Sales of single-family homes around Chicago continue to weaken as buyers face a difficult credit market and uncertainty. Ashburn was no exception. The neighborhood had one of the worst showings for the first quarter in recent memory.
According to the Chicago Association of Realtors, a total of just 41 single-family homes were sold in the neighborhood during the first quarter, down from 73 units sold during the same period last year. This is the lowest total sales seen during the first quarter in more than 16 years.
The drop in demand for single-family homes around Ashburn led to a marked increase in the average turnover time for units on the market. The average turnover time jumped 50 percent during the quarter to stand at 181 days.
Weak sales and an increase in the number of unsold homes on the market led to a sharp drop in prices in the neighborhood during the first quarter. The average sales price fell by 14 percent from the same period last year, and could continue to fall if demand doesn’t increase in the area in the short term.
However, buyers are starting to see excellent prices for Chicago Homes For Sale around Ashburn. Keep an eye on the market if you’re looking for a new home in the city.
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