SEPTEMBER 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
AUGUST HOME SALES
Year To Date 2025 vs 2024 - Up 2.6%
Month 2025 vs 2024 - Down 7.4%
Month By Neighborhood
NEAR NORTH -Up 1.9%
LINCOLN PARK - Down 29.8%
LAKEVIEW - Down 2.4%
NORTH CENTER - Down 15.8%
Month By Price Point
Under $500,000 - Down 13.0%
$500,000 to $1,000,000 - Down 1.1%
$1,000,000 to $2,000,000 - Up 3.7%
Over $2,000,000 - Down 21.6%
AUGUST HOMES UNDER CONTRACT
Year To Date 2025 vs 2024 - Up 1.1%
Month 2025 vs 2024 - Down 2.4%
Month By Neighborhood
NEAR NORTH - Up 15.7%
LINCOLN PARK -Down 20.9%
LAKEVIEW - Down 16.1%
NORTH CENTER - Up 2.4%
Month By Price Point
Under $500,000 - Up 2.9%
$500,000 to $1,000,000 - Down 1.9%
$1,000,000 to $2,000,000 - Down 18.4%
Over $2,000,000 - Down 5.8%
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.
AUGUST HOMES FOR SALE
Year To Date 2025 vs 2024 - Down 19.8%
Month 2025 vs 2024 - Down 24.3%
Month By Neighborhood
NEAR NORTH - Down 25.5%
LINCOLN PARK - Down 33.7%
LAKEVIEW - Down 14.7%
NORTH CENTER - Down 13.7%
Month By Price Point
Under $500,000 - Down 21.9%
$500,000 to $1,000,000 - Down 30.0%
$1,000,000 to $2,000,000 - Down 26.7%
Over $2,000,000 - Down 26.0%
AUGUST MONTHS OF SUPPLY OF INVENTORY
Year To Date 2025 vs 2024 - Down 25.0% to 2.1 MSI
Month 2025 vs 2024 - Down 25.0% to 2.0 MSI
Month By Price Point
Under $500,000 - Down 9.5% to 1.9 MSI
$500,000 to $1,000,000 - Down 43.4% to 1.3 MSI
$1,000,000 to $2,000,000 - Down 21.0 to 3.0 MSI
Over $2,000,000 - Down 46.8 % to 4.2 MSI
Month By Neighborhood
NEAR NORTH - Down 29.4% to 3.6 MSI
LINCOLN PARK - Down 36.8% to 1.2 MSI
LAKEVIEW - Down 17.6% to 1.4 MSI
NORTH CENTER - Down 5.9 to 1.6 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.
AUGUST MEDIAN PRICING
Year To Date 2025 vs 2024 - Up 8.6%
Month 2025 vs 2024 - Up 12.0%
Month By Neighborhood
NEAR NORTH - Up 6.1%
LINCOLN PARK - Up 9.3%
LAKEVIEW - Up 6.5%
NORTH CENTER - Up 20.5%
Month By Price Point
Under $500,000 - Down 5.2%
$500,000 to $1,000,000 - Down 2.8%
$1,000,000 to $2,000,000 - Down 4.5%
Over $2,000,000 - Up 13.0%
AUGUST NEW LISTINGS
Year To Date 2025 vs 2024- Down 11.5%
Month 2025 vs 2024 - Down 20.0%
Month By Neighborhood
NEAR NORTH -Down 14.6%
LINCOLN PARK Down 29.6 %
LAKEVIEW - Down 26.7%
NORTH CENTER - Down 12.1%
Month By Price Point :
Under $500,000 - Down 12.1%
$500,000 to $1,000,000 Down 20.3%
$1,000,000 to $2,000,000 -Down 37.2%
Over $2,000,000 -Down 30.6%
AUGUST SUMMARY
AUGUST MARKET INDICATORS
Home sales dropped for the second consecutive month in August 2025 vs 2024 while home prices rose, as a result of historically low inventory levels.
Large open house turnouts, increased offer incentives and multiple offers are testament that buyers are out there; however, there are just not enough homes for sale.
Using Lincoln Park as an example, 2025 August home sales dropped 29.8% vs 2024. With just 1.2 months of supply of inventory, the neighborhood is starving for new home listings. (the dividing line between a buyers and sellers market is usually considered between 6.0MSI and 7.0MSI). In addition, there were 29.6% fewer new listings in Lincoln Park in August 2025 vs 2024. Despite the inventory issues, buyers are being aggressive as home prices rose 9.3% in August 2025 vs 2024.
We usually see a positive September bump in both home sales and listings as people return from vacation and this year should be no exception. The bump may also be boosted by the anticipated interest rate drop by the Fed.
Be sure that your broker has experience in navigating this sometimes difficult and complicated market.
HOME SALES
Home sales dipped from 619 units in August 2024 to 573 units in 2025. (-7.4%)
An increase in Near North (+1.9%) was offset by decreases in Lincoln Park (-29.8%), Lakeview (2.4%) and North Center (-15.8%)
Homes priced between $1,000,000 & $1,999,000 reported increases, while homes in all other price points accounted for the monthly decrease.
UNITS UNDER CONTRACT
481 homes went under contract in August 2025 which represented a 2.4% decrease vs 2024.
Near North and North Center reported the only increase, while Lincoln Park and Lakeview 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 August will probably close in September giving us an indication of next months home sales.
NEW LISTINGS
There were 705 new listings in August 2025 which represented a 20.0% decrease vs 2024.
All four neighborhoods reported decreases from 12.1% to 29.6%.
All four price points reported decreases from 12.1% to 37.2%
HOMES FOR SALE
August 2025 inventories decreased 24.3% vs 2024.
All four neighborhoods reported decreases from 13.7% to 33.7%.
All four price points reported decreases from 21.9% in to 30.0%
MONTHS OF SUPPLY OF INVENTORY
August 2025 MSI for the four neighborhoods dropped 23.1% to 2.0MSI.
The Near North Side which traditionally has the highest MSI, dropped 29.4% to 3.6MSI. The other three neighborhoods have a months of supply of inventory of between 1.2 MSI and 1.6 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
A 2025 median home prices rose 12.0% vs 2024.
All four neighborhoods posted increases from 6.1% in Near North to 20.5% in North Center.
Homes priced over $2,000,000 posted increases while homes priced under $2,000,000 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.