The home buying markets in several neighborhoods along the Blue Line are hot and recent sales suggest that the market in Avondale is also heating up. With low inventory and high demand, the markets in neighborhoods like Wicker Park and Logan Square have become quite competitive, causing some home buyers to look towards Avondale and Irving Park. Just a couple of weeks ago, Dennis Rodkin of Crain's highlighted the shifting trend and increasing demand for northwest side neighborhoods further up Milwaukee Avenue, and this vintage two-flat on Bernard Street in Avondale is a good example of the current state of the market in the area. The property listed for $250,000 on July 6 and within three days it was already under contract. Now that the property has officially sold, we're able to get a look at the final sale price of $295,000—a nearly 20% gain over its original asking price.
The sale price is quite impressive for an area that might not be as hot as nearby neighborhoods but still has a decent inventory and lots of potential. Another way to look at it is that the buyers and/or broker simply just underestimated the value of the home in the price in the first place. Either way, it's not uncommon to see a home sell for ten percent below or above asking price, but with buyers snatching up properties near the Blue Line as fast as they list, the margins are moving higher.