Redfin: Logan Square Eighth Hottest Neighborhood in America in 2013
LOGAN SQUARE — An online real estate firm crunched the numbers and found out what most Chicagoans already know — Logan Square is hot, hot, hot.
An article on the blog of the real estate brokerage Redfin this week listed the top 10 "hottest" neighborhoods based on four main criteria related to home sales: on-market listings, sales volume, median price per square foot and sale-to-list ratio.
"The hottest neighborhoods are all seeing shrinking selection, increasing sales and increasing prices — often at rates far above the metro areas that contain them," the article's author notes.
According to Redfin's data, Logan Square saw a 20 percent increase in home prices in 2012 and a whopping 94 percent jump in home sales, the largest increase in any of the top 10 neighborhoods.
That top ten included four neighborhoods in Los Angeles, three in the Bay Area, and one each in San Diego and Seattle.
However, Logan Square had the lowest drop in listings, at only 10 percent, indicating there are still plenty of houses left to go around, unlike some of the other neighborhoods listed where selection is waning.
According to the Redfin article, to create its list the real estate firm analyzed 130,000 home listings and observed home buying activity from 10,000 people.