Palatine is seeing a marked drop in demand as sales of single-family homes hit lows not seen in more than 15 years.
According to the Chicago Association of Realtors, the number of homes sold in the neighborhood dropped to 95 during the third quarter, a 28 percent drop from the same period last year.
If you’re selling your home in Palatine, you may be facing one of the most difficult markets the city has seen in years. According to the C.A.R. report, it will now take you an average of 120 days to find a buyer.
This is a 35 percent increase over last year. The neighborhood hasn’t seen a turnover rate as long since 2000, when it took 116 days to sell a home in Palatine.
Buyers should beware of getting into the market at its peak. Despite weak sales numbers and an increasing amount of unsold homes on the market, prices continued to inch upward.
The average price for a home in Palatine now sits at almost $457,000, a 6 percent increase over last year. Buyers should start to find excellent deals on Chicago Homes in Palatine as well as other neighborhoods around the greater Chicagoland area.
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