Is River North, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing River North is a neutral's market

Buyer's
Market

Difference Since October 2023

At the same time last year, River North was a Seller's Market.

Key Takeaway

River North is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in River North, IL

How much do homes in River North, IL cost?

Median Sold Price

$419,910

$376/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

-$2,090(-0.5%)

Key Takeaway

The sold price of homes in River North has remained the same since last year.

Summary: The median home sold price in River North was $419,910 in October 2024, down 0.5% from last year, and the median price per square foot was $376.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $301.3K$305K
+1.2%
2 $470K$460K
-2.1%
3 $970K$941.5K
-2.9%
4 $1.4M$1.6M
+13.8%
5+ $1.7M$2.5M
+44.9%

Summary: River North housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.2%, 2 bedroom homes decreased by 2.1%, 3 bedroom homes decreased by 2.9%, 4 bedroom homes increased by 13.8%, and 5+ bedroom homes increased by 44.9%.

Median Sold Price Compared To Nearby Neighborhoods

Near North Side
+1.0%
River North
-0.5%
Rush & Division
-0.9%
Magnificent Mile
-9.8%

Housing Supply in River North, IL

How many homes are available in River North, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
398472+18.6%

Summary: The River North real estate market had 472 homes for sale in October 2024, a 18.6% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 139161
+15.8%
2 146185
+26.7%
3 89100
+12.4%
4 1617
+6.3%
5+ 89
+12.5%

Summary: The River North housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 15.8%, 2 bedroom homes increased by 26.7%, 3 bedroom homes increased by 12.4%, 4 bedroom homes increased by 6.3%, and 5+ bedroom homes increased by 12.5%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
6369+9.5%

Asking Price vs. Sold Price

37 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

26 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in River North, you may be able to get a good deal. 53.6% of homes here sold below asking price last month.

Summary: A total of 69 homes were sold or pending in River North in October 2024, up by 9.5% month-over-month. Of the 69 sold homes, 54% were sold under asking, 9% were sold at asking, and 38% were sold over asking.

Days on Market for River North, IL

How long does it take to sell a home in River North, IL?

Average Sale Time

Oct 2023Oct 2024CHANGE
38 Days37 Days-3.6%

Summary: Homes in River North had an average of 37 days on market in Oct 2024, down by 3.6% compared to last year.

Breakdown of Home Sale Times

38 Homes Were Sold
Under 30 Days

22 Homes Were Sold
In 30 - 90 Days

9 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in River North are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 69 homes were sold in River North; 55% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 14 Days Ago

Newest Listings in River North, IL

Nearby Markets to River North, IL