What Are the Current Real Estate Conditions in Logan Square?

What Are the Current Real Estate Conditions in Logan Square?

Looking for a neighborhood with a vibrant creative scene, complete with an iconic old school movie theatre? Check out Logan Square!

Located northwest of West Town, "Logan," as it's commonly called, is jammed full of coffee shops, deliciously dive-y bars, and Longman & Eagle's legendary chicken and waffles. Noted for its high level of energy and grassroots activism, Logan Square also boasts thriving nightlife and a sensibility that makes it the perfect neighborhood for just about anyone.

Here are a few resources worth checking out if you're interested in this red hot part of Chicago: 

Interested in this welcoming hub of art and food? Let's check out Logan Square's current real estate market:

Logan Square's Current Condo Market

The Median Sales Price of a Condo Continues to Hold Strong

Logan Square Single Family Home Median Sales Price

After skyrocketing over the course of 2015 and 2016 - during which time median condo prices increased to highs near $360K - prices leveled off heading into 2017. Since then, prices leaped upward once again, recently topping out at a high of $380K. Based on other market factors, we expect prices to remain high and maybe even increase for the foreseeable future, give or take a few slight dips.

Months Supply of Condo Inventory Indicates a Future Rise in Value

Logan Square Single Family Home 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. 

Among condos in Logan Square, the months supply of inventory matches the data of the median condo price. That is, a months supply of inventory remaining steadily below the two-month line suggests that we expect Logan Square to be a seller's market, leading to a rise in sales prices.

The Average Logan Square Condo Spends Less Than Two Months on the Market

Logan Square Single Family Home Days on Market

The average Logan Square condo today spends fewer than 50 days on market - a sharp drop from 2014, when the average condo spent more than 70 days on market. 

Logan Square's Single-Family Home Market

The Median Price of a Single-Family Home Remains High

Logan Square Condo Median Sales Price

Beginning 2015 around $525,000, the median price of a single family home shot up to more than $700,000 by the end of 2016. Since then, prices have remained high and steady, hovering around $700K.

The Months Supply of Inventory Indicates a Balanced Market That Slightly Favors the Seller

Logan Square Condo Inventory

The months supply of inventory reflects a seller's market, but one that is moving toward a more balanced state. However, as long as Logan Square's inventory continues to sit below three months, we can expect the median price for a single-family home to remain high or continue climbing. 

The Average Single-Family Home Spends Fewer Than 70 Days on Market

Logan Square Condo Days on Market

The average number of days a Logan Square single-family home spends on market fluctuated significantly over the course of 2015 and 2016, but is now generally holding steady, between 60 and 70 days. 

Ready to Find a Home in Logan Square?

When you're ready to live in a quirky and cool neighborhood, the Real Group team would love to help you find a new home in Logan Square! To begin the process and explore the neighborhood even moredrop us a line!

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