Sales of single-family homes were down around Chicago. However, some neighborhoods saw steady demand during the first quarter.
Logan Square was one neighborhood that enjoyed strong demand for single-family homes during the quarter. According to data from the Chicago Association of Realtors, a total of 32 homes were sold during the first quarter, down just one unit from the same period last year.
However, the inventory of homes on the market jumped dramatically during the quarter. The increase in the inventory led to a longer market time for units sold during the first quarter. It took an average of 210 days to find a buyer, up from 108 days a year ago.
The long average market time may have contributed to a significant drop in prices for homes in the neighborhood. Prices for homes sold during the first quarter were down by 13 percent from the same period last year, and could continue to drop until the supply of homes on the market falls to normal levels.
Keep an eye out for incredible prices on Chicago Homes For Sale around Logan Square, as well as in many neighborhoods around the Chicago region.
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