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 a robust arts community, thriving nightlife options, and an easygoing sensibility that makes it an excellent 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 Has Been Growing  for Some Time

Logan Square Single Family Home Median Sales Price

Prices have climbed fairly consistently and steadily in Logan Square from 2016 on, reaching a high around $420K in mid-2019. Based on other market factors we'll explore below, we expect prices to generally remain high, and even continue to increase, for the foreseeable future. 

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 three-month line, as we see here, suggests that we expect Logan Square to be a seller's market, leading to high and steady sales prices.

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

Logan Square Single Family Home Days on Market

As of winter 2019, the average Logan Square condo spends roughly 60 days or fewer on the market. This is actually a step up for the neighborhood. From 2016 through early 2019, condos in this market consistently spent between 40 and 50 days on market. Though this metric has ticked up slightly, it is still a marked improvement from 2015, when the average condo spent more than 65 days on market.

Logan Square's Single-Family Home Market

The Median Price of a Single-Family Home Is Leveling Off

Logan Square Condo Median Sales Price

Beginning 2016 around $655,000, the median price of a single family home shot up to roughly $700K heading into 2017. Prices saw another sharp climb in 2018, when they reached a high near $825K. As of fall 2019, prices have come down somewhat, and currently sit around $750K as of the time of this writing. 

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

Logan Square Condo Inventory

Remaining below four months for some time now, the months supply of inventory in Logan Square reflects a seller's market, albeit one that is still fairly balanced and offers significant advantages to buyers. However, as long as Logan Square's inventory continues to sit below four months, we can expect the median price for a single-family home to remain high. 

The Average Single-Family Home Spends 75 Days or Fewer on the Market

Logan Square Condo Days on Market

As of winter 2019, Logan Square homes spend between 70 and 75 days on the market, on average - down slightly from early 2019, when homes tended to spend more than 80 days on the market. 

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 more, drop us a line!

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