Facebook
X
Pinterest
Copy Link
The Chicago North Shore suburbs – still rising home prices, low inventory, and strong buyer demand.
- Price Appreciation: the median sale price in the North Shore reached approximately $596,000, marking a 14.5% increase year-over-year. Specific areas like Deerfield saw median prices rise to $705,000 (up 16.2%), while Evanston reached $889,000 (up 17%).
- Inventory Constraints: There remains a significant shortage of homes for sale, with inventory levels down 24.3% compared to 2024. This scarcity is contributing to competitive bidding and rapid sales, especially for properties priced under $1.5 million.
- Seller’s Market Dynamics: Communities such as Northbrook and Glenview are experiencing strong seller markets, with demand outpacing supply and the Market Action Index indicating upward pricing pressure.
- Glencoe’s Market Surge: The 60022 ZIP code in Glencoe was the hottest housing market in the Chicago metro area at the end of 2024, with an average sale price of $2.1 million.
- Golf Mill Mall Revitalization: In Niles, the $440 million redevelopment of Golf Mill Mall aims to introduce new retail spaces and luxury housing, potentially boosting the local real estate market.
- Current market conditions in the North Shore suburbs suggest continued price growth and competitive buying scenarios, particularly in the mid-range segment.
- However, the luxury market is experiencing a slowdown due to high construction costs and selective buyers.
- Potential shifts in mortgage rates and broader economic factors could influence future market dynamics.
For prospective buyers and sellers, staying informed about local market trends and working with an experienced real estate professional is crucial to navigate this evolving landscape effectively.
Call me with any questions you may have!
