Chances are if you are reading this blog, you have some interest in Logan Square. This, in turn, means you likely know it’s the trendiest neighborhood in Chicago right now. There are new craft breweries, Michelin star restaurants, and hand pour coffee shops opening daily. New festivals are joining the neighborhood line up each year. The hipsters moved in years ago, and if the number of two flats converted to single-family homes is any indication, the families have already followed.
What does this mean for the local real estate market? Cha-ching!
Yes, prices have certainly increased, and will likely continue to increase. The average home price has almost doubled in the past 5 years!
And from September 2016 to September 2017 (the most recent month which data is available) Logan Square has seen a sale price increase.
Aside from just sale price, there are numerous other data sources and statistics we can look at to ascertain the big market picture. Here are some other visuals to highlight the rapid increase of the Logan Square market. The number of properties for sale is less than half of what it was in 2012.
Meanwhile, the number of closed sales in the neighborhood has more than doubled over the same period of time. Basically, there are far fewer homes on the market today than there were five years ago, but more than twice the number of homes are closing.
All the statistical proof you need to know that Logan Square is insanely popular! As if Michelin stars weren’t enough proof for your inquiring minds.