What Are the Current Real Estate Market Conditions for Portage Park?

What Are the Current Real Estate Market Conditions in Portage Park? (Source: Wikimedia Commons)

Looking for a home with easy access to parks, a quick commute to plenty of local businesses, and winning views of some iconic Chicago sites? Then it's time to start looking at Portage Park, which boasts all of these features and more. 

Located on the northwest side of the city, Portage Park is bounded by Jefferson Park and Forest Glen to the north, Irving Park to the east, and Belmont-Cragin to the South. In addition to its beautiful homes, Portage Park also offers a ton to see and do, including its namesake park, a 36-acre area that once played host to the Pan-American Games, as well as Chopin Park, named for the famous Polish pianist

If shopping is more your style, the area also contains the iconic Six Corners shopping district, located at the intersection of Irving Park Road, Cicero Avenue, and Milwaukee Avenue. Portage Park also plays home to some amazing glimpses into the past and future of Chicago, including two iconic old movie palaces in the Portage Theater and The Patio. 

For more neighborhood information, we'll leave that to the neighborhood association and local guides:

Ready to give this charming and historic slice of Chicagoland a look for yourself? Here are the current market statistics for Portage Park:

Portage Park's Current Condo Market

1. The Median Sale Price of a Portage Park Condo Is High and Steady

 

The median sale price of a Portage Park condo climbed, slowly but steadily, from 2016 into 2018, before experiencing a slight drop over the course of 2019 - from a local high around $175K down to roughly $150K. Since then, we've seen prices begin to climb notably and plateau once again, holding steady at around $170K through much of 2020 and into early 2021. 

2. Condo Prices are Expected to Hold Steady 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. 

Currently, inventory in Portage Park sits between three and four months, indicating a fairly balanced market with advantages to offer both buyers and sellers.

3. The Average Portage Park Condo Currently Spends Fewer Than 60 Days on the Market

Just a few short years ago, Portage Park condos saw wait times well over 100 days. Since then, average market time for condos in the area has plummeted, and we now expect to see a condo sit on the market for just about two months, thanks to renewed interest in the neighborhood. 

Portage Park's Current Single Family Home Market

1. The Median Sales Price for a Single Family Home Has Been Slowly But Steadily Rising

We have been seeing prices climbing in Portage Park since 2014, and the median sales price for a single-family home currently sits at more than $355K, as of January 2021. Based on the graphs we'll look at below, we expect prices to continue their slow and steady ascent, as Portage Park continues to grow in popularity with buyers.  

2. Months Supply of Inventory for Single Family Homes Indicates a Market Trending in the Seller's Favor

As of January 2021, inventory levels in Portage Park sit just above two months, making this a market that tends to favor the seller, accounting for those rising sales prices in the graph above. However, it is worth considering that this graph is fairly cyclical, historically - suggesting that, though the market currently favors the seller, it also offers a lot to buyers and we might expect the amount of available inventory to increase again soon. 

3. Single Family Homes Are Spending Less Time on the Market Than a Few Years Ago

In another sign that the single-family home market in Portage Park is robust, wait time for homes have declined in recent years, falling from highs of nearly 85 days in 2016 to fewer than 55 days as of January 2021. It's worth keeping a close eye on this graph in the months ahead, as we expect buyer demand to continue growing, which will impact both inventory and sales prices in the area. 

Ready To Purchase a Portage Park Home? 

When you're ready to live in Portage Park, Real Group RE would love to help you find your new home! To begin the process and explore the community even more, feel free to drop us a line!

Are you thinking about selling your home?

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Chicago, IL 60614

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