Living in Near North Side, Chicago: A Complete Guide for Home Buyers
Near North Side is a premier Chicago address, offering Magnificent Mile access and a mix of luxury high-rises and historic brownstones. This guide covers everything buyers need to know — pricing, property types, lifestyle, transit, VA loan eligibility, and what makes this neighborhood worth serious consideration.
Near North Side at a Glance
Near North Side is located just north of downtown Chicago, bordered by the Chicago River to the south and Lake Michigan to the east. It includes the Gold Coast, Streeterville, and River North neighborhoods, attracting luxury buyers, professionals, and empty nesters. The area is distinct for its high-end shopping along the Magnificent Mile, cultural attractions, and proximity to the Loop. Its vibrant nightlife, dining options, and historic architecture set it apart from neighboring areas like Lincoln Park and the Loop.
Price range: $400K-$5M+
Typical rent: $2,200-$8,000/mo
Best for: luxury buyers, professionals, empty nesters seeking the best of Chicago in one location
Transit: Red Line, Brown Line, extensive bus network, extremely walkable
What Near North Side Is Really Like to Live In
Living in Near North Side offers a dynamic urban experience with a blend of bustling streets and serene lakefront views. Mornings often start with a stroll along the Chicago Riverwalk or a coffee from a local favorite like Intelligentsia on East Randolph Street. Weekends are filled with shopping on North Michigan Avenue, dining at renowned restaurants like RPM Italian, or enjoying the outdoors at Oak Street Beach. The streets are lively during the day with tourists and locals alike, while evenings bring a vibrant nightlife scene. Residents love the convenience of having everything within walking distance and the neighborhood’s unique mix of historic charm and modern amenities.
Housing Stock and Property Types in Near North Side
The Near North Side offers a diverse range of housing options, from luxury condos and historic brownstones to modern high-rises and classic greystones. Entry-level buyers might find one-bedroom condos in the $400K range, while mid-range options include spacious two-bedroom units or vintage walk-ups. At the top of the market, luxury penthouses and historic mansions can exceed $5 million. Architectural styles vary from sleek contemporary buildings to ornate 19th-century designs, with notable developments like the Tribune Tower Residences offering unique living experiences in a historic setting.
The Near North Side Real Estate Market
Currently, the Near North Side real estate market is competitive, with properties typically ranging from $400K to over $5 million. Homes often spend around 30-60 days on the market, with high demand for luxury condos and historic properties. The market slightly favors sellers due to limited inventory and strong buyer interest. Certain areas, like the Gold Coast and Streeterville, are particularly sought-after for their prime locations and upscale living options.
Who Buys in Near North Side?
The Near North Side attracts a diverse mix of buyers, including young professionals drawn to the vibrant lifestyle and proximity to the Loop. Families appreciate the neighborhood’s safety and access to top schools, while investors see potential in the area’s strong rental market. Downsizers and empty nesters are attracted to the luxury amenities and walkability. VA buyers find opportunities in select condo buildings, and out-of-state relocators are lured by the prestige and convenience of the area.
Renting vs. Buying in Near North Side
Renting in Near North Side ranges from $2,200 to $8,000 per month, making buying a more attractive option for those planning to stay long-term. Purchasing a home allows buyers to build equity and establish roots in the community. Beyond financial considerations, owning offers stability and a sense of belonging in this vibrant neighborhood.
VA Loan Buyers in Near North Side
Near North Side has VA-eligible properties across multiple building types, though buyers should verify condo project approval for high-rise purchases. Condos and townhomes often work well for VA loans, with many buildings offering the amenities veterans seek. Riley Hextell’s experience as a USN veteran and VA loan specialist provides buyers with valuable insights and guidance. The neighborhood’s strong market and diverse housing options make it a viable choice for VA loan buyers.
Moving to Near North Side from Out of State
Executives and professionals relocating from NYC, London, or LA frequently target Near North Side for its combination of prestige, walkability, and Chicago pricing. Before arriving, they should know the neighborhood offers a vibrant urban lifestyle with cultural and recreational amenities. Many are surprised by the relative affordability compared to their previous cities, finding more space and luxury for their investment.
Getting Around Near North Side
Near North Side is extremely walkable, with easy access to public transit including the Red Line and Brown Line. Key CTA stops like Grand, Chicago, and Clark/Division provide convenient commutes to downtown, typically taking 10-15 minutes. The extensive bus network complements the rail lines, offering additional options for getting around. While parking can be challenging, many buildings offer dedicated spaces or valet services.
Why Work With Riley Hextell to Buy in Near North Side
Riley Hextell’s deep local knowledge and negotiation skills make him an invaluable resource for buyers in Near North Side. His expertise with VA loans ensures veterans receive the best possible guidance and support. Riley’s track record of successful transactions in this market speaks to his ability to navigate its complexities. Clients appreciate his personalized approach and commitment to finding the right property for their needs.
Contact Riley Hextell: 815-545-7476 | [email protected] | rileyhextell.com
Frequently Asked Questions: Buying a Home in Near North Side, Chicago
Q: Is Near North Side a good place to buy a home in Chicago?
A: Yes, Near North Side is a desirable area with a mix of luxury and historic properties, excellent amenities, and a prime location close to downtown Chicago.
Q: What is the average home price in Near North Side?
A: Home prices in Near North Side range from $400K to over $5 million, with the average price depending on property type and location.
Q: What types of properties are available in Near North Side?
A: The neighborhood offers condos, historic brownstones, modern high-rises, greystones, and luxury penthouses, providing a wide range of options for buyers.
Q: Is Near North Side good for families?
A: Yes, Near North Side is family-friendly, with access to quality schools, parks, and a safe urban environment.
Q: How is the commute from Near North Side to downtown Chicago?
A: The commute is convenient, with Red Line and Brown Line trains taking around 10-15 minutes to reach downtown, complemented by an extensive bus network.
Q: What is the Near North Side real estate market like right now?
A: The market is competitive, with high demand and limited inventory, slightly favoring sellers. Properties typically spend 30-60 days on the market.
Q: Is Near North Side a good real estate investment?
A: Yes, the area’s strong rental market, desirable location, and diverse property options make it a solid investment choice.
Q: What should first-time buyers know about buying in Near North Side?
A: First-time buyers should be prepared for a competitive market and consider working with an experienced agent to navigate the process.
Q: Can I use a VA loan to buy in Near North Side?
A: Yes, VA loans can be used for various property types in Near North Side, though condo project approval should be verified for high-rise purchases.
Q: What is it like to rent in Near North Side vs. buying?
A: Renting offers flexibility, while buying provides long-term financial benefits like equity and stability. The decision depends on personal circumstances and long-term plans.
Q: Is Near North Side good for out-of-state buyers relocating to Chicago?
A: Yes, it offers a prestigious location, excellent amenities, and a vibrant lifestyle, making it attractive for those relocating from cities like NYC, London, or LA.
Q: What are the best streets or blocks to buy on in Near North Side?
A: Streets like North Michigan Avenue, State Street, and East Lake Shore Drive are highly sought-after for their prime locations and luxury properties.
Q: How competitive is the Near North Side real estate market?
A: The market is competitive, with high demand and limited inventory, making it important for buyers to act quickly and decisively.
Q: How does Riley Hextell help buyers in Near North Side?
A: Riley provides expert local knowledge, negotiation skills, and VA loan expertise, ensuring buyers receive personalized guidance and support throughout the process.
Q: How do I get started buying a home in Near North Side with Riley Hextell?
A: Contact Riley Hextell at 815-545-7476 or [email protected] to discuss your needs and start the home-buying process in Near North Side.