Logan Square's Detached Luxury Home Sales Skyrocket: Report

CHICAGO, IL — Around 457 homes were sold for more than $1 million in Chicago in the second quarter, according to a RE/MAX luxury report. Luxury home sales were up 7.3 percent over the same quarter last year, the report shows. Detached home sales increased in most neighborhoods where they are common, led by Logan Square, where luxury sales soared by 255 percent to 32 units.

Luxury sales also increased by eight percent in Lincoln Square, 100 percent in Near North Side and 66 percent in Edgewater, while sales were unchanged in West Town and down 50 percent in Uptown.

While Lake View saw a 2.5 percent increase in luxury detached homes, attached homes in the neighborhood slumped by 42 percent over the second quarter last year. Attached home sales also dipped by 20 percent in the Loop, and 27 percent in Lincoln Park.

Lincoln Park, Lake View and North Center again had the largest numbers of detached luxury sales, but only Lake View posted a sales increase, gaining 2.5 percent on 41 sales in the second quarter. Lincoln Park was down by 14 percent, while North Center was down 42 percent.

Across Chicago, the median sales price for the second quarter was $1,311,500, 2.3 percent less than last year’s comparable figure. The average time homes were on the market shortened to 127 days from 142 a year ago, according to the report.

The second-quarter increase in units sold is due to a surge in attached-home sales, according to the report. Sales in the Near West Side were up by more than 200 percent, and the Near North Side saw an increase of 30 percent.

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