Sales of single-family homes in Portage Park hit a new low during the third quarter.
According to the Chicago Association of Realtors, a total of 47 homes were sold in the neighborhood during the third quarter, an 18 percent drop from last year. It is also the lowest total for the quarter in more than 16 years.
Meanwhile, homeowners and developers are facing a longer turnover time when selling a home in Portage Park. If you’re selling your home in the area, it will now take you an average of 109 days to find a buyer. While this is six days shorter than the average for all of Chicago, it is the longest turnover time seen in Portage Park in recent memory.
However, despite the sharp drop in sales and increasing inventory of unsold homes on the market, prices in the area continued to inch upward. The average sales price grew by one percent during the third quarter.
If you’re on the market for a home in Portage Park, beware of buying at the peak of the market. If demand continues to fall and homes sit longer on the market, prices will almost certainly drop in the next few months. Look out for great deals on Chicago Homes For Sale around Portage Park and negotiate for the right price.
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