Photo credit: MtHunder58 via Wikimedia Commons
Looking to live in one of the coolest neighborhoods in the city of Chicago - and maybe in the entire country? Then Avondale is the spot for you.
Avondale has been named one of the nation's hottest "up-and-coming" neighborhoods by travel media company Lonely Planet, whose writers vibed with the area's "scruffy, artsy, lived-in magic."
Those are their words, but we think they ring true. Avondale has long been a spot that's welcomed artists, families, and foodies of all stripes. Though the neighborhood has changed from the days when it was the center of Polish life for the city, Avondale has always been, and always will be, unique, unpretentious, and totally Chicago.
Boasting a unique combination of industrial architecture, classical cathedrals, and generously-sized homes, Avondale is home to some of Chicago's coolest haunts, including Honey Butter Fried Chicken, the pierogi-dispensing Red Apple, and, of course, Kuma's Corner, a world famous spot for burgers, beer, and heavy metal (yep, you read that right).
Officially, Avondale is bounded by Addison Street to the north and Diversey Avenue to the south, with the Chicago River on the east and Pulaski Road to the west. It is one of 77 officially-designated community areas in Chicago.
For more information on this eclectic, welcoming - and quickly growing - spot, we encourage you to check out some of these handy resources:
- Choose Chicago's guide to Avondale
- "The People's Guide to Avondale" from Curbed Chicago
- Greater Avondale Chamber of Commerce
- Baird & Warner's neighborhood guide to Avondale
Ready to buy a house or condo in this charming neighborhood? Here are the current market statistics for Avondale to know for 2021:
Avondale's Current Condo Market
1. The Median Sales Price of an Avondale Condo Reached a Market High In summer 2021
The Avondale condo market climbed fairly consistently until mid-2018, when the average condo price plateaued at a high around $345K. Since then, we've seen the average sale price for condos in the area become somewhat cyclical, with this metric ascending to a milestone high above $380K in spring 2020 before falling off to $358k, and rebounding again through most of 2021. The median sales price for an Avondale condo currently sits around $386k, just off its summer 2021 peak, a nealry 8% climb since late 2020.
2. Condo Prices Are Expected to Increase Again, Based Upon 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 Avondale currently sits right at two months - indicating that it is a situation that favors the seller, and we can expect condo prices to rise again in the winter, or perhaps not until we hit the spring market.
3. The Average Avondale Condo Spends Fewer Than Two Months on the Market
Market time for condos hit a recent high of more than 55 days in 2020, before falling off sharply heading into 2021. As of November 2021, the average market time for an Avondale condo sits just below 40 days. It is worth noting that this metric has remained below 60 days for the better part of four years, indicating that Avondale is a market with very steady and robust demand for condos as they become available.
Avondale's Current Single Family Home Market
1. The Average Sales Price of an Avondale Single Family Home Leveled Off in 2021
Single family home prices in Avondale climbed steadily for some time, albeit in fits and starts. In 2019, we saw this metric hit a recent high above $525K in the summer before dipping slightly in the fall - in line with trends that we've observed in the Avondale market for the past several years. For much of 2020, the average sales price of an Avondale home held fairly steady, around $510K. Prices dipped below $500K in summer 2020, before rebounding and rocketing upward, reaching a recent market high of more than $580K, before coming back down to earth around $560k - where they remain in late 2021.
2. Based Upon Months Supply of Inventory, Avondale Currently Favors Sellers
As of late 2021, inventory in Avondale sits just between one and two months, making it a market that is currently in favor of the seller. Expect prices to remain stable or continue increasing in the foreseeable future.
3. The Average Single Family Home Spends Roughly 40 Days on the Market
If you were to pull back the data set on this graph, you would see that wait times in Avondale appear to be quite cyclical, a byproduct of interest in the neighborhood and the amount of inventory available. After peaking in late 2019 at high around 70 days, Avondale's average market time has been accelerating rapidly, with the average wait time between 40 and 45 days at the time of this writing in late 2021.
Ready To Purchase an Avondale Home?
When you're ready to live in a neighborhood full of great eats and incredible history, Real Group RE would love to help you find your new home in Avondale! To begin the process and explore the neighborhood even more, drop us a line today!
