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

Chicago's Near North Side, Market Conditions

Why the Near North Side?

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

Comprised of famous sub-neighborhoods like Gold Coast, Old Town, Goose Island, River North, and Streeterville, the Near North Side is home to some of Chicago's most legendary 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 now:

Near North Side's Current Condo Market 

1. The Median Sale Price of a Near North Condo has Lost Some Ground

Single family home prices Lincoln Park, Chicago

After reaching a high of just less than $415K in mid-2018, the median sales price for a Near North Side condo leveled off, back down to roughly $395 by mid-2019. In 2020, condo prices recovered to the previous highs, before coming back down again - about 1-2%. Much of this can be attributed, of course, to the impact of the Covid-19 virus, and a cycling mindset of returning to the office, holding off, dining out, staying in, etc. As of late 2021, the current median price sits below $410K - down from a market high of roughly $415K at the beginning of the year.

2. Condo Inventory in Near North Suggests a Market That Clearly Favors Buyers

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 currently sits below 9 months, as of late 2021, down from a recent high around 11 months. This suggests that Near North's condo market generally features lower prices, and an edge in favor of buyers.

3. The Average Condo Stays on the Market For Nearly 140 Days

Single family home days on market in Lincoln Park?

The average Near North condo spends more than four months on the market, as of late 2021. Looking back, we see that the amount of time spent on market has been climbing fairly steadily since a benchmark low around 80 days back in late 2017, another sign of a buyer's market.

Near North's Current Single Family Home Market

1. The Average Selling Price of a Near North Single Family Is Slowly Climbing, Still Down from Recent Highs

Condo prices in Near Noth

Over the past several years, median sales prices for this area have seen a fairly consistent downward trend, give or take a few notable spikes - including a short bump up to $2.2M in mid-2018. As of December 2021, this metric sits just above $1.8M, up from a low near $1.2M in late 2019.

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

Condominium inventory in Near North, Chicago

Currently, there are around 11 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 in practice. That said, the downward trend from a high of 26 months is worth noting, despite a small sample size.

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 one-of-a-kind neighborhoods of the Near North. To begin the process, feel free to drop us a line!

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2526 N Lincoln Ave
Chicago, IL 60614

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