What are the Current Market Conditions for Old Irving Park?

What are the Current Market Conditions for Old Irving Park? (Source: wikimedia.commons)

The MLS neighborhood of Irving Park - commonly called "Old Irving," or "Old Irving Park" - is one of Chicago's most unique neighborhoods. Located on the northwest side, it's bounded by the Chicago River on the east, the Milwaukee Road railway tracks to the west, Addison Street on the south, and Montrose Avenue to the north. It also encompasses the area west of Pulaski Road, bounded by Belmont Avenue on the south and Leland to the north.

When you talk to your real estate team about this great area, you can call it by any of those names; for the sake of clarity, we'll refer to it as Old Irving Park. Named for famed author Washington Irving, the Old Irving Park neighborhood offers convenient access to both the Loop and O'Hare airport. Full of charming public art and murals, stately homes dating back to the 1860s, and a variety of tasty restaurants, Old Irving Park is the perfect place to make your Chicago home.

Ready to give this historic area a fresh look? Here are the current housing market statistics for Old Irving Park that you need to know:

Old Irving Park's Current Condo Market

1. The Median Sale Price of an Irving Park Condo Is High and Steady

Old Irving Park Median Sales Price

Median condo prices for the Old Irving Park region have been climbing steadily since 2013; they have hovered consistently around a high of $190k since the beginning of 2017.

2. Condo Prices are Expected to Climb Based Upon Months Supply of Inventory

Old Irving Park Condo Inventory

The months supply of inventory counts the number of months it would take to sell all of the condos currently on the market if no other new homes were added. It is a theoretical predictor of the housing market's growth and stability. 

Typically, three months of inventory or fewer indicates a seller's market, and we expect prices to rise in this situation.  

A balanced months supply of inventory is about four to six months, meaning that the situation is well balanced for both buyer and seller.

A buyer's market is typically a market that reaches more than six months. Because the number of homes on the market is disproportionate, prices would be expected to drop. 

Currently, inventory in Old Irving Park sits at less than three months, making it a market that tips slightly in the seller's favor. We believe that this will result in steady growth and higher sale prices for the foreseeable future. 

3. The Average Condo Spends Fewer Than 70 Days on the Market

Old Irving Park Condo Days on Market

After a sharp drop over the course of 2013 and 2014, the wait time for the average condo in Old Irving Park rose through the end of 2015 and into 2016, topping off at highs above 90 days before plummeting again. Today, the average condo in Old Irving Park spends between just 60 and 70 days on the market. 

Old Irving Park's Current Single Family Home Market

1. The Median Sales Price of a Single Family Home Has Been Rising

Old Irving Park Single Family Home Median Sales Price

The average single family home in Old Irving Park has seen steadfast growth since 2014, with the sharpest increase - from just below $400k to roughly $475k - happening between 2015 and 2016. We've only seen this trend continue in 2017, and prices currently sit at highs around $500k.

2. The Sales Price of Single Family Homes is Expected to Grow Slowly Based Upon Months Supply of Inventory 

Old Irving Park Single Family Home Inventory

The months supply of inventory for single family home sits just below four months. This means that it is a fairly balanced market that may slightly favor the seller.

3. The Average Single Family Home Now Spends Fewer Than 80 Days on the Market

Old Irving Park Single Family Home Days on Market

The average single family home saw a sharp decline in average market time between 2013 and 2014, plummeting from 120 days to about 70 over that period. 2015 and 2016 saw wait times begin to climb back in fits and starts. After reaching times close to 85 days in early 2016, the market has started to speed up again, and the average home currently spends right around 75 days on the market. 

Ready To Purchase an Old Irving Park Home? 

When you're ready to live in a historic neighborhood with lots of Chicago charm, the Real Group team would love to help you find a new home in Old Irving Park! To begin the process and explore the neighborhood even moredrop us a line!

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