The River North neighborhood is in the Near North side area of Chicago bounded on the North by Oak Street, the South and West by the Chicago River and Michigan Avenue on the East.
Chicago’s River North is a stylish, urban neighborhood that initially began as an industrial area. Dormant factories and warehouses were transformed into low cost studios and offices spaces that attracted artists and entrepreneurs. What followed was an influx of new businesses that densely concentrated the area and today is a hub of creativity and entertainment. Today River North is a dynamic and growing technology-driven neighborhood known for its art galleries, design studios, furniture and antique shops, fine dining, nightlife and Riverwalk amenities. It is home to world headquarters of Motorola Mobility, ConAgra, Groupon and Regional offices of Google and Yelp.
River North continues to grow due to its appealing location and extensive spaces. Many employment opportunities exist in local galleries, shops, restaurants, and professional offices. River North is centrally located and easily accessible by public transportation. If you are interested in purchasing a home in River North, contact us today for more information.
Famous structures include Merchandise Mart, the Wrigley Building, Trump International Hotel & Tower, Marina City, House of Blues and Holy Name Cathedral.
River North Real Estate is a rich mix of trendy loft spaces, both new and nearly new loft condos, luxury condo high rises, rental high rises, and a smattering of upscale townhomes, vintage walk-ups, and single family homes. Many of the buildings offer dramatic skyline views.
The vibrant and exciting area of River North offers a lifestyle rich in bustling activity and considered one of the trendiest neighborhoods in Chicago. Restaurants, night clubs, retail, gallery and office space is pervasive throughout River North, making it a walk-to-work neighborhood for many residents.
Growth in River North is booming primarily due to the Chicago tech scene of startups and established companies looking to attract strong talent. As tech startups continue to hire new employees and move into newer, bigger spaces, the success of these companies is also influencing the landscape of the city’s real estate market. A younger, more educated millennial generation is moving in to River North, looking to take advantage of this competitive Chicago job market.
Almost 80,000 workers are employed in Chicago’s tech industry today and River North was named as the top submarket for tech companies in the city. These changing economic conditions in River North has resulted in the development of new high rises in the nightlife corridor, townhomes and condos created from warehouses north of Wolf Point.
Most of the residents of River North can be described as “newcomers”, which reflects the dramatic growth in the residential population over the past 10 years, and the opening of several new rental high-rises, and a number of condo high rises.
The Median Sales Price for all properties in River North in December 2015 was $403,500, a 3.5% increase over 2014 with an average price of $337 per sq ft. Prices are projected to increase 2.4% within the next year.
Prices in River North have risen 4% since the 2nd half of 2015, compared to 1.7% on average for downtown condo prices.
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