Chicago’s North Side Existing Home Sales Stuck In Quagmire

FreddieMac interest rates as of 3/12/26

By Don DeBat

With spring’s cloudy skies overhead and rain or snow in the forecast, Chicago’s North Side home-resale market remains in a quagmire in early 2026. One veteran Near North Side/Gold Coast broker simply described the current home-resale activity as “a see-saw market.”

The March 2026 Baird & Warner Market Analysis, covering the key North Side neighborhoods of Near North/Gold Coast, Lincoln Park, Lakeview and North Center, closed existing-home and condominium sales in February declined sharply compared with the same month in 2025, reflecting softer listing activity across most geographical areas and price segments.

“Total home and condo sales fell about 18% year-over-year, with the most notable declines occurring in Near North/Gold Coast and North Center,” noted veteran Realtor John Irwin, co-author of the Baird & Warner analysis with Jackie Lafferty. “Lincoln Park and Lakeview experienced smaller sales declines, suggesting somewhat steadier demand in those neighborhoods.”

Pending contracts also plummeted in February, with homes and condos under contract declining a hefty 20%. The decline in pending contracts was most pronounced in Lincoln Park and Lakeview, Irwin said.

“Due to inventory constraints, buyer momentum, has moderated across much of the market heading into the early spring season,” Irwin concluded. Home & condo prices rise Despite slumping unit sales activity, home and condo prices increased overall, supported by limited inventory and continued buyer demand for desirable properties, the Baird & Warner brokers said.

“Appreciation was especially strong in February in North Center, where median resale prices hit a whopping $1.11 million, compared with the same month in 2025,” Irwin noted. “Home sellers in Lakeview also saw a resale price gain of 10.8% on a median price of $540,000.”

Near North/Gold Coast median price was $429,00, a modest year-to-year gain of 1.5%. Lincoln Park posted a modest -2.3% decline on a median price of $790,000.

The Baird & Warner team noted that across price tiers, luxury properties listed above $2 million saw the strongest price growth, while mid-market segments remained relatively stable.

John Irwin and Jackie Lafferty (left)

Listing tailspin

Inventory levels dropped sharply in February,compared with the same month in 2025, with the totalnumber of homes on the market falling by more than one-third, year-over-year.

This decline was particularly significant in Lincoln Park and Lakeview, where

available listings contracted the most. “As a result, months of supply also deceased,

reinforcing the fact that the North Side existing-home and condo market remains supply-constrained, despite slower transaction activity,” Irwin said.

“Even with fewer buyers closing on homes, the reduced number of available units continues to limit overall market balance,” Irwin concluded.

New listings plummet

Newly listed properties declined a whopping 27% in February compared with the same month in 2025. In Lincoln Park, new listings fell the most, while North Center remained relatively stable. “Lower listing activity continues to be a key factor behind the

persistent supply shortage seen across the market,” Irwin said.

Veteran analysts continue to say potential home sellers who currently have affordable mortgages in the 3%-to-4% interest range are keeping their eyes on home-

loan trends, and are not eager to list and move.

Happy St. Patrick’s Day?

It may be St. Patrick’s Day week, but few home buyers will be celebrating. On March 12, Freddie Mac’s Primary Mortgage Market Survey reported that the benchmark 30-year fixed home loan average nationwide rose to 6.11% from 6.00% a week earlier. A year ago, the

key rate was 6.65%.

Analysts said that the launch of the aerial war in Iran by President Donald Trump had a negative impact on mortgage rates, gasoline prices, inflation, and the stock market. The Dow Jones average has fallen nearly 3,000 points since early February.

On February 26 th , prior to the Iran War, for the first time in 3.5 years benchmark 30-year fixed home loans nationwide hit 5.99%.

On March 12, the 15-year fixed-loan average rose to 5.50%, up from 5.43% a week earlier. A year ago, the 15- year fixed loans averaged 5.80%.

The Freddie Mac survey is focused on conventional, conforming, fully amortizing home-purchase loans for borrowers who place a 20% down payment and have excellent credit.

Crystal ball gazing

The Baird & Warner forecast team said the February market reflected a “supply-constrained environment” with moderating demand.

“Transaction activity and pending contracts slowed year-over-year, yet inventory levels and new listings declined even more sharply,” Irwin noted. “This imbalance has helped support home prices, despite reduced sales volume.”

As the spring home-buying on the North Side evolves, the brokers said: “Future market direction will likely depend on whether new listing activity increases enough to relieve the ongoing supply shortage.”

For more housing and softball news, visit www.dondebat.biz. Don DeBat, a 1999 Softball HOF inductee, is writing a book titled “Chicago’s Game.” DeBat also is co-author of “Escaping Condo Jail,” the ultimate survival guide for condominium living. Visit www.escapingcondojail.com.