The real estate market in Bellwood is feeling the effects of a downturn in sales around the Chicago region.
According to data from the Chicago Association of Realtors, a total of 40 homes were sold during the third quarter, a 33 percent drop from the same period last year and the lowest total for the quarter since 1997.
Meanwhile, as sales in the area hit new lows, the inventory of unsold homes on the market continues to grow. If you’re selling your home in Bellwood, it will now take you an average of 129 days to find a buyer. This is more than 75 percent longer than during the same period last year, and the longest turnover time in more than 16 years.
As a result of falling demand and rising inventory, many sellers were forced to lower their asking price. The average sales price during the third quarter was 5 percent lower than during the same period last year.
Buyers may continue to see lower prices for single family homes around Bellwood if demand doesn’t pick up in the short term. Stay alert for incredible deals on Chicago Homes For Sale around the neighborhood.
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