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 stroll walk 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 "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 Is Climbing

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 once again, crossing the $200K threshold in late 2018. As of summer 2020, the median sales price for an Albany Park condo is nearing $245K. Based on market trends, we can expect these prices to continue to climb for the foreseeable future.

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 at three months, meaning that it is a situation that favors the seller. We expect condo prices to continue to remain steady or continue to rise in this situation.

3. The Average Albany Park Condo Spends Just More 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 summer 2020, wait times in the neighborhood remain favorable to sellers, hovering around 70 days or fewer. This indicates that this is an area with high, 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 fairly cyclically. For some time now, we've seen this metric reach new highs every year (~$440K in 2017, ~$450K in 2018), before experiencing a pronounced seasonal downturn. As of summer 2020, the local market is on an upswing after one of those valleys, with median home prices recently climbing above $460K, up from a recent low near $430K in mid-2019. Based on market conditions we'll explore below, we generally expect home prices in this area to remain steady or continue climbing for the near future. 

2. Based Upon Months Supply of Inventory, the Albany Park House Market is Balanced, May Slightly Favor the Seller

Currently, inventory in Albany Park sits between three and four months, making it a market that tips slightly in favor of the seller at present. Still, overall trends suggest that this is a fairly well-balanced market, with plenty of benefits to offer to buyers and sellers alike. 

3. The Average Single Family Home Spends Between Two and Three Months 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 between just two and three months as of early 2020. 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!