River North Real Estate | 2024 Market Analysis

River North | 2024 Market Analysis

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River North Condo Market Analysis | Summary 

Demand for River North condos returns? As of December 31, 2024, the real estate market in River North, Chicago, is demonstrating strong growth, driven by increasing buyer demand and limited inventory. The number of closed sales rose by 10%, signaling a healthy level of transaction activity despite challenges posed by a tighter market. Additionally, the median sales price grew by 4.6%, reflecting a continued appreciation of property values in this highly desirable neighborhood. With units under contract also rising by 6%, it is clear that buyers are moving quickly, further indicating a competitive environment for available properties.

However, the market remains constrained by a decrease in inventory, with the number of units listed dropping by 5.5% and the month's supply of homes falling by 10.9%. These factors suggest a significant reduction in available options for buyers, which may contribute to increased competition and potentially higher prices. The lower inventory levels are likely fueling the demand-supply imbalance, making it more challenging for buyers to secure a property without facing bidding wars. As we move into 2025, the River North real estate market appears poised to remain competitive, with limited inventory and steady demand driving upward pressure on prices.

Here's the latest data on River North Real Estate.

Year-end 2024 | The Data 

• Units Listed:                           310
• Closed Sales:                       +10.0%
• Medium Sales Price:           +4.6%
• Under Contract:                  +6.0%
• Month's Supply:                  -10.9%
• Inventory Level:                   -5.5%

Who doesn't love data? We certainly do, which is why we closely monitor the latest trends in the River North condo market and are eager to share our analysis below. As real estate professionals, it's essential for us to have a deep understanding of the data that drives fluctuations in supply and demand. This knowledge enables us to work in your best interest and provide informed guidance.

While the data presented below offers a macro view of the current state of River North's real estate market, it's even more important to analyze data specific to the building you're interested in buying or selling. While gathering individual building data for a monthly blog may be too time-consuming, it remains a critical part of the valuation process for anyone looking to successfully navigate the River North condo market. We’re here to share our expertise and insights with you. If you have specific questions about River North real estate, don’t hesitate to contact us. Our team is ready to assist.

River North Condo | Sales Activity

River North condo sales in June 2024 increased by 10.1%, marking a modest rebound from the 28% decline experienced in 2023. As illustrated in the graph below, we are using a 12-month rolling average to smooth out month-to-month volatility, which can sometimes skew the overall market picture. The graph highlights the significant impact of COVID-19 between 2020 and 2022, where sales sharply declined in 2020, followed by a surge in 2022 as conditions improved. The 10.1% increase in condo sales is a positive indicator that demand may be returning to the River North area.

As detailed in the data and analysis below, the combination of declining inventory and rising demand has contributed to a 4.6% increase in condo valuations. This uptick suggests that the River North market is stabilizing after a period of volatility, signaling a more balanced and sustainable real estate environment moving forward.

River North sales increased 10.1% in 2024 

River North Condo | Median Sales Price

River North valuations have recovered from the lows of 2020 

River North Condo | Contract Activity & Month's Supply

Contract activity, when analyzed alongside current inventory levels, provides the most insightful data for understanding the current state of the real estate market. Additionally, a detailed building-level analysis of this data is crucial for determining the optimal listing price and crafting a strategic offer. In 2024, River North saw a 6.0% increase in year-over-year contracts for condos, signaling a gradual return of demand to the area. This is particularly notable given that inventory levels decreased by 5.5% during the same period.

The combination of higher interest rates and reduced inventory has been a primary factor contributing to the slowdown in real estate transactions in River North. However, the uptick in contracts written is a promising sign that demand is slowly picking up. This suggests a potential shift towards a more balanced market as we move into 2025.

Home contract activity rose 6.0% is 2024

Month's Supply declined 10.9% in2024, reflecting reduced inventory levels and an increase in demand

River North Condo | Inventory Levels

One of the most notable aspects of the River North real estate market is the continued low inventory relative to demand. In 2024, inventory levels decreased by an additional 5.5%, nearing lows not seen in over a decade. This limited supply is a positive factor for pricing and has played a key role in the recovery of River North's property values from the COVID-19 lows of 2020. The graph below illustrates that condo inventory in the area remains at the lower end of its historical range. As mentioned earlier, we expect inventory levels to remain constrained for the foreseeable future, which should continue to support pricing stability in the coming years.

Inventory levels were down 5.5% in 2024 

When choosing Hudson Parker Real Estate for your next River North real estate transaction, you’re partnering with a team that is committed to your success. We pride ourselves on providing honest, transparent guidance throughout the entire process, ensuring you make informed decisions every step of the way. Our team combines a strong work ethic with a deep understanding of the market fundamentals, from property valuation to neighborhood trends, so you can confidently navigate this competitive market. Whether you're buying or selling, we approach each transaction with the same level of dedication and attention to detail, working tirelessly to secure the best possible outcome for you. Trust Hudson Parker Real Estate for a seamless, results-driven experience in River North.

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