Teton Properties Near North Side Analysis 2.28.24

The Near North Side of Chicago is a vibrant and dynamic community, offering a blend of urban sophistication and historic charm. This comprehensive report provides insights into the current real estate market trends, property value appreciation, educational quality, and lifestyle factors that make the Near North Side an attractive option for potential buyers.

Real Estate Market Trends and Price Appreciation

As of January 2025, the Near North Side real estate market has demonstrated notable activity:

• Median Home Prices: The median listing price is $529,000, reflecting a 3.8% decrease compared to the previous year.

• Median Sold Prices: Homes have sold for a median price of $446,164, marking a 4.2% increase from the prior year.

• Price per Square Foot: The median price per square foot stands at $360.

• Days on Market: Properties typically remain on the market for 93 days, slightly shorter than the 95 days observed last year.

• Sales Volume: In January 2025, 524 homes were sold, an increase from 441 homes in the same month the previous year.

These figures suggest a balanced market with steady demand and modest appreciation in property values.

Educational Institutions

The Near North Side is served by several reputable educational institutions:

• Public Schools: The area is home to various public schools, with test scores approximately 4% lower than the national average.

• Selective Enrollment Schools: Proximity to esteemed institutions like Northside College Preparatory High School, which boasts a 10/10 GreatSchools rating, offers residents access to top-tier education.

Lifestyle and Community

The Near North Side offers a rich tapestry of lifestyle amenities:

• Cultural Attractions: Residents enjoy access to theaters, art galleries, and historic landmarks, contributing to a vibrant cultural scene.

• Dining and Shopping: The neighborhood boasts a diverse array of restaurants, cafes, and boutiques, catering to a wide range of tastes and preferences.

• Recreational Spaces: Proximity to Lake Michigan and numerous parks provides ample opportunities for outdoor activities and leisure.

Conclusion

The Near North Side of Chicago presents a compelling option for potential buyers seeking a blend of urban amenities, cultural richness, and educational opportunities. The real estate market reflects stability with potential for appreciation, making it an attractive investment. Prospective buyers are encouraged to explore current listings and engage with local real estate professionals to find properties that align with their preferences and investment goals.