Sales of single family homes were up in Oak Brook during the third quarter. According to recent data from the Chicago Association of Realtors, a total of 20 homes were sold during the third quarter, up 25 percent from the same period last year.
However, the number of homes sold during the third quarter was the second lowest total for the period since 1994.
Despite the slight increase in sales, the average turnover rate continued to rise. If you’re selling your property in Oak Brook, it will now take you an average of 208 days to find a buyer, up from 123 days one year ago. This is a sign of a rising inventory of unsold homes on the market, and could lead to lower prices in the area over the next few months.
The average sales price during the third quarter was 10 percent lower than the same period last year, and could continue to drop if demand doesn’t pick up in the short term. The average sales price during the third quarter was $1.18 million.
Buyers looking for great deals on Chicago Homes For Sale should continue to find excellent deals on luxury homes around Oak Brook.
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