Sales of single-family homes continue to suffer around the Chicagoland region. Dunning was one of many neighborhoods to see a drop in demand for homes during the first quarter. It was the third straight year of declining sales for the neighborhood.
According to data from the Chicago Association of Realtors, a total of just 35 units were sold in Dunning during the first quarter, down from 42 units sold during the same period in 2007. It was well off the high of 100 single-family homes sold during the first quarter 2002.
Buyers didn’t come out in force to take advantage of lower prices for single-family homes in Dunning. The average sales price fell by 9 percent during the quarter, and could continue to find even 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 Dunning, it will now take you an average of 194 days to find a buyer, double the amount of time it took to find a buyer just a year ago. This will put further pressure on prices in the area, and give buyers even more opportunities to find great deals on Chicago Homes For Sale around Dunning.
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