Sales of single-family homes rebounded during the third quarter, but the supply of unsold homes in the area jumped to levels not seen in more than 15 years.
According to the third quarter report from the Chicago Association of Realtors, a total of 29 homes were sold in the area during the period, a 71 percent jump from the same period last year.
However, the supply of unsold homes on the market also spiked during the period. If you are selling your home in Lincolnshire, it will now take you an average of 137 days to find a buyer. This is a 145 percent increase over last year, and the longest turnover time the neighborhood has ever seen.
Despite the dramatic increase in unsold homes sitting on the market, the average sales price continued its upward march. A home now sells for an average $805,922 in Lincolnshire, making the neighborhood one of the most expensive of all Chicago suburbs.
Buyers should beware of getting in the market at the peak. If the inventory of unsold homes continues to rise, sellers may be forced to start lowering their asking price in the area. Prices for Chicago Homes in many neighborhoods around the city have already begun to drop.
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