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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing River North is a neutral's market

Buyer's
Market

Difference Since April 2023

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

Key Takeaway

River North 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 River North, IL

How much do homes in River North, IL cost?

Median Sold Price

$406,880

$372/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

-$33,619(-7.6%)

Key Takeaway

Homes in River North have sold for 7.6% less than they did a year ago.

Summary: The median home sold price in River North was $406,880 in April 2024, down 7.6% from last year, and the median price per square foot was $372.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $298.9K$302.7K
+1.3%
2 $480K$459.9K
-4.2%
3 $915K$899K
-1.7%
4 $1.5M$1.4M
-4.1%
5+ $1.7M$2.1M
+24.6%

Summary: River North housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.3%, 2 bedroom homes decreased by 4.2%, 3 bedroom homes decreased by 1.7%, 4 bedroom homes decreased by 4.1%, and 5+ bedroom homes increased by 24.6%.

Median Sold Price Compared To Nearby Neighborhoods

Near North Side
-3.7%
River North
-7.6%
Rush & Division
-11.9%
Magnificent Mile
-12.0%
Admirals Pointe
-29.6%

Housing Supply in River North, IL

How many homes are available in River North, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
479584+21.9%

Summary: The River North real estate market had 584 homes for sale in April 2024, a 21.9% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 162194
+19.8%
2 194231
+19.1%
3 96125
+30.2%
4 2429
+20.8%
5+ 35
+66.7%

Summary: The River North housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 19.8%, 2 bedroom homes increased by 19.1%, 3 bedroom homes increased by 30.2%, 4 bedroom homes increased by 20.8%, and 5+ bedroom homes increased by 66.7%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
8293+13.4%

Asking Price vs. Sold Price

47 Homes Were Sold
Under Asking

17 Homes Were Sold
At Asking

29 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in River North, you may be able to get a good deal. 50.5% of homes here sold below asking price last month.

Summary: A total of 93 homes were sold or pending in River North in April 2024, up by 13.4% month-over-month. Of the 93 sold homes, 51% were sold under asking, 18% were sold at asking, and 31% were sold over asking.

Days on Market for River North, IL

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

Average Sale Time

Apr 2023Apr 2024CHANGE
42 Days38 Days-10.3%

Summary: Homes in River North had an average of 38 days on market in Apr 2024, down by 10.3% compared to last year.

Breakdown of Home Sale Times

60 Homes Were Sold
Under 30 Days

23 Homes Were Sold
In 30 - 90 Days

10 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During April 2024, 93 homes were sold in River North; 65% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 11% 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 2 Days Ago

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