South Lawndale was one of the hardest hit neighborhoods during the first quarter as sales of single-family homes drop around the greater Chicagoland region.
According to data from the Chicago Association of Realtors, a total of just 8 single-family homes were sold in the neighborhood during the first quarter, down from 12 units sold during the same period last year. It is the third straight year that sales have fallen during the first quarter, and it was the worst result for the neighborhood since 1992.
However, things could pick up if buyers decide to take advantage of the lower prices for single-family homes in South Lawndale. The average sales price fell by 15 percent during the first quarter, and could continue to fall even more in the short term as the inventory of unsold homes builds up on the market.
Homeowners and developers are seeing one of the slowest markets in recent memory in South Lawndale. It now takes an average of 154 days to find a buyer for a home on the market in the neighborhood, up from 88 days a year ago.
Buyers looking for great deals on a home in South Lawndale should keep up to date with the latest offerings on the market. Browse through the best Chicago Homes For Sale around the city today.
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