Sales of single-family homes hit a new low in Buffalo Grove. Problems in the mortgage market and high prices have kept many buyers out of the market in recent months.
According to data from the Chicago Association of Realtors, a total of 76 homes were sold around Buffalo Grove during the third quarter. This is the fourth consecutive year of fewer sales in the neighborhood, and a 28 percent drop in sales in just one year.
The drop in sales is also leading to a marked increase in the average turnover time for homes on the market. This neighborhood has traditionally been one of the quickest markets, with turnover times of 18 days just 6 years ago. However, today it will take sellers an average of 98 days to find a buyer in Buffalo Grove.
Prices have started to come down in the neighborhood, which could spur demand in the short term. The average sales price during the third quarter was down 6 percent from the same period last year.
Buyers should take a look at what’s on the market and take advantage of deals that haven’t been seen in a couple of years in the neighborhood. Find great Chicago Homes For Sale today in Buffalo Grove.
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