Home sales stall in Belmont Cragin
Sales of single-family homes in the Belmont Cragin section of Chicago continued their downward spiral during the third quarter.
According to the most recent report from the Chicago Association of Realtors, a total of 47 homes were sold in the neighborhood during the third quarter. This is a 43 percent drop from last year and the lowest total for the quarter in more than 15 years.
If you’re selling a home in the area, you are facing one of the slowest markets in recent years. The average turnover time now stands at 128 days, meaning that it will take you just over four months to find a buyer. This is a 66 percent increase over last year and the longest turnover time in more than 15 years.
Lower prices in the neighborhood did little to spur demand. The average sales price stood at $285,280 during the third quarter, an 11 percent drop from last year. Sellers may be forced to continue to drop their asking price to spur new demand.
It is definitely a buyers market in Belmont Cragin. Be on the lookout for incredible deals on Chicago Real Estate in the neighborhood over the next few months.
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