULY SUMMARY
JULY MARKET INDICATORS
Home sales dipped slightly in July 2025 vs 2024 and home prices rose, as a result of pressure from historically low inventory levels.
Traditionally, July sales dip as the month falls in the middle of the vacation season; however, declining inventories continue to turn up the heat on an already hot buyers market.
Despite dipping sales and rising prices the market is still very active. Sellers brokers are still busy managing large open house turnouts and multiple offer contracts and as a result are shrinking available 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 is 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 dipped from 611 units in July 2024 to 608 units in 2025. (-0.4%)
Increases in Lincoln Park (+3.2%)and Near North (+5.5%) were offset by decreases in Lakeview (-9.6%) and North Center (-7.5%)
For the second consecutive month homes priced over $1,000,000 reported increases while lower priced homes accounted for the overall monthly decrease.
UNITS UNDER CONTRACT
524 homes went under contract in July 2025 which represented a 3.4% decrease vs 2024.
Near North reported the only increase, while Lincoln Park, Lakeview and North Center reported decreases.
All four price points reported decreases in July 2005 vs 2004.
It should be noted, that the homes that went under contract in July will probably close in August giving us an indication of next months home sales.
NEW LISTINGS
There were 883 new listings in July 2025 which represented a 12.4% decrease vs 2024.
All four neighborhoods reported decreases from 8.1% to 29.0%.
When looking at July 2025 new listings by price point, luxury homes priced over $2,000,000 reported a 1.6% increase over 2004, while homes priced under $2,000,000 reported decreases from 4.5% to 16.9%.
HOMES FOR SALE
July 2025 inventories decreased 24.9% vs 2024.
All four neighborhoods reported decreases from 16.4% to 36.0%.
All four price points reported decreases from 20.1% in to 30.2%
MONTHS OF SUPPLY OF INVENTORY
July 2025 MSI for the four neighborhoods dropped 25.0% to 2.1MSI.
The Near North Side which traditionally has the highest MSI, dropped 28.3% to 3.8MSI. The other three neighborhoods have a months of supply of inventory of between 1.2 MSI and 1.7 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
July 2025 median home prices rose 6.9% vs 2025.
All four neighborhoods posted increases from 0.1% in North Center to 25.7% in Lakeview.
Homes priced under $1,000,000 posted increases while luxury homes priced over $1,000,000 dropped vs 2004,
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 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.