House Prices Surge Past Condos in Logan Square Through Q2

Median prices for single-family houses in Logan Square climbed to $648,000 in the three months ending June 30, while the median for units fell to $315,000 over the same stretch.

The split emerged after months of steady listings on the multiple listing service and reflects buyers who now favor yards and extra rooms over shared-building amenities. Mortgage rates that held near 6.4 percent through spring kept some first-time purchasers in the unit segment, yet those rates also pushed move-up families to stretch for houses that offer long-term equity gains.

Local inventory patterns

Along the Milwaukee Avenue corridor, five three-flat buildings listed in April still sit unsold, while detached homes on Kedzie Avenue between Palmer Square and the Bloomingdale Trail moved within 18 days on average. The Logan Square Neighborhood Association tracked 47 house closings and only 29 unit sales in the second quarter, a reversal from the prior year when units outsold houses by eight transactions.

Further north on California Avenue, the former site of the old Congress Theater redevelopment added 22 new condos this spring; 14 remain available at asking prices that have been trimmed twice since May. In contrast, the Logan Square Chamber of Commerce reported that three single-family rehabs near the 606 trail entrance cleared escrow above list in June.

Price evidence and outlook

Chicago Metropolitan Agency for Planning data released July 2 showed Logan Square house values up 7.8 percent year-over-year while unit values slipped 3.2 percent. Average days on market for houses stood at 21, compared with 47 for units. Appraisers cited finished basements and garage parking as the features driving the house premium.

Sellers of units who need to move this summer should review recent comparable sales on the same block before setting an asking price, and buyers weighing a house purchase can lock in current financing terms while inventory remains balanced. Those steps will help participants navigate the split market through the rest of the year.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.