Sales of single-family homes fell sharply in 2007 in Elgin, just as in many other neighborhoods around the Chicago suburbs.
According to data from the Chicago Association of Realtors, a total of 822 homes were sold in Elgin in 2007, down from 1,180 units sold during the previous year. This represents a 30 percent drop in demand in just one year, and the lowest total sales seen in the neighborhood in more than 16 years.
Homeowners and developers faced one of the slowest market in the past two decades. Sellers waited an average of 122 days to find a buyer in Elgin, an increase of more than 35 percent in just one year.
However, despite the sharp downturn in the Elgin real estate market, prices for single-family homes continued to rise in the area. The average sales price rose by 2 percent in 2007. However, buyers could start to see lower prices if demand for homes doesn’t increase in the short term in Elgin.
Keep an eye out for great deals on Chicago Homes For Sale in Elgin. As sellers face longer waits, many may be forced to offer incentives and lower prices to attract more buyers to the area.
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