The real estate market in Calumet Heights saw a sharp downturn in demand for single-family homes in 2007.
According to data from the Chicago Association of Realtors, a total of just 90 homes were sold in the neighborhood during the year. This is a 36 percent drop in sales in just one year, and the lowest total sales seen in the neighborhood since 2001.
Homeowners are facing one of the slowest markets in recent memory in Calumet Heights. The average turnover time for homes sold in 2007 rose to 94 days, up from 70 days in 2006. It is the longest average turnover time seen in the area since 1996.
The drop in demand for single-family homes in Calumet Heights combined with the increase in unsold homes on the market led to a slight drop in prices in the neighborhood in 2007. The average sales price fell by 3 percent.
Prices could continue to fall if demand doesn’t increase in the short term. However, this is an excellent opportunity for buyers on the market for Chicago Homes For Sale at affordable prices. Keep an eye out for great deals for homes on the market in Calumet Heights.
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