Ashburn condo market update
The third quarter report from the Chicago Association of Realtors painted a grim picture for home owners and developers in Ashburn.
According to the report, sales in the area dropped by 39 percent during the third quarter. A total of 85 homes were sold during the period, the lowest total for the third quarter since 1991.
The drop in demand is creating an oversupply of homes on the market. If you are selling your home in Ashburn, you can expect to wait an average of 121 days, or almost four months, to find a buyer. This is a 92 percent jump from last year and the longest turnover time sellers in the neighborhood have faced in more than 15 years.
The combination of more unsold homes on the market and declining demand has led to a drop in the average sales price, the first such drop since 1994. A home now sells for an average of $212,019, a two percent drop from last year.
However, this correction in the market could bode well for buyers looking for a good deal on a home. Buyers should be able to find lower prices for Chicago Real Estate in Ashburn over the next few months if market conditions don’t improve.
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