Sales of single-family homes fell again during the second quarter. Sales hit their lowest point for the quarter since 1992.
According to data from the Chicago Association of Realtors, a total of just 1,691 single-family homes were sold during the second quarter citywide, down from 2,247 homes sold during the same period last year. It was the fourth straight year of declining sales for the quarter.
Prices were also affected by the significant drop in sales during the second quarter. The average sales price fell by nearly 20 percent for the first time in years in the city. The average sales price during the second quarter was just $320,727, the lowest since 2004. Last year was the peak for prices for single-family homes in the city, reaching more than $386,000.
Meanwhile, homeowners and developers around the city are facing one of the slowest markets in recent memory. After breaking through the 100-day barrier a year ago, the average turnover time continued to rise during the second quarter. If you’re selling your home in the city, you can expect to wait an average of 145 days to find a buyer, the longest wait in more than 18 years.
However, buyers looking for great deals on Chicago Homes For Sale are starting to see some incredible deals around the city.
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