In the ever-shifting landscape of real estate, the question on everyone’s mind—whether you’re a longtime homeowner, a first-time buyer, or a curious neighbor—is simple: Is now a good time to buy or sell? While there’s no one-size-fits-all answer, the short version is: it depends on your goals. The long version? Well, that’s what we’re here to unpack.
In this market update, we’ll look at local trends in Irving Park, the broader Chicago real estate environment, and what both buyers and sellers should consider as we head into the rest of 2025.
🏘️ A Snapshot of the Irving Park Market (Spring 2025)
Irving Park continues to attract homebuyers with its tree-lined streets, historic homes, family-friendly vibe, and easy access to downtown via the Blue Line and Metra. While interest rates and national headlines might have you wondering if the real estate market is cooling down, the Irving Park micro-market tells a more nuanced story.
Here’s what we’re seeing locally:
🟢 Inventory Is Slowly Rising
Compared to the tight squeeze of the past few years, we’re seeing a modest increase in available listings. While we’re not back to pre-pandemic levels, there’s more breathing room for buyers—especially in single-family homes and updated condos near Independence Park and Old Irving.
Why it matters: More listings mean more competition among sellers, which can slightly soften prices—but not drastically if your home is move-in ready and well-marketed.
🟡 Prices Are Stable, Not Sliding
After a multi-year climb, home prices in Irving Park are plateauing—but they’re not crashing. The median sale price for a single-family home in the neighborhood has hovered between $625K–$650K for the past six months. Well-maintained, updated homes (especially those with outdoor space) are still commanding strong offers.
Why it matters: Sellers shouldn’t expect bidding wars on every listing, but a well-priced home in great condition will still move fast.
🔴 Interest Rates Are Still a Factor
Mortgage rates remain in the 6.5% to 7% range, depending on your credit score and loan product. That’s higher than the ultra-low pandemic era, but historically still within a normal range. For many buyers, it just means a more calculated decision-making process.
Why it matters: Buyers are pickier and budgets are tighter, so your home needs to shine to stand out. For buyers, it’s crucial to get pre-approved and work with a lender who can explain your monthly numbers clearly.
🏡 Should You Sell in 2025?
If you’ve been on the fence about listing your home, here are some reasons it might be the right time:
✅ You Have Equity to Unlock
Many longtime homeowners in Irving Park are sitting on significant equity thanks to years of appreciation. Selling now, before any potential future downturn, could allow you to cash out and upsize, downsize, or relocate.
✅ You Have a Move-In Ready Home
Homes that are clean, updated, and staged are still selling fast in Irving Park. If your property is turnkey, you’ll have a competitive edge—and likely attract strong offers.
✅ You’re Downsizing or Moving Out of the City
Empty nesters or those planning to relocate to the suburbs or out of state might want to act now before the market becomes even more competitive among sellers.
⚠️ But Be Strategic
If your home needs major work or you’re hoping to price it aggressively, now may not be the time to “test the market.” Overpriced homes are sitting longer. Partnering with an experienced local agent who knows how to market specifically to the Irving Park buyer demographic is critical.
🔍 Should You Buy in 2025?
Buying in today’s market isn’t as easy—or inexpensive—as it was during the low-rate pandemic years, but there are still great opportunities for smart buyers.
✅ More Choices, Less Frenzy
Remember when homes would sell in 24 hours with 15 offers? That’s no longer the norm. Today’s market gives buyers time to breathe, compare options, and negotiate more confidently.
✅ Prices Are Holding, Not Spiking
Stable prices mean you’re less likely to overpay in a bidding war. It’s still important to do your homework and act quickly when the right place comes up, but there’s less emotional competition driving prices above asking.
✅ Less Buyer Fatigue
Many buyers who dropped out of the market last year due to frustration are now cautiously re-entering. If you’ve been waiting on the sidelines, this could be your chance to jump back in with clearer expectations.
⚠️ Be Ready to Compete for the Best Homes
While overall demand is lower than in recent years, prime listings still move quickly. A charming 3-bed with a yard and good schools will always be in demand—especially near Belding or Murphy Elementary.
🔄 What if You Need to Sell AND Buy?
This is one of the most common questions we hear in Irving Park. Here’s how to approach it:
- Coordinate with one agent to handle both transactions for smoother timing and stronger negotiating power.
- Consider selling first and negotiating a post-close possession to give yourself time to buy.
- If you need to buy first, get fully underwritten so you can make non-contingent offers.
- Explore bridge loans or HELOCs if you’re tapping your equity before selling.
💡 What Else Should You Know?
Here are some key trends we’re tracking that could affect the local real estate scene:
🏗️ Local Development Continues
From revitalized commercial corridors like Elston and Milwaukee to updates on Six Corners just west of Irving Park, new businesses and infrastructure upgrades are adding long-term value to the area.
🌳 Green Space Matters More Than Ever
Properties near parks like Independence, Horner, or Mayfair Park tend to perform better. Buyers continue to prioritize outdoor access, especially those with kids or pets.
🚌 Transit Access Is Still a Major Plus
Homes near the Blue Line or Metra (Irving Park or Grayland stations) continue to be in high demand, especially for commuters who want easy access to the Loop without sacrificing neighborhood charm.
🙋♀️ FAQs: Market Edition
❓Is the market going to crash?
Probably not. Most experts agree we’re in a stabilization phase, not a bubble burst. Prices may fluctuate modestly, but demand remains strong—especially in desirable Chicago neighborhoods like Irving Park.
❓Should I wait for interest rates to drop?
If you find the right home and can afford it, buy now and refinance later. Waiting could mean higher prices and more competition if rates drop suddenly.
❓Are homes still getting multiple offers?
Only the best of the best. Homes that are beautifully presented, priced right, and located near parks or transit still attract multiple offers—but this is no longer the default.
❓How long are homes taking to sell?
In Irving Park, the average days on market is 28–35 days. Updated homes in hot pockets (like Old Irving Park) often sell faster.
❓What should I do to prep my home for sale?
- Declutter and depersonalize
- Freshen up paint and lighting
- Stage to maximize light and space
- Work with a local expert who knows how to market to Irving Park buyers
🏁 Final Thoughts: Should You Buy or Sell Right Now?
There’s no perfect time—only the time that’s right for your goals. Whether you’re upsizing, downsizing, investing, or just starting your journey, knowledge is power, and the best decisions are made with good information and expert guidance.
Here’s our quick takeaway:
- Sellers: If your home is in good shape and you’re ready to move, this spring/summer window could work in your favor.
- Buyers: You may have more leverage now than in the recent past, but stay financially prepared and act fast when the right home comes up.
- Both: Work with someone who knows the Irving Park market. Hyperlocal insight makes all the difference.
If you’re thinking of buying or selling in Irving Park and want a personalized market analysis—or even just want to bounce some ideas around—reach out! We love helping neighbors navigate big life moves in our favorite neighborhood.
📝 Ready to Talk?
Have questions about your home’s value? Curious what’s coming on the market next month? Just want to chat real estate over coffee? Drop us a message at irvingparklife.com/contact—we’re local, we’re friendly, and we’ve got your back.