Chicago’s residential real estate market isn’t slowing down with summer. If anything, some of the city’s most sought-after neighborhoods — particularly Lakeview and Lincoln Park — are extending the competitive spring market well into July.
Limited inventory continues to drive prices higher across Illinois. According to Illinois Realtors, the statewide median home price climbed to $345,000 in June, a 6.2 percent increase from a year ago, while the supply of homes for sale remained below 2025 levels. According to the organization, Chicago’s median home price has remained above $400,000 since first crossing that threshold in March.
Those market conditions are translating into crowded open houses, multiple-offer situations and buyers making stronger offers to secure homes.
While Lincoln Park has long been one of Chicago’s most competitive neighborhoods, the same trend is playing out just to the north in Lakeview.
According to Redfin, the median sale price in Lakeview reached approximately $542,000 over the three months ending in May, up 3.3 percent from a year earlier. Redfin also reports that homes spend an average of 38 days on the market, with nearly 59 percent selling above asking price and the average sale closing at more than 104 percent of the list price. The company currently rates Lakeview as a “Very Competitive” housing market.
According to Redfin, Lincoln Park remains one of Chicago’s strongest-performing neighborhoods as well. Homes there typically sell in about 34 days, often receive multiple offers, and generally sell around 6 percent above asking price, with the most desirable listings going under contract in roughly three weeks.
Melanie Everett, who leads the Everett Group at Compass, said buyer demand in Lincoln Park has been unlike anything she’s seen in recent years.
“I can’t believe the demand for this neighborhood. There just hasn’t been enough properties for people to buy.”
She pointed to a recent two-bedroom, two-bathroom condo at 2638 N. Orchard St. that was listed for $670,000 and ultimately sold $145,000 above asking after just six days on the market.
The inventory shortage isn’t limited to Lincoln Park. According to Redfin, buyers searching in Lakeview and other North Side neighborhoods continue to face intense competition for updated homes in walkable locations, with multiple offers remaining common.
Grigory Pekarsky, co-founder of Vesta Preferred Realty, believes the traditional post-Fourth of July slowdown may be shorter than normal this year.
“There might be some areas that still see a slowdown, but the third quarter is going to rebuild much quicker because the demand is still there.”
Mortgage rates have also remained relatively stable. According to Freddie Mac, the average 30-year fixed mortgage rate stood at 6.55 percent as of July 16, a level many buyers appear willing to accept despite affordability concerns.
Pekarsky said that if mortgage rates remain below 7 percent, well-presented homes should continue commanding premium prices.
“The main thing about this market is safety in numbers. Nobody wants a home if nobody else wants it. But once a few buyers are interested, everybody wants it, and it goes nuts.”
For buyers hoping for more choices later this summer, relief may be limited. According to Illinois Realtors, inventory remains constrained across much of the Chicago region, while Redfin’s neighborhood data suggests sellers continue to hold the advantage in highly desirable communities like Lakeview and Lincoln Park, where demand continues to outpace supply.
Southport Corridor News and Events - Chicago, Illinois 