NEAR NORTH SIDE REAL ESTATE SEARCH
Vibrant Real Estate in Chicago’s Near North Side Neighborhood
The Near North Side is one of Chicago’s most desirable and vibrant neighborhoods when it comes to real estate. This area just north of the Chicago River and downtown Loop has seen immense development over the past few decades, transforming from an industrial area to a highly coveted place to live, work, and play.
Luxury High-Rise Condos and Apartments
The most prominent type of housing in the Near North Side consists of sleek, amenity-rich high-rise condominiums and apartments. With its proximity to the Magnificent Mile shopping district and downtown business hub, developers have constructed hundreds of luxury towers in recent years to meet demand. River North, the neighborhood’s most dense area, is packed with glassy high-rises containing condos and high-end rentals with panoramic city and river views.
According to data from the Chicago Association of Realtors, the median condo price in River North was $525,000 as of late 2022. However, at the ultra-luxury level, units regularly sell for over $1 million. For example, the Ritz-Carlton Residences saw a 4-bedroom, 4,500 square foot condo sell for $6.7 million in 2022.
Condo prices in the most exclusive River North buildings can easily reach into the millions for larger units with premium finishes and views. However, more affordable options exist in slightly older buildings or on lower floors. Many of the high-end condo towers feature extensive amenities like landscaped decks, indoor pools, fitness centers, party rooms, and 24/7 doormen.
In the rental market, luxury apartments in brand new high-rises command some of the highest rates in Chicago. Data from consultancy Integra shows the average effective rent for a River North apartment was $3.16 per square foot as of late 2022.
Upscale Loft Conversions
In addition to the omnipresent towers, parts of the Near North Side like River North and the Clybourn Corridor have seen developers transform old industrial and commercial buildings into trendy, open-concept loft condos and apartments. These hard loft conversions maintain architectural details like exposed brick, timber beams, and large windows while creating modern living spaces.
Loft prices vary greatly depending on finishes and location, but they provide an alternative to the sleek high-rises for buyers seeking more character. According to Chicago real estate data, the median sale price for a loft in River North was around $570,000 in late 2022. Hot loft condo developments include conversions of former warehouse, office, and factory buildings like the Haberdasher Square Lofts and Holtstopper Wharf Lofts.
Single-Family Homes and Row Houses
While high-density housing dominates, pockets of single-family homes, townhouses, and row houses can also be found in the Near North Side in neighborhoods like Old Town Triangle, Sedgwick Estates, and the Moody Bible Institute area. These tend to be very expensive due to land scarcity, though their vintage character and proximity to attractions draw high prices.
Recent data shows the median single-family home price in Old Town was $1.375 million in late 2022. Three-story row houses and stately greystone single-family homes are common. These often get scooped up and renovated or torn down for new construction by deep-pocketed buyers. But they provide a rare low-density option within walking distance of downtown amenities.
Walkability and Transit Access
The Near North Side is one of Chicago’s most walkable neighborhoods thanks to its many shops, restaurants, parks, entertainment options, and access to public transit. The Chicago Brown and Red ‘L’ lines run through the area, and buses provide frequent service. Many residents do not need vehicles given the area’s density and accessibility.
Drawbacks and Competition
While undeniably convenient and lively, the Near North Side’s popularity comes with some negatives. Street noise from traffic can be an issue, and the area lacks of the abundant green space found in other city neighborhoods. And with demand so high, prices remain stubbornly expensive with heavy competition for available units.
Other nearby neighborhoods like the West Loop, South Loop, Streeterville, and River West offer alternatives for downtown living at varying price points as well. But the Near North Side remains a prime destination for those wanting a vibrant urban lifestyle in the heart of Chicago’s action.
The Near North Side MLS property search gives buyers the necessary tools to search all of MLS listings in the neighborhood including the Gold Coast, Old Town, River North, Streeterville, and Cabrini Green. To start your search for the Near North Side click on one of the links below:
Contact a Near North Side Real Estate Expert
Contact our Ideal Location Chicago Team if you have a residential or commercial property you need sold. If you are starting your new home, search for properties in the Near North Side. Our experts will answer any of your questions and set up your showing to see properties. Please give us a call at:
312-433-9300 Ext. 20
The Near North Side Community
| North: 1600N (North AVE) |
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| West: 500W (Larrabbe ) |
East: Lake Michigan |
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| South: 500N (Grand) |
Near North Side has some of Chicago’s most distinct neighborhoods. It includes the Gold Coast, Old Town, River North, Streeterville, and Cabrini Green. World-class theater, comedy clubs, restaurants and art galleries make this neighborhood one of the most vibrant in the city. As you can see from the stats below, the Near North Side mostly consists of condominiums.
Near North Side Real Estate Dat
Near North Side Real Estate Data
According to housing data from the Chicago Association of Realtors and other sources:
Condos/Lofts:
- In 2022, there were 1,432 condo/loft units sold in the Near North Side
- The average sale price was $586,476, up 9.4% from 2021
- Sales volume totaled $839 million across the neighborhood
Single-Family Homes:
- 149 single-family homes sold in 2022
- The average sale price was $1,825,637, up 10.2% year-over-year
- Collectively these homes sold for $271 million
Overall for the Near North Side in 2022:
- 1,581 total home sales
- $1.11 billion in total sales volume
- Average market time of 63 days to sell
The condo/loft market showed very strong demand, price appreciation, and sales activity. While lower in total volume, the single-family home market also saw robust price growth over 2021 driven by limited inventory.
Summary of Near North Side Real Estate
Chicago’s Near North Side remains one of the hottest and most supply-constrained real estate markets in the city and larger region. The area’s desirable location, walkability, amenities, job proximity, and overall vibrancy continue to attract buyers and renters.
Buyers have a range of property types to choose from, including new luxury high-rise condos and apartments, vintage loft conversions, and historic single-family homes and row houses. However, the common theme is a prestigious urban lifestyle at a premium price point.
Despite higher mortgage rates in 2022, the Near North Side condo and single-family markets showed no signs of cooling, with double-digit annual price appreciation. Available inventory remains limited, so competition is intense for quality properties in prime locations like River North.
While not cheap, the neighborhood’s real estate reflects the strong demand from those wanting a mix of amenities, sophistication, and centrality that few other areas can match. As long as Chicago’s central urban core remains a job hub and attraction, the Near North Side will likely continue appreciating, especially if new development doesn’t keep up with housing demand.