Sales of single-family homes fell yet again in Mokena during the first quarter. The neighborhood was one of many around the Chicago region to see a drop in sales in recent months.
A total of just 20 single-family homes were sold during the first quarter in Mokena, according to data from the Chicago Association of Realtors. It was nearly a 40 percent drop in sales from the same period last year, and the second straight year that sales have fallen in the area.
However, despite the drop in sales in single-family homes in the area, prices continued to rise. Buyers focused on the most expensive units in Mokena, bringing the average sales price up by 17 percent during the first quarter. However, with the market facing one of its slowest turnover times in years, prices could start coming down for some properties in the area.
If you’re selling your home in Mokena, it will now take you an average of 153 days to find a buyer. This is the second highest turnover time seen in the neighborhood in the last 17 years. This could lead to great prices on Chicago Homes For Sale in the neighborhood.
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