T he real estate scene on the North Shore is as vibrant as the communities it encompasses. From Winnetka and Wilmette to Lake Forest and Deerfield, the region continues to thrive, even as shifting dynamics in interest rates and buying trends shape the market landscape. One thing is clear—buyers and sellers alike are making bold moves. NORTH SHORE STATE of the MARKET By Jo Ann Theriault-Fazio Divisional Sales Director OriginPoint, A Rate Company Coming off a rock-solid 2024, the North Shore real estate market is poised for another strong performance in 2025, led by luxury sales and gently easing supply.
PRICES and TRANSACTIONS RISE Luxury properties have been the centerpiece of this transformation. From 2023 to 2024, the North Shore experienced a robust 14.8% increase in luxury home transactions valued at $1 million or more, according to data from BrokerMetrics. Even more impressive, the total dollar volume of these sales surged by a remarkable 17%, reaching over $2 billion. This underscores the strong demand for upscale properties across communities like Highland Park, Evanston, Winnetka and Glencoe, where buyers seek both prestige and lifestyle. And it’s not just the high-end market seeing gains; the average price for overall detached properties on the North Shore jumped 13.4% last year compared to the year earlier, reflecting the region’s enduring appeal to buyers at every price point.
CASH REIGNS Interestingly, based on an analysis of @properties Christie’s International Real Estate transactions, 45% of home purchases on the North Shore last year were all-cash sales. While cash often eliminates appraisal challenges and streamlines closings, it can also be a savvy maneuver in the current mortgage climate. With interest rates hovering near 7%, cash buyers have taken the reins. However, if rates soften in the months ahead, cash buyers will have an excellent opportunity to refinance, enabling them to replenish brokerage accounts or repay family members who loaned funds for their property purchase.
4 // ASPIRE ON THE SHORE
Powered by FlippingBook