Sales of single-family homes were up in Lincoln Square in 2007, after two years of declining demand in the neighborhood.
According to data from the Chicago Association of Realtors, a total of 103 homes were sold in the neighborhood during the year, up from 86 homes sold during 2006. The increase came during one of the most difficult periods for homeowners in recent years. Sales across the city were down nearly 25 percent in 2007.
Lower prices in the neighborhood may have been one of the main factors in many buyers’ decision to buy last year. The average sales price was off 4 percent from 2006, and homes that sold had been sitting on the market longer than in previous years.
The average turnover time for homes sold during the year was up to 119 days, a 20 percent increase from the previous year. This is the longest turnover time for single-family homes on the market in Lincoln Square since 1999, when it took an average of 130 days to find a buyer.
Buyers continue to find great deals on Chicago Homes For Sale around the neighborhood. Browse through listings in Lincoln Square as well as many other neighborhoods around the Chicago region and find the perfect home for you today.
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