The real estate market in Dunning posted one of the worst showings in several years. According to data from the Chicago Association of Realtors, a total of just 41 homes were sold in the neighborhood during the third quarter, down nearly 50 percent from the same period in 2006. It is also the lowest total sales for the quarter in more than 16 years.
The drop in sales in the area led to a marked increase in the number of unsold homes sitting on the market. If you’re selling your home in the area, it will now take you an average of 151 days to find a buyer, up from 95 days just a year ago.
It comes as no surprise that the area is starting to see lower prices as sales drop and the inventory of homes on the market rises. The average sales price during the fourth quarter posted a 12 percent decline from the same period last year, and could continue to drop if demand for Chicago Homes For Sale in Dunning doesn’t increase.
Keep an eye out for prices that haven’t been seen in years for homes in the area.
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