Sales of single-family homes in the Chicago neighborhood of Mount Greenwood remained steady during the third quarter, excellent news for homeowners and builders worried about the sharp decline in sales around the city.
According to the Chicago Association of Realtors, a total of 40 homes were sold in Mount Greenwood during the third quarter. Exactly the same number of homes were sold in the area during the same period last year.
In contrast, sales of homes across the city were down almost 25 percent during the third quarter as a result of a turbulent mortgage market and rising prices that have driven many potential buyers to the sidelines.
However, there is some cause for concern in the neighborhood, as the inventory of unsold homes increases. If you are selling your home in Mount Greenwood, it will now take you an average of 125 days to find a buyer, a 66 percent jump from last year.
Buyers could start to find excellent deals on Chicago Homes For Sale in Mount Greenwood if demand doesn’t absorb the existing supply of homes on the market. Prices could begin to drop as sellers look to attract new interest in the neighborhood.
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