River North Neighborhood Update: Year in Review 2016-2017

By
Real Estate Agent with RE/MAX Premier Properties

Start your River North home search here.

 

River North

Housing Type: Condo

Last month we talked about how this neighborhood has had low inventory for a long time. Since it is a new year we are comparing our regular charts with ones that illustrate activity over the past year. We can see that over the course of the year inventory levels have, in some cases, been even lower than they are now. When levels are so low, around only 1 or 2 months, buyers can have a very hard time moving into a neighborhood. There are very few homes to choose from and the most desirable ones are bought immediately. Low market times of 90 days or less illustrate that. A market like this can be good for a seller, especially if he has a nice turn-key home in a good location and with a strong layout. Home values will continue to look up as long as these condos remain so scarce. The median sales price of River North Condos was $395,000 over the past month and for the year it is $420,000.

Price Range: $400,000-$800,000

 

 River North Chicago Neighborhood Real Estate Market Update River North Chicago Neighborhood Real Estate Market Update
River North Chicago Neighborhood Real Estate Market Update  River North Chicago Neighborhood Real Estate Market Update


Price Range: $800,000+

 

River North Chicago Neighborhood Real Estate Market Update River North Chicago Neighborhood Real Estate Market Update
River North Chicago Neighborhood Real Estate Market Update River North Chicago Neighborhood Real Estate Market Update


River North

Housing Type: Townhome

Over the past year, the inventory of townhomes has also been extremely low. There are a number of townhome complexes in River North, but there are far more condos. As a result, these homes don't come to the market very often, so they sell quickly, which keeps the inventory low and the home values high. The median sales price for these homes over the past year was $1,101,250.

 

River North Chicago Neighborhood Real Estate Market Update
  River North Chicago Neighborhood Real Estate Market Update

 

Price Range: $800,000+

River North Chicago Neighborhood Real Estate Market Update River North Chicago Neighborhood Real Estate Market Update
  River North Chicago Neighborhood Real Estate Market Update

 

River North

Housing Type: Single Family

There are very few single family homes in River North and they consistently list for over $2m. Because they are so expensive these homes have a small pool of buyers and even when no others are for sale it can take a long time for them to sell. The home that did close this year sold for $2,510,000.

River North Chicago Neighborhood Real Estate Market Update
  River North Chicago Neighborhood Real Estate Market Update

Start your River North home search here.

 

*In this blog series we focus on one of twenty neighborhoods in Chicago, each day, and provide charts to give you a brief update on the activity that neighborhood has seen over the past month in a variety of price ranges for Single Family Homes, Townhouses, and Condos, as available.

When looking at these charts please keep in mind that not every housing type is available in every neighborhood (the Loop only has condos) and some homes compete within even smaller subsections than these, meaning we can dig even further in this data. Please let me know if you would like a personal assessment of your target market.

 


For information about real estate in Chicago or resources in your area please contact us and sign up for our free market report!

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Terri Buseman

Downtown Chicago
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