What Are the Current Real Estate Conditions in Chicago's Near North?

By Jrissman - Own work, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=8956391

Why the Near North Side?

Located north and east of the Chicago River, the Near North Side is one of the most visually stunning areas in the city, and is the home of countless great restaurants, theaters, and museums. 

Comprised of Gold Coast, Old Town, Goose Island, River North, and Streeterville, the Near North Side is home to some of Chicago's most iconic sites, including the Magnificent Mile and Navy Pier, as well as some of the most famous skyscrapers in the country. Of Chicago's downtown community areas, Near North has the largest population, along with the highest number of skyscrapers. 

For more on this bundle of great Chicago neighborhoods, here are a few resources worth checking out:

Home to great shopping, easy access to public transit, and thriving nightlife options, the neighborhoods of the Near North Side have all of the assets that make Chicago a prime destination for buyers. Whether you're looking to buy or sell in the area, here are the current stats for Near North's condo and housing market that you need to know:

Near North Side's Current Condo Market 

1. The Median Sale Price of a Near North Condo Has Dropped from Recent Highs

Single family home prices Lincoln Park, Chicago

Looking back, the median sale price of a condominium in the Near North Side accelerated rapidly before plateauing for much of 2015. Prices jumped up again in 2016, and reached a high of roughly $415K in early 2017. Since then, however, the median sale price for a Near North Side condo leveled off somewhat, falling back down to roughly $405K over the course of a few months before rebounding up to roughly $410K. 

2. Condo Inventory in Near North Suggests a Fairly Balanced Market

Lincoln Park Single Family Home Months Supply of Inventory

The months supply of inventory counts the number of months it would take to sell all of the condos currently on the market if no other new homes were added. It is a theoretical predictor of the housing market's growth and stability. 

Typically, three months of inventory or fewer indicates a seller's market, and we expect prices to rise in this situation.  

A balanced months supply of inventory is about four to six months, meaning that the situation is mutually beneficial for both buyer and seller.

A buyer's market is typically a market that reaches more than six months. Because the number of homes on the market is disproportionate, prices would be expected to drop. 

In Near North, the months supply of inventory traditionally hovers between four and six months when it comes to condos. This means that Near North's condo market is fairly balanced, making it an appealing option whether you're looking to buy or sell.

3. The Average Condo Stays on the Market For Fewer Than 95 Days

Single family home days on market in Lincoln Park?

The average Near North condo spends roughly three months or fewer on the market, a rate that has held fairly steady, give or take some minor fluctuations, for some time now.

Near North's Current Single Family Home Market

1. The Average Selling Price of a Near North Single Family Has Fallen from Recent Highs

Condo prices in Near Noth

After a period of rapid growth throughout 2014, the price for a Near North single family home dipped slightly over the course of 2015 before rebounding somewhat in 2016. Since then, the median sale price for the area has seen a fairly consistent downward trend (give or take a few spikes); in 2017, the median fell below $2M for the first time in roughly three years, and has since lingered there, between $1.9M and $2M, into 2018.

2. Near North's House Market Should Be Taken With a Grain of Salt

Condominium inventory in Near North, Chicago

Currently, there are around 15 months of home inventory available in the Near North area. It is very important to note, though, that there are very few properties of this type on the market, and only 2-3 typically sell per month for the entire area. So, while they're worth noting, the value of these stats is fairly limited. 

3. Near North Homes Spend Several Months on the Market

Condo market time in Lincoln Park?

Though the number is quite high compared to that of condos, the balanced pattern here shows us that Near North is an area with consistently steady demand for the very limited number of single family homes that are on the market. 

Ready to Purchase a Near North Property? 

When you're ready to live in a cosmopolitan area steeped in Chicago history, the Real Group team would love to help you find home in the Near North Side. To begin the process, why not drop us a line!

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