Photo credit: Teemu008 via 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 above; 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 a wonderful place to make your Chicago home.
Ready to learn even more about this wonderful Chicago neighborhood? Here are a few handy resources worth checking out:
- TimeOut Chicago's guide to Irving Park
- Irving Park neighborhood info on Choose Chicago
- The Old Irving Park Association's official website
- Baird & Warner's real estate guide to Irving Park
Ready to give this historic area a fresh look? Here are the current housing market statistics for Old Irving Park to know:
Old Irving Park's Current Condo Market
1. The Median Sales Price of an Irving Park Condo Climbed Sharply in 2020, Before Leveling Off in 2021
Median condo prices for the Old Irving Park area climbed steadily from 2013 until well into 2018, rising higher than $217K in summer 2018. Shortly after reaching this high, we saw the median condo price in this market level off somewhat, balancing out around $200K in late 2019. More recently, prices have rebounded once again, hitting a high above $240K in late 2020 and staying around 235k through the better part of 2021.
2. Condo Prices are Expected to Remain High or Continue Climbing, Based Upon Months Supply of 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.
As of December 2021, inventory in Old Irving Park sits just above two and a half months - making it a fairly balanced market that tips in the seller's favor at present. We believe that this will result in steady growth and elevated sale prices in the foreseeable future.
3. The Average Condo Spends Fewer Than Two Months on the Market
The wait time for the average condo in Old Irving Park rose through the end of 2015 and into 2016, topping off at a high near 90 days before accelerating steadily over the course of 2017 and 2018. As of late 2021, the average condo in Old Irving Park stays on the market for around 50 days.
Old Irving Park's Current Single Family Home Market
1. The Median Sales Price of a Single Family Home Has Rocketed Up After a Recent Plateau
After a sharp jump upward in 2017, the median sales price for an Old Irving home held fairly steady throughout 2018 - right around $500K. In 2019, we saw a brief but notable upward spike once again, with prices crossing the $520K threshold in spring 2019 before balancing out to recent market low near $490K in spring 2020. Sales prices in the area have climbed sharply and steadily since then, with this metric nearing $600K as of December 2021.
2. Sale Prices for Single Family Homes Are Expected to Remain High or Keep Rising, Based Upon Months Supply of Inventory
The months supply of inventory for single family home sits between one and two months, as of July 2021. This means that Old Irving Park is a market that tips in favor of the seller at the moment, and we can expect sales prices to remain high or continue climbing in the near-term.
3. The Average Single Family Home Spends Fewer Than Forty-Five Days on the Market
As of the time of this writing, July 2021, wait times in Old Irving Park sit just about 45 days - a sharp step down from a high near 95 days as recently as mid-2019.
Ready To Purchase an Old Irving Park Home?
When you're ready to live in a historic neighborhood with lots of Chicago charm, Real Group RE would love to help you find a new home in Old Irving Park! To begin the process and explore the neighborhood even more, drop us a line!
