Sales of single-family homes fell sharply in 2007 in Chicago Lawn. The neighborhood was one of the hardest hit by a recent downturn in the market for homes in the city.
According to data from the Chicago Association of Realtors, a total of just 180 single-family homes were sold in Chicago Lawn in 2007, down from 326 units sold during the previous year. This is the worst annual sales total for the neighborhood in more than 16 years.
The dramatic drop in demand led to much lower prices in the neighborhood. The average sales price fell to a three-year low in 2007. Year over year, the decrease in prices hit 18 percent, and there is no signs that prices could recover in the short term.
According to data from the C.A.R. report, the average turnover time jumped to an all-time high in 2007, promising to put additional pressure on financially strapped homeowners. The average market time for homes sold during the year broke through the 100-day barrier for the first time, and now stands at 132 days.
However, for buyers on the market for excellent deals in this affordable area of Chicago, this may be the time to take advantage of great prices on Chicago Homes For Sale.
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