Matteson homeowners are feeling the effects of a drop in demand for real estate around the Chicago region.
The recent upheaval in the mortgage market and high prices are to blame for the drop in sales around the city.
According to the Chicago Association of Realtors, a total of 42 homes were sold in Matteson during the third quarter, the lowest total for the quarter since 1998. It is also a 55 percent drop from last year.
The steep drop in demand in the Chicago suburb has led to a sharp increase in the inventory of unsold homes on the market. According to the C.A.R. report, homeowners are now facing an average turnover time of 150 days, or nearly five months. This is a 70 percent increase over the same period last year and the longest turnover time that the neighborhoods has seen in more than 16 years.
Buyers are starting to see lower prices for homes in the area, as competition drives many sellers to lower their asking price. The average sales price was down by four percent during the third quarter. If current market conditions continue, then buyers should continue to see even better deals for Chicago Homes For Sale around the Matteson area.
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