Sales of single-family homes continue to languish in many neighborhoods around the Chicago suburbs. Oak Lawn was no exception as sales fell for the second straight year in the area.
According to data from the Chicago Association of Realtors, a total of just 55 single-family homes were sold in the neighborhood during the first quarter, down from 74 units sold during the same period last year. It was the second straight year of declining sales in Oak Lawn, after reaching a high of 100 homes sold during the first quarter 2006.
The drop in demand for homes in the area led to a marked increase in the amount of time it takes homeowners and developers to find a buyer. If you’re selling your home in the area, it will now take you an average of 150 days to find a buyer, up from 102 days a year ago. This is the longest it has taken to sell a home in more than 17 years.
Prices are also being affected by the drop in demand for Chicago Homes. The average sales price fell by 14 percent during the first quarter, wiping away much of the gains seen in the last five years.
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