North Shore Chicago Real Estate Data

North Shore Market Update: 1st Quarter 2010

April 2nd, 2010 by Anne West
Categories: Evanston, Glencoe, Glenview, Highland Park, Kenilworth, Lake Forest, North Shore market data, Northfield, Real estate, Wilmette, Winnetka

The North Shore housing market looks a whole lot better in 2010 than it did at this time last year. Driven by low interest rates, the home buyer tax credit, plentiful supply of homes to choose from and attractive prices, buyers have returned to the market. Prices are still soft but the rate of decline has slowed.

Housing sales on Chicago’s North Shore increased 56% in the first quarter of 2010 vs. the same period last year. All towns had healthy increases except for Northfield which had one less sale this year than last. The big winner in percentage terms was Kenilworth, which had nine sales this year vs. one last year.

Average prices for sold properties on the North Shore was down 7%. Lake Forest showed the biggest drop (-30%), followed by Winnetka (-21%). Highland Park had only a 1% decrease in average price, while Evanston and Wilmette actually showed increases. Kenilworth’s large increase in average price was driven by the fact that the only sale in 2009 was for an unusually low-priced property for this village.

Days on market for properties sold was down 8% for the North Shore, but the numbers varied widely across individual towns. The largest decreases in market time were in Wilmette (-70%) and Lake Forest (-58%). The largest increases were in Kenilworth (+48%) and Northfield (+38%).

North Shore Market Update – 1st Qtr. 2010 vs. Year Ago*

*Single family detached homes. Source: MRED – Deemed reliable but not guaranteed