Sales of single-family homes were down during the third quarter in West Ridge. This is the second consecutive drop in as many years in sales for the area.
According to a recent report from the Chicago Association of Realtors, a total of 35 homes were sold in the Chicago neighborhood during the third quarter, a 12 percent drop from the same period last year, and nearly 50 percent lower than two years ago.
Homeowners and developers are facing increasing difficulty when it comes time to sell in West Ridge. If you are selling your home in the area, it will now take you an average of 106 days to find a buyer. This is a 66 percent increase from last year. It is also the longest turnover rate the area has seen in more than 15 years.
However, despite the downturn in the market, prices continued to rise for homes in West Ridge. The average sales price posted a 6 percent increase during the third quarter.
Buyers should beware of entering the market at its peak. If demand continues to drop for single-family homes in the area, and the inventory of unsold homes continues to increase, sellers will face increasing pressure to lower their asking price.
Buyers should start to find excellent deals on Chicago Homes For Sale in West Ridge in the next few months.
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