Sales of single family homes in Norwood Park plummeted to levels not seen since 1991 during the third quarter, according to the most recent report from the Chicago Association of Realtors.
The neighborhood saw a total of 54 homes sold during the quarter, a 27 percent drop from the same period last year.
Homeowners looking to sell their property are facing an increasingly difficult market. If you’re selling your home in Norwood Park, it’s now going to take you an average of 99 days to find a buyer. This is 24 percent longer than last year, and the longest turnover time the neighborhood has seen in more than 15 years.
However, buyers shopping for a home in the neighborhood are starting to find excellent bargains. The average sales price dropped by 6 percent in the third quarter to just over $375,000.
Sales of single-family homes continue to drop all over the city. Chicago experienced a 27 percent decline in total sales during September, and there seems to be no end in sight.
It is definitely a buyer’s market in Norwood Park. You can now find some excellent Chicago Homes in the neighborhood at prices not seen in more than two years.
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