Generally, the Chicago River North real estate market mirrors broad national trends of relatively high buyer demand (for more details on national real estate statistics, click this link). The big picture for the Chicago River North real estate market is average sales prices — across all districts — continue to increase, listing market times are relatively short, and high buyer demand is driving up sales prices over original list (asking) price. The hottest district in Chicago River North is the East Bank District, which has the highest median and average Sales Price vs List Price ratios (SP:LP). Here is a map showing how we define the Chicago River North real estate market:
Chicago River North Residential Real Estate Market Statistics
Following is a series of charts showing key residential real estate market trends in the Chicago River North area for attached, single-family homes, January 2017 – August 2018 (unless otherwise noted).
Closed Sales
Closed Sales in Chicago River North for the 12-month period of activity ending August 2018 came in at 786 units, which represents a 3.3% increase from August 2017 and a 0.0% increase/decrease from August 2016 (each similarly representing a 12-month period of activity). This relatively minor increase in unit sales means that this market overall is not experiencing much volatility, which is good for both buyers and sellers in terms of approaching this market with confidence.
Median and Average Sales Price
Despite a 13.1% decrease in median price from March 2018 for attached single-family properties in Chicago River North, August 2018 Median Sales Price was $401,200, which represents a 8.4% increase since August 2017. Similarly, the Average Sales Price was $702,143, which represents a 49% increase from August 2017. Looking at these numbers, in combination with the Median and Average Percent of Last List Price statistics detailed below, we can see that the Chicago River North area is still experiencing relatively high buyer demand.
Median and Average Market Times
With median and average market times ranging between five and seven weeks, for attached single-family properties in Chicago River North, we’re still seeing an overall competitive market for buyers. The peaks and valley nature of the statistics represents the seasonal differences traditional to the Chicago real estate market (longer selling times in the winter months progressing to shorter selling times in the spring and summer months). The August 2018 Median Market Time was 35 days (66.7% increase from August 2017) and the Average Market Time was 49 days (3.9% decrease from August 2017).
Median and Average Percent of Last List Price
The parity between median and average Percent of Last List Price, coming in above 100%, means it’s generally a sellers market across Chicago River North, with some sellers likely receiving multiple offers for their properties. Regarding Last List Price, “last list price” is the price that immediately precedes the sales price of a property (for example, a property could initially enter the MRED MLS at a $720,000 sales price and then after a few weeks this price is adjusted to $710,000; the former price is the original list price and the latter price is the last list price). This statistic is also known as a SP:LP ratio (Sales Price:List Price ratio); a SP:LP over 100% means a property sold for more than last listing price, whereas a SP:LP under 100% means a property sold for less than last listing price. For attached single-family properties in Chicago River North, the August 2018 Median Percent of Last List Price was 102.1% (0.7% increase from August 2017) and the Average Percent of Last List Price was 101.5% (0.8% increase from August 2017).
Months Supply of Homes for Sale
For attached single-family properties in Chicago River North, despite SP:LP ratios coming in above 100%, there was a 59.4% increase in months supply from January 2018 to August 2018. This means that the River North is approaching a balanced market, in terms of months supply. Generally, when a market approaches six months of supply (meaning it would take six months for available homes to sell in the Chicago River North if no additional homes were listed and demand kept at its current pace) it’s generally considered a balanced market. Accordingly, with the August 2018 Months Supply of Homes at 5.1 months (4.1% increase from August 2017) we’re approaching a balanced market situation.
Showings Per Listing
Showings Per Listing for attached single-family homes in Chicago River North was at 4.6 showings for August 2018, which was the same in August 2017. This number of showings demonstrates heightened interest in properties while still reflective of rather brisk selling times.
District Level Q2 2018 Chicago River North Real Estate Market Statistics
Continuing our analysis of the Chicago River North real estate market, we’ll now focus on Q2 2018 sold property statistics for condos, co-ops, and/or town-homes in buildings with eight or more units. We’ve broken down the River North market into three districts: Chicago River North Design District, Chicago River North East Bank District, and Chicago River North Gallery District. The following analysis of these districts will focus on Q2 2018 market statistics.
(1) Chicago River North Design District Market Statistics April 1, 2018 – June 30, 2018
- Properties Sold: 102
- Sold Price: $369,500 median / $487,606 average
- Listing Market Time: 16 days median / 37 days average
- SP:LP: 98% median / 98% average (115% was the highest SP:LP)
The map below shows the market boundaries we use to designate the Chicago River North Design District real estate market and properties for sale.
(2) Chicago River North East Bank District Market Statistics April 1, 2018 – June 30, 2018
- Properties Sold: 100
- Sold Price: $449,500 median / $581,650 average
- Listing Market Time: 18 days median / 28 days average
- SP:LP: 102% median / 101% average (112% was the highest SP:LP)
The map below shows the market boundaries we use to designate the Chicago River North East Bank District real estate market and properties for sale.
(3) Chicago River North Gallery District Market Statistics April 1, 2018 – June 30, 2018
- Properties Sold: 32
- Sold Price: $387,500 median / $478,891 average
- Listing Market Time: 11 days median / 23 days average
- SP:LP: 98% median / 100% average (111% was the highest SP:LP)
The map below shows the market boundaries we use to designate the Chicago River North Gallery District real estate market and properties for sale.
In summary, Chicago River North remains a competitive market for buyers with SP:LP ratios–generally and across the East Bank and Gallery Districts–coming in at or above 100%. Despite this overall sellers market, with months supply of homes for sale approaching six months, Chicago River North is approaching a balanced market.
** Market statistics and information compiled by Anne Ewasko and Eric Bryn of Lux Home Chicago. This compilation of market statistics and information is deemed reliable but is not guaranteed accurate by the MRED MLS, Lux Home Chicago, or Baird & Warner.