The market for single family homes in Naperville continues to suffer from a sharp decline in demand. The neighborhood has traditionally been one of the strongest markets for Chicago Homes.
According to the Chicago Association of Realtors, the number of homes sold in the neighborhood dropped to the lowest level in more than 15 years.
A total of 482 homes were sold in the neighborhood during the third quarter of this year, a 16 percent drop from the same period last year.
If you are selling your home in Naperville, it’s going to take you a lot longer than you may have expected to find a buyer.
According to the C.A.R. report, the average turnover time for a home in Naperville now stands at 106 days, 30 days higher than last year.
However, despite the dismal numbers coming out of the real estate market in Naperville, the average sales price for a home continues to increase.
Buyers looking for a new home in the area should negotiate for a price that reflects current market conditions.
If demand continues to drop in the neighborhood, then sellers may be forced to offer price cuts to remain competitive.
Technorati Tags: Chicago Homes, Naperville Home Report, Chicago Real Estate
