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Home values in Chicago’s River North neighborhood increase

Overall, home values have risen over the past twelve months.

According to recent sales data from realtors, River North home values have increased over the past 12 months. The percentage increase varies from building to building and also by price range.

 

River North home values increase

Home values on the rise

River North Home Values Increase

The latest Existing Home Sales Report from the National Association of Realtors puts the annual increase in the median existing-home price at 7.1%. According to recent sales data, River North home values increase as well. CoreLogic, in their most recent Home Price Insights Report, reveals that national home prices have increased by 6.9% year-over-year.

The CoreLogic report broke down appreciation even further into four different price categories:

  • Lower Priced Homes: priced at 75% or less of the median
  • Low-to-Middle Priced Homes: priced between 75-100% of the median
  • Middle-to-Moderate Priced Homes: priced between 100-125% of the median
  • High Price Homes: priced greater than 125% of the median

Here is how each category did in 2016:

Home Price Appreciation

2016 Price Appreciation

Bottom Line for all homes, including River North:
The lower priced homes (which are in higher demand) appreciated at greater rates than the homes at the upper ends of the spectrum.  At the lower end of the market, buyers are typically more sensitive to interest rate increases. This adds to the demand for these homes as rates have begun to increase.  Many buyers at the higher price points pay cash. However, higher priced homes are still appreciating at 5.5% nationally according to CoreLogic.

Condos for sale in River North are in high demand. Some notable buildings include The Pinnacle, 55 E Erie, The Ritz-Carlton Residences, The Fordham and Trump Tower.

The boundary of River North is defined by the Chicago River to the South, Chicago Avenue to the North, Michigan Avenue to the East and the North Branch of the Chicago river to the West.

River north map

Map of River North

Contact Ryan for more information! 312-523-6383 or find out what your home is worth using the home value estimator