Avondale was one of several Chicago neighborhoods to see a significant drop in sales of single-family homes during the first quarter. The neighborhood suffered its worst first quarter in more than 17 years.
According to sales data from the Chicago Association of Realtors, a total of just 5 single-family homes were sold in the neighborhood during the first quarter, down from 18 homes sold during the same period in 2007.
Prices suffered as a result of the dismal sales numbers seen in the neighborhood during the first quarter. Buyers focused on the most affordable homes on the market, driving down prices by 25 percent from the same period last year. Prices could continue to drop in the short term as the inventory of unsold homes gets more crowded in Avondale.
Homeowners and developers are seeing one of the slowest markets in recent memory in Avondale. If you’re selling your home in the neighborhood, it will now take you an average of 191 days to find a buyer, up from 154 days just a year ago. This will continue to put pressure on prices, providing an opportunity for buyers looking for affordable Chicago Homes For Sale.
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