What are the Current Market Conditions for Avondale?

Avondale Park ImagePhoto 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:

Ready to buy a house or condo in this charming neighborhood? Here are the current market statistics for Avondale:

Avondale's Current Condo Market

1. The Median Sales Price of an Avondale Condo Is Climbing

Avondale Single Family Home Median Sales Price

After a brief but sizable drop over the course of 2015, the Avondale condo market rebounded in 2016, and climbed fairly consistently until mid-2018, when the average condo price plateaued at a high just greater than $340K. Since then, we've seen average sale prices in the area resume their upward climb, with this metric crossing the $360K threshold in fall 2019. 

2. Condo Prices Are Expected to Increase or Remain Steady, Based Upon Months Supply of Inventory 

Avondale Single Family Home 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 hovers between two and three months, meaning that it is a situation that favors the seller - and we expect condo prices to remain steady or continue rising for the foreseeable future. 

3. The Average Avondale Condo Spends Fewer Than Two Months on the Market

Avondale Single Family Home Days on Market

Timelines for Avondale condos have been speeding up since 2015, when average market time plummeted from a high near 90 days down to fewer than 60. Since then, wait times in the area decreased sharply until late when 2017, when they reached a low of 40 days. Since then, market time has inched upward slightly, with the average condo spending between 50 and 55 days on the market throughout much of 2019. 

Avondale's Current Single Family Home Market

1. The Median Sale Price of an Avondale Single Family Home Has Been Climbing Gradually

Avondale Detached Single Family Home Median Sales Price

Single family home prices in Avondale have been climbing 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. 

2. Based Upon Months Supply of Inventory, Avondale Currently Favors Sellers

Avondale Detached Single Family Home Inventory

 

As of winter 2019, inventory in Avondale sits between two and three months, making it a market that is currently in favor of the seller, though it is still a great opportunity for buyers. Expect prices to remain stable or continue increasing for the foreseeable future.

3. The Average Single Family Home Spends Roughly 60-65 Days on the Market

Avondale Detached Single Family Market Time

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 mid-2016 at a high around 80 days, Avondale's average market time accelerated for the rest of that year, and for much of 2017. Since then, we've seen market time hover between 55 and 65 days. As of winter 2019, for instance, we expect a single family home to sit on the market for right around 65 days or fewer. 

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!

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