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 Has Been Growing 

Logan Square Single Family Home Median Sales Price

Prices have climbed fairly consistently and steadily in Logan Square for some time now, reaching a high near $410K as of late 2018. Based on other market factors we'll explore below, we expect prices to remain high and even 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 suggests that we expect Logan Square to be a seller's market, leading to higher sales prices.

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

Logan Square Single Family Home Days on Market

The average Logan Square condo today consistently spends between 40 and 50 days on market - a marked improvment 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 Has Been Climbing

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, ending the year higher than $810K. As of spring 2019, prices remain high and steady for Logan Square single-family homes. 

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 still 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 or continue climbing. 

The Average Single-Family Home Spends 80 Days or Fewer on the Market

Logan Square Condo Days on Market

The average number of days a Logan Square single-family home spends on the market has been climbing slowly over the years. As of spring 2019, Logan Square homes spend right around 80 days or fewer on the market, on the median. 

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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