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Dwindling inventory and strong buyer demand pushed the median sales price of an attached home on the North Side to a new record.
Aug. 4, 2025 – Fueled by a shortage of for-sale listings, prices of existing homes and condominiums skyrocketed to record levels this spring on Chicago’s North Side, reports a comprehensive new analysis by Baird & Warner. The second-quarter median home, townhome, and condo price jumped 9.3 percent to $470,000 – more than the median price during the same period last year and up 6.8 percent from the highest previous quarterly median of $440,000, set in the first quarter of 2025.
Prepared quarterly by Baird & Warner, the report tracks sales of single-family and attached homes in the neighborhoods of Edgewater, Gold Coast/Near North Side, Lakeview, Lincoln Park, Lincoln Square, North Center, Rogers Park, Uptown, and West Ridge. The North Side inventory of attached and detached homes at the end of the second quarter totaled 1,458 units, down 19.9 percent from the same point in 2024. Nonetheless, the pace of sales stayed relatively stable, with total second-quarter home sales slipping just 0.3 percent to 2,830 properties, according to data from MRED, the regional multiple listing service. Average time on the market before going under contract for properties sold during the quarter was 50 days, down five days from the second quarter of 2024. “The difficulty of finding a home right now is exacerbating the listing shortage because most homeowners who want to sell don’t want to list their current home until they find a new one,” noted Nathan. “And in the current market, their home search can last for months. Some would-be sellers eventually choose to renovate their existing home rather than buy in this extremely competitive marketplace.”  Meanwhile, would-be buyers also are faced with home-loan interest rates that are stuck in the mud. On July 31, Freddie Mac’s Primary Mortgage Market Survey reported that benchmark 30-year fixed-rate mortgages averaged 6.74 percent nationwide, down from 6.75 percent a week earlier. A year ago, 30-year loans averaged 6.78 percent. Strong demand for single-family homes Baird & Warner reported that demand was especially strong in the single-family home market during the second quarter. Sales in this category totaled 276 properties across the North Side, a 13.1 percent increase compared with the same period last year. The median sales price rose 15.9 percent to a quarterly record of $1.475 million, which means half the homes sold were at that price or higher. The time it took for homes sold during the quarter to go under contract was 61 days, six days less than one year earlier.
Sales were unchanged in Lincoln Square. The median sales price rose in five areas, highlighted by whopping increases of 72.4 percent on the Gold Coast/Near North Side, 40.5 percent in North Center, and 32.6 percent in Lincoln Park. Lakeview and Lincoln Square also had gains, while the median price fell in Edgewater, Rogers Park, Uptown, and West Ridge. Condos and townhome sales fell Unit sales of North Side attached homes – condos or townhomes – fell slightly during the second quarter with 2,554 sales translating into a year-over-year decline of 1.6 percent. Sales rose in Lakeview, Lincoln Park, Lincoln Square, and West Ridge, but declined in the other neighborhoods. The median sales price of an attached home on the North Side rose 10.3 percent for the quarter to $430,000 – easily the highest quarterly median price ever recorded for the North Side. At the same time, average market time was 49 days, down 5 days compared with the same quarter last year.
The median attached home sales price moved higher or was unchanged in eight of the nine North Side neighborhoods, led by gains of 18.9 percent in West Ridge and 17.1 percent in Edgewater. The only median price decline was a 1 percent slip in North Center. North Side Median Prices – 2nd Quarter 2025  |
