property
River North House Prices Surge While Condo Values Decline
Single-family homes in River North posted gains while condominium prices slipped in the latest quarter.
How we reported this
Median prices for detached houses in River North reached $1.32 million in the quarter ending June 30, while the median for condominium units fell to $712,000, according to figures compiled by the Chicago Association of Realtors.
The split emerged as mortgage rates stayed near 6.8 percent following the Federal Reserve action in June, prompting some buyers to favor properties with more space and fewer shared fees. Inventory of houses remained tight at 48 active listings, compared with 312 condominium units on the market as of July 8.
Local inventory patterns
Along Superior Street and Huron Street, several townhome projects near the Chicago River have drawn steady interest from families seeking private entrances and small yards. The River North Business Association reported that four new single-family listings closed in the first half of 2026 near the Merchandise Mart, while units in mid-rise buildings along Kinzie Street took an average of 47 days to sell.
Developers have shifted focus toward limited ground-up house construction on smaller lots east of Michigan Avenue, where zoning allows for three-story residences with attached garages. Condominium resales in buildings such as the one at 400 N. LaSalle have faced more competition from newer rental conversions completed in 2025.
Next steps for buyers and sellers
House values rose 6.2 percent year-over-year, while unit prices declined 3.1 percent over the same period, widening the gap between the two segments. Properties with direct street access and private outdoor space accounted for 18 percent of total sales volume despite representing only 9 percent of listings.
Buyers evaluating options should compare recent closed prices on Superior Street townhomes against comparable two-bedroom units in buildings near the East Bank Club. Sellers of condominiums may need to adjust expectations or time listings ahead of any potential rate cuts later in the summer.
This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.