The North Shore real estate market in 2024 was similar to the strong seller’s market we experienced in 2023. Like 2023, inventory was low all year, market times were at record lows, and multiple offers were common, especially in the spring market. The already low number of detached single-family home sales went down by another 3%. The number of sales was lower than any year since 2011. The primary reason for the low number of sales was the lack of inventory. There were buyers, but not enough homes for them to purchase. The median price for a detached single-family home on the North Shore went up 10%. Overall, it was another strong market for sellers in 2024. Here are the statistics:
| Number of Homes Sales | Average Market Time | |||||||
| 2023 | 2024 | 2023 | 2024 | |||||
| Wilmette | 296 | 268 | 28 | 33 | ||||
| Evanston | 339 | 309 | 40 | 43 | ||||
| Winnetka | 188 | 177 | 49 | 41 | ||||
| Glenview | 470 | 403 | 46 | 31 | ||||
| North Shore | 3511 | 3398 | 45 | 42 | ||||
| Average Home Price (in thousands) | Median Home Price (in thousands) | |||||||
| 2023 | 2024 | % Change | 2023 | 2024 | % Change | |||
| Wilmette | 1193 | 1275 | 7% | 997 | 1150 | 15% | ||
| Evanston | 761 | 824 | 8% | 677 | 723 | 7% | ||
| Winnetka | 2021 | 2049 | 1% | 1675 | 1750 | 4% | ||
| Glenview | 825 | 993 | 20% | 703 | 865 | 23% | ||
| North Shore | 931 | 1018 | 9% | 720 | 793 | 10% | ||
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
Inventory: As was the case in 2023, inventory was at record low levels throughout 2024 and we start 2025 with an even lower inventory of single-family homes. The North Shore has 481 detached single-family homes on the public and private markets combined that are not under contact. Last year at this time there were 573 such homes on the market. In the past there were commonly 1500 to 2000 homes on the market at the start of the year. Wilmette has 29 detached single-family homes on the public and private markets that are not under contract. Last year at this time there were 25 such homes in Wilmette, and in a typical year Wilmette generally starts out with about 100 homes on the market. Moreover, Wilmette’s inventory continues to be very low.
Evanston has 27 detached single-family homes on the public and private markets that are not under contract. Last year at this time there were 57 such homes. In Glenview there are 53 such homes now, and there were 65 last year at this time, and in Winnetka there are currently 25 such homes and last year there were 27. Moreover, the record low inventory that we saw in 2023 has continued into 2024.
Prices: After 3 years of large price gains (2020 to 2022), in 2023 prices made modest gains in the North Shore, but in 2024 large gains were seen again. It did vary by suburb with Wilmette, Evanston, and especially Glenview, seeing significant gains, but Winnetka basically held steady. As was the case in 2023, the 2024 spring market saw the most significant price movement and the fall market saw some regression as sales slowed in the later part of the year. The median price of a North Shore single family detached home went up 10%.
Interest Rates: In 2024 interest rates bounced up and down between 6% and 7% for a fixed rate conforming loan. More often they were close to the 7% area, which is where they are currently.
2023 North Shore Sales Facts: The highest sale price in the North Shore in 2024 was Michael Jordan’s home in Highland Park that sold for $9,500,000. It was on the market for 4585 days and was originally listed in 2012 for $29,000,000. The house has over 32,000 square feet, a full basketball court, pool, cigar room, and sits on 7 acres.
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