While sales of single-family homes were down across the Chicago region in 2007, some neighborhoods continued to see an increase in demand.
Bridgeport was one part of Chicago that saw strong sales during the year. According to the Chicago Association of Realtors, a total of 101 homes were sold in the neighborhood during 2007, up from 84 units sold during the previous year. This is an all time high for the market.
The increase in sales led to a slight drop in the average turnover time for homes on the market in the neighborhood. It took homeowners an average of 93 days to find a buyer in 2007, down from 105 days during the previous year. However, this is still the second highest turnover time seen in Bridgeport in the last decade.
The crowded market may have led to the drop in prices seen during the year. The average sales price for homes sold in 2007 fell by 3 percent from the previous year, and could fall even further until the supply of homes on the market returns to normal. If you’re in the market for a quality single-family home in an up-and-coming neighborhood, check out the Chicago Homes For Sale in Bridgeport today.
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