The average sales price for single-family homes sold in Jefferson Park continued to rise during the third quarter, according to data from the Chicago Association of Realtors.
The neighborhood posted a 9 percent increase in prices from the same period in 2006, as inventory levels remained steady.
However, demand for homes in Jefferson Park dropped as many buyers are facing increasing difficulty when it comes time to apply for a mortgage. Banks and lenders have tightened requirements after the recent jump in foreclosures around the country.
A total of 45 units were sold in the neighborhood during the third quarter, the lowest total sales for the quarter in more than 10 years.
It was the steady inventory of homes on the market that protected prices from dropping. The average turnover time was up just 6 days during the third quarter. It now takes homeowners an average of 78 days to find a buyer, 39 days less than the average for all of Chicago.
Buyers could continue to see higher prices in the neighborhood, particularly if the inventory of homes on the market remains steady. Jefferson Park offers some of the best Chicago Homes For Sale.
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