The number of home sales in the North Shore in the 1st quarter of 2025 increased by 7% as compared to the 1st quarter of 2024. The median sale price was up 15%, and the average market time increased 6%. As was the case in 2022, 2023, and 2024 it has again been a strong Sellers’ market in 2025. Here are the statistics:
| Number of Homes Sales | Average Market Time | |||||||
| 1st Q-24 | 1st Q-25 | 1st Q-24 | 1st Q-25 | |||||
| Wilmette | 33 | 59 | 38 | 29 | ||||
| Evanston | 47 | 54 | 57 | 50 | ||||
| Winnetka | 24 | 27 | 59 | 87 | ||||
| Glenview | 66 | 52 | 53 | 61 | ||||
| North Shore | 558 | 599 | 54 | 57 | ||||
| Average Home Price (in thousands) | Median Home Price (in thousands) | |||||||
| 1st Q-24 | 1st Q-25 | % Change | 1st Q-24 | 1st Q-25 | % Change | |||
| Wilmette | 1154 | 1367 | 18% | 910 | 1205 | 32% | ||
| Evanston | 669 | 822 | 23% | 599 | 651 | 9% | ||
| Winnetka | 2061 | 2233 | 8% | 1496 | 1675 | 12% | ||
| Glenview | 986 | 1044 | 6% | 895 | 925 | 3% | ||
| North Shore | 960 | 1069 | 11% | 698 | 800 | 15% | ||
The above statistics are for detached single family homes and were compiled from data collected by the Multiple Listing Service (Midwest Real Estate Data LLC), and may not include all home sales.
Prices: For closed sales in the first quarter prices are up significantly for the start of this year. The median North Shore price is up 15% and the average is up 11%. Since these are closed sales they mostly reflect homes that went under contract at the end of 2024. I will be curious to see how the numbers work out at the end of the first half as the market has continued to be strong for Sellers this spring.
Inventory: One reason we are seeing strong sales again this year is the continued lack of inventory. We saw record low inventory last year at this time and it has continued to remain at these record low levels. Wilmette currently has 34 active, not under contract, single family detached homes, last year there were 38. In a typical year there would be 150 homes on the Wilmette market during the spring season. Evanston, with 43 active homes, is down from 54. Winnetka has 24 active homes which is a small decrease from the 27 it had last year. Glenview has 65 active homes which is an increase from the 54 it had last year. The North Shore has 549 active homes which is an 8% decrease. Moreover, last year we saw record low inventory and nevertheless this year it has dropped a little lower.
Interest Rates: Interest rates have been moving downward this year. At the beginning of the year the 30-year fixed rate was approximately 7%. Then it moved down to around 6.75% in March. With the current economic uncertainty, it is hard to predict where rates will go next.
Leave a Reply