Sales of single-family homes were down across Chicago in 2007. However, some neighborhoods continue to see a rise in demand.
Forest Glen was one neighborhood that saw sales rebound in 2007. According to data from the Chicago Association of Realtors, a total of 168 homes were sold in the neighborhood during the year, up from 147 units sold in 2006. It’s great news for homeowners and developers, who saw sales drop for three consecutive years in the area.
However, homeowners and developers are still seeing one of the slowest markets in recent memory as the number of homes for sale on the market continues to increase. It took an average of 103 days to find a buyer in Forest Glen in 2007, up from 80 days in 2006. This is the first time that the average turnover time has risen above 100 days in more than 16 years.
The increase in demand was enough to keep prices in positive territory in Forest Glen. The average sales price rose by 6 percent in 2007, and could continue to rise if demand remains strong in the neighborhood.
Buyers looking for a single-family home in one of Chicago’s most popular neighborhoods can still find several great deals on homes in Forest Glen. Browse through the best Chicago Homes For Sale in the neighborhood and find the perfect place for you and your family today.
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