As a seasoned real estate team with years of experience in the Chicago market, we’ve had the pleasure of working with numerous clients in the vibrant Irving Park neighborhood. Our team has been involved in 64 transactions across the three zip codes that encompass Irving Park—60618, 60641, and 60630—totaling $10,329,400.00. This post aims to provide a comprehensive analysis of the Irving Park real estate market, focusing on key data points and trends that have shaped the area.
Median Sales Price Trends
The median sales price in Irving Park has seen significant fluctuations over the past three years. Starting from January 2021, the median sales price was $336,500. By August 2024, it had risen to $507,000. This upward trend indicates a strong demand for properties in the area. Notably, the highest median sales price was recorded in June 2024 at $590,000, reflecting a robust market.
Average Market Time
Another critical metric to consider is the average market time, which indicates how long properties stay on the market before being sold. In January 2021, the average market time was 95 days. This figure saw a significant decrease, reaching as low as 27 days in May and June 2023. However, there were periods of increased market time, such as January 2023, when it peaked at 107 days. As of August 2024, the average market time stands at 50 days, suggesting a balanced market where properties are neither lingering too long nor being snapped up too quickly.
Months Supply of Homes for Sale
The months supply of homes for sale is a crucial indicator of market health. A balanced market typically has a supply of around 6 months. In Irving Park, this metric has remained relatively stable, fluctuating between 2.1 and 3.8 months over the past three years. As of August 2024, the months supply is at 3.1, indicating a seller's market where demand outstrips supply.
New Listings and Homes for Sale
New listings and the total number of homes for sale provide insights into market activity and inventory levels. In January 2021, there were 97 new listings, which decreased to 67 by August 2024. The total number of homes for sale also saw a decline from 170 in January 2021 to 124 in August 2024. This reduction in inventory could be contributing to the rising median sales prices and shorter market times.
Neighborhood Highlights
Irving Park is a diverse and dynamic neighborhood that offers a mix of historic charm and modern amenities. The area is known for its beautiful parks, excellent schools, and a variety of dining and shopping options. The neighborhood's accessibility to public transportation and major highways makes it a convenient location for commuters.
Conclusion
The Irving Park real estate market has demonstrated resilience and growth over the past three years. With rising median sales prices, relatively short market times, and a stable supply of homes, the neighborhood continues to attract buyers and investors alike. If you’re considering buying or selling a property in Irving Park, now is an excellent time to make a move.
Want to hear the story behind these numbers? Contact Camille at 773-377-9200 or [email protected].
