Sales of single-family homes slide to a halt in Portage Park
The real estate market in Portage Park is experiencing a sharp drop in demand. According to the Chicago Association of Realtors, a total of 58 single-family homes were sold during the third quarter, a 31 percent drop from last year and the lowest total for the quarter in more than 16 years.
Meanwhile, homeowners looking to sell their home are facing a record average turnover time. If you’re selling your home in Portage Park, it will now take you an average of 109 days to find a buyer, a 30 percent increase from last year and the longest average turnover seen in recent memory.
However, prices continued to rise for homes in Portage Park despite the dramatic drop in sales and an increasing inventory of unsold homes on the market. The average sales price was up just one percent during the third quarter.
Buyers could start to find excellent deals on Chicago Real Estate around Portage Park if demand continues to drop. It is only a matter of time before sellers must offer a reduced asking price to attract more interest in the area.
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