Sales of single-family homes continued to drop during the fourth quarter throughout Chicago. According to data from the Chicago Association of Realtors, a total of 1,540 homes were sold in the city during the fourth quarter.
This is a 25 percent decline in sales from the same period in 2006, and is the lowest total for the quarter in more than 16 years.
The drop in demand for single family homes in Chicago has led to a rise in the amount of time it takes to sell a home in the city. If you’re currently selling your home in Chicago, it will take you an average of 116 days to find a buyer, up from 95 days a year ago. This is the longest turnover time the city has seen in more than a decade, and could put pressure on prices for homes in Chicago.
However, despite the rising inventory of homes sitting on the market longer, the average sales price continued to rise citywide. The average sales price nearly broke the $400,000 barrier during the fourth quarter, rising to $399,229.
However, if demand doesn’t pick up in the short term, buyers could start to see great deals on Chicago Homes For Sale in many neighborhoods around the city.
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