Is Near North Side, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Near North Side is a neutral's market

Buyer's
Market

Difference Since April 2023

At the same time last year, Near North Side was a Seller's Market.

Key Takeaway

Near North Side is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Near North Side, IL

How much do homes in Near North Side, IL cost?

Median Sold Price

$420,333

$354/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

-$16,211(-3.7%)

Key Takeaway

Homes in Near North Side have sold for 3.7% less than they did a year ago.

Summary: The median home sold price in Near North Side was $420,333 in April 2024, down 3.7% from last year, and the median price per square foot was $354.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $273.1K$279.6K
+2.4%
2 $482.3K$460K
-4.6%
3 $865K$850K
-1.7%
4 $1.3M$1.2M
-10.2%
5+ $2.8M$1.8M
-34.1%

Summary: Near North Side housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.4%, 2 bedroom homes decreased by 4.6%, 3 bedroom homes decreased by 1.7%, 4 bedroom homes decreased by 10.2%, and 5+ bedroom homes decreased by 34.1%.

Median Sold Price Compared To Nearby Neighborhoods

Near North Side
-3.7%
Rush & Division
-11.9%

Housing Supply in Near North Side, IL

How many homes are available in Near North Side, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
1,2471,487+19.2%

Summary: The Near North Side real estate market had 1,487 homes for sale in April 2024, a 19.2% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 368431
+17.1%
2 444534
+20.3%
3 314387
+23.2%
4 8294
+14.6%
5+ 3941
+5.1%

Summary: The Near North Side housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 17.1%, 2 bedroom homes increased by 20.3%, 3 bedroom homes increased by 23.2%, 4 bedroom homes increased by 14.6%, and 5+ bedroom homes increased by 5.1%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
203239+17.7%

Asking Price vs. Sold Price

153 Homes Were Sold
Under Asking

32 Homes Were Sold
At Asking

54 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Near North Side, you may be able to get a good deal. 64% of homes here sold below asking price last month.

Summary: A total of 239 homes were sold or pending in Near North Side in April 2024, up by 17.7% month-over-month. Of the 239 sold homes, 64% were sold under asking, 13% were sold at asking, and 23% were sold over asking.

Days on Market for Near North Side, IL

How long does it take to sell a home in Near North Side, IL?

Average Sale Time

Apr 2023Apr 2024CHANGE
56 Days50 Days-10.1%

Summary: Homes in Near North Side had an average of 50 days on market in Apr 2024, down by 10.1% compared to last year.

Breakdown of Home Sale Times

144 Homes Were Sold
Under 30 Days

53 Homes Were Sold
In 30 - 90 Days

42 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Near North Side are selling fast, if you're buying plan to act quickly.

Summary: During April 2024, 239 homes were sold in Near North Side; 60% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 18% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 3 Days Ago

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