A slowing real estate market is affecting sales of single family homes in St. Charles. The Chicago suburb saw the fewest quarterly sales in 15 years during the third quarter, according to a recent report from the Chicago Association of Realtors.
A total of 172 homes were sold during the third quarter, a 19 percent decline from the same period last year.
The drop in demand for homes around St. Charles led to a decline in prices in the area. The average sales price during the third quarter was $488,043, down one percent from last year.
However, prices in the area could continue to drop as the inventory of unsold homes on the market grows in St. Charles. If you’re selling your home in the area, it will now take you an average of 155 days to find a buyer, a 42 percent jump from last year and the longest average turnover time in more than 16 years.
Prices for single family homes in St. Charles could continue to drop in the short term if demand doesn’t pick up in the next few months. Look for great deals on Chicago Homes For Sale around the area.
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