Sales of single-family homes in Waukegan were down by 43 percent from last year. A total of 124 homes were sold in the city during the third quarter, the lowest total for the period in more than 15 years.
Demand in the area has been hurt by problems in the mortgage market making it difficult for many buyers to qualify for a loan.
Homeowners and developers are currently facing one of the slowest markets in recent memory. According to the Chicago Association of Realtors, the turnover time during the third quarter was up 34 days to 117 days. This means that if you are selling your home in the area, it will take you an average of almost four months to find a buyer.
It should come as no surprise that prices began to drop after more than ten consecutive years of consecutive gains. The average sales price dropped below $160,000 for the first time since 2004 in Waukegan. Prices were down 6 percent from the same period last year.
Buyers should be on the lookout for Chicago Homes For Sale at prices that haven’t been seen in years in Waukegan. If demand doesn’t recover in the short term, many sellers may be forced to offer deep discounts on their asking price.
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