What are the Current Real Estate Market Conditions for Albany Park?

Even among the many eclectic, ever-changing neighborhoods that make up Chicago, Albany Park truly stands out.

For example, where else could a casual stroll walk you past delicious restaurants, serving up everything from world-famous falafel to authentic tacos to absolutely delectable Korean meats and veggies?

Where else could you take in works like those of the Albany Park Theater Project, an incredible year-round theater with a social justice bent, creating art for young people, by young people?

One of 77 officially designated community areas in Chicago, Albany Park is located on the northwest side of the city, bounded roughly by Montrose Avenue to the south and Foster Avenue to the north. We’ve barely scratched the surface about everything that Albany Park has to offer. To explore the neighborhood further, here are a few resources worth checking out:

Interested in buying or selling a house or condo in this hotbed of cuisine, culture, and commerce? Here are the Albany Park market conditions you need to know right now:

Albany Park's Current Condo Market

1. The Median Sales Price of an Albany Park Condo Has Been High and Steady

Albany Park Single Family Home Median Sales Price

Albany Park's median condo prices saw rapid growth from 2015 to 2017, with prices sharply rising with some consistency, from lows below $140K to a high around $190K, where they have lingered for some months. We can expect these prices to hold steady or continue to climb for the foreseeable future.

2. The Albany Park Condo Market Favors Sellers

Albany Park Single Family Home Months Supply of Inventory

The months supply of inventory counts the number of months it would take to sell all of the units 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. 

The months supply of inventory for condos in the Albany Park area currently sits just around two months, meaning that it is a situation that favors the seller. We can expect prices to continue to rise in this situation.

3. The Average Albany Park Condo Is Spending Less Time on the Market

Albany Park Single Family Home Days on market

Average market time for an Albany Park condo has been accelerating for some time now - albeit in fits and starts. As of late 2017 / early 2018, wait times in the neighborhood have reached a low around 60 days, indicating that this is an area with increasing demand. 

Albany Park's Current Single Family Home Market

1. The Median Sales Price for an Albany Park Home Has Been Climbing

Albany Park Single Family Home Median Sales Price

Prices in the Albany Park area have climbed steadily for some time now, with the median sales price recently crossing the $420K threshold.

2. Based Upon Months Supply of Inventory, the Albany Park House Market Slightly Favors the Seller

Albany Park  Single Family Home Months Supply Inventory

Currently, inventory in Albany Park sits between three and four months, making it a market that tips in favor of the seller at present. Still, overall trends suggest that this is a fairly well-balanced market, with benefits to offer to buyers and sellers alike. 

3. The Average Single Family Home Spends Fewer Than Three Months on the Market

Albany Park Single Family Market Time

After hitting a significant high near 108 days in 2016, wait times for Albany Park single-family homes have sped up substantially, and currently hover between two and three months.

Ready To Purchase Your Albany Park Home? 

When you're ready to live in a neighborhood full of Chicago charm, easy access to public transit, and winning properties, the Real Group team would love to help you find a new home in Albany Park! To begin the process and explore the neighborhood even moredrop us a line today!

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Chicago, IL 60614

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