River Forest is one of the smaller real estate markets in the Chicago region. However, the neighborhood was able to rack up higher sales during the first quarter, as sales fell across the Chicago region.
According to data from the Chicago Association of Realtors, a total of 12 single-family homes were sold in River Forest during the first quarter, up from 8 units sold during the same period a year ago, which was the lowest total sales seen during the first quarter since 1994.
Buyers focused on the most expensive properties during the first quarter. The average sales price soared 31 percent from the same period last year to more than $900,000, an all-time high for River Forest. However, buyers looking for more affordable housing in the neighborhood could start to see lower prices in the short term as the inventory of unsold homes on the market continues to increase.
If you’re selling your home in River Forest, it will now take you an average of 213 days to find a buyer, up from 114 days a year ago. This is the longest that it has taken to find a buyer in more than 17 years. Keep an eye out for great deals on Chicago Homes For Sale around the greater Chicagoland region.
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