Photo credit: Bryan Hayes via Flickr

Even among the many eclectic, ever-changing neighborhoods that make up Chicago, Albany Park truly stands out.

For example, where else could a casual outing take you past delicious restaurants, serving up everything from world-famous falafel to authentic tacos to absolutely delectable Korean meats and veggies? Where else could you take in works like those of the Albany Park Theater Project, an incredible year-round theater with a social justice bent, creating art for young people by young people?

One of 77 officially designated community areas in Chicago, Albany Park is located on the northwest side of the city, bounded roughly by Montrose Avenue to the south and Foster Avenue to the north. We’ve barely scratched the surface about everything that Albany Park has to offer. To explore the neighborhood further, here are a few resources worth checking out:

• The Choose Chicago  guide to Albany Park
• “Albany Park” entry on the Encyclopedia of Chicago
• Albany Park Chamber of Commerce
• “Getting to Know Albany Park,” article from Curbed Chicago
• Baird & Warner's "Real Estate Guide to Albany Park"

Interested in buying or selling a house or condo in this hotbed of cuisine, culture, and commerce? Here are the Albany Park market conditions you need to know right now:

Albany Park's Current Condo Market

1. The Median Sales Price of an Albany Park Condo Has Declined From a Recent High

Albany Park's median condo prices saw rapid growth from 2015 to 2017, with prices sharply rising with some consistency, from lows below $140K to a high around $195K. Prices lingered there for some time before climbing sharply and consistently once again, hitting a high around $245K in fall 2020 before beginning to level off. As of fall 2021, the average sales price for an Albany Park condo sits just above $220K. 

2. The Albany Park Condo Market Favors Sellers

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 the Albany Park area currently sits right around two and a half months, meaning that it leaning in the seller's favor at present. We expect condo prices to remain find a little upward movement in this situation.

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

Average market time for an Albany Park condo accelerated sharply from 2016 into 2019, before plateauing slightly. As of fall 2021, wait times in the neighborhood have begun to accelerate once again, with this metric currently hovering around the 46 day mark for the first time since 2019. This indicates that this is an area with steady demand for the condos that are on the market, as they become available.

Albany Park's Current Single Family Home Market

1. The Median Sales Price for an Albany Park Home Has Been Climbing, In Fits and Starts

Median home prices in the Albany Park area have been climbing steadily for some time, albeit more aggressively in the past 14 months. For some time now, we've seen this metric reach new highs every year (~$440K in 2017, ~$450K in 2018), before experiencing a notable seasonal downturn. This pattern repeated in 2020, with prices reaching a new high of $480K in the middle of the year before leveling off and climbing again in 2021. As of fall 2021, average prices currently sit near $530K - a notable record high for the area, and a 17% spike since a year ago.

2. Based Upon Months Supply of Inventory, the Albany Park House Market Favors the Seller

As of summer 2021, months supply of inventory in Albany Park sits between one and two months, following a sharp downturn over the course of 2020 - making it a market that tips in favor of the seller at present. We expect prices to remain high in this situation. Whether or not the market will tolerate further increased prices, given the recent rise, remains to be seen.  

3. The Average Single Family Home Spends 40 Days on the Market

After hitting a significant high near 108 days in 2016, wait times for Albany Park single-family homes have sped up substantially, and currently hover around just 40 days as of fall 2021 - a sharp acceleration from the same period a year prior. This indicates that there is high, steady demand for homes in this neighborhood as they become available. 

Ready To Purchase Your Albany Park Home? 

When you're ready to live in a neighborhood full of Chicago charm, easy access to public transit, and winning properties, the Real Group team would love to help you find a new home in Albany Park! To begin the process and explore the neighborhood even more, drop us a line today!