Chicago housing market ranked seventh worst
Sunday, April 20th, 2008If you’re planning on selling your home in Chicago, you may want to get ready for a long wait. According to an April 15 report published at Forbes.com, the housing market in the city of Chicago was ranked the seventh worst of major cities around the United States, based on data from ZipRealty.
According to the report, the inventory of unsold homes doubled in Chicago between 2005 to 2008. The city also saw a drop in the median sales price during the fourth quarter of 2.6 percent. The first quarter didn’t bring any relief to the Chicago real estate market. According to data from the Chicago Association of Realtors, the decline in prices appears to be accelerating in many parts of the city.
The average sales price of homes sold during the first quarter fell to a three-year low in the city. The average sales price fell to $336,375, down from $409,557 during the same period in 2007. Sales also suffered during the first quarter. A total of 1,175 homes were sold across the city, the lowest total sales seen during the first quarter since 1992.
Homeowners also faced one of the slowest markets in recent memory during the first quarter. The average turnover time for units sold during the first quarter rose nearly 50 percent to 161 days, the longest it has taken to find a buyer in more than 16 years.
The market for Chicago Condos didn’t fare much better during the first quarter. According to the Chicago Association of Realtors, the average sales price fell to $184,010 during the first quarter, a 13 percent decline from the previous year. Sales of condos in the city fell fell to a six-year low, with just 3,161 units sold during the quarter.
[tags] Chicago Real Estate, Chicago Condos For Sale, Chicago Market Conditions [/tags]





