Logan Square home prices soar as other neighborhoods cool off: report

Chicago /
Oct.October 18, 2018 09:00 AM

The Logan Theatre and the Illinois Centennial Monument at Logan Square (Credit: anokarina and Mike Linksvayer via Flickr)

The median price of a single-family home in Logan Square rose more than 19 percent through the end of September, even as the market in other neighborhoods slowed.

The number of houses sold in the trendy near-Northwest Side neighborhood rose 9 percent in the same period year over year, according to Chicago Association of Realtors data analyzed by Crain’s.

Meanwhile, the price of a house has dipped in Lincoln Square and North Center, and the number of houses sold has stalled or declined in Lakeview, Lincoln Park and West Town.

The continued popularity of the neighborhood has led some neighborhood groups to plan an anti-gentrification march next week to protest what they see is a displacement of Latino residents.

The median price of single-family homes sold in Logan Square in the first nine months of the year was more than $832,000, up from about $699,000 year over year, according to the Realtors association. Condo and townhouse prices rose by 6.6 percent to $405,000.

In neighboring Avondale, median house prices rose 6.5 percent and the number of sales increased almost 12 percent, the association said.

The market in Logan Square has been so hot lately that some residents said they get daily unsolicited offers to sell their homes. That led city officials to propose a program to give residents grant money if they agreed to stay in their homes for another five years.

Rents have been on the rise as well, which has prompted pushback from some community groups. One landlord in particular, M. Fishman & Co., has become a target of the anti-gentrification movement, though other landlords say Fishman’s rents are in line with what other property owners are charging.

The rising prices in the neighborhood were one of the main factors behind a growing effort to allow rent control in the state, though so far there’s been little movement on it in Springfield. [Crain’s] — John O’Brien


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