Sales of single-family homes jumped during the third quarter in Hyde Park. According to data from the Chicago Association of Realtors, a total of 14 homes were sold in the neighborhood during the quarter.
This is 10 more than during the same quarter in 2006, and the second highest total for the quarter in 16 years.
The increase in sales led to a pronounced drop in the average turnover time in the neighborhood. If you are selling your home in Hyde Park, it will now take you an average of 72 days to find a buyer. This is a 50 percent drop from a year ago, and is well below the average turnover time for all of Chicago.
The market may have picked up in the neighborhood as a result of a steep drop in the average sales price for homes sold during the third quarter. Buyers were able to find several deals in the area, and the average sales price posted a 14 percent decline from the same quarter in 2006.
If demand remains high in the area, prices should recover in the short term. With a low inventory and high demand, buyers may not find any more bargains around Hyde Park. Browse through hundreds of Chicago Homes For Sale today.
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