The market for single family homes in Washington Heights continues to falter as a result of problems in the mortgage market combined with prices that are beyond the means of many buyers.
The Chicago neighborhood registered a total of 40 homes sold during the third quarter, according to a recent report from the Chicago Association of Realtors. This is a 35 percent drop from the same period, and the lowest total sales for the quarter since 1999.
If you’re selling your home in Washington Heights, it will now take you a lot longer than you may have imagined. The average turnover time for homes on the market in the neighborhood now stands at 101 days, a 63 percent increase from last year and the longest turnover time for Washington Heights in over 15 years.
Despite the drop in demand and increasing inventory of unsold homes in the neighborhood, the average sales price continued its upward climb. Prices were up by 4 percent during the third quarter.
Buyers should beware of entering the market at its peak. If demand for Chicago Homes for Sale in the neighborhood doesn’t increase in the short term, prices will have to come down to attract new interest.
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