Condo prices take a plunge in Antioch
As the real estate market around Chicago and the rest of the nation cools, many neighborhoods are already seeing a marked decline in prices.
According to the most recent report from the Chicago Association of Realtors, condo prices in Antioch fell more than 20 percent during the third quarter. A condo in the Chicago suburb sold for an average $176,614, the lowest average sales price since 2004.
The market for condominiums in Antioch remains small, with just 7 units sold during the third quarter. However, this is the lowest total sales for the area during the third quarter since 2003.
If you are selling your condo in Antioch, you can rest assured that there is some good news in the market. The inventory of condos for sale in the area dropped during the third quarter, meaning that condo owners and developers are facing shorter turnover times.
It now takes an average of 75 days to find a buyer in the neighborhood, a 32 percent drop from last year.
The drop in prices may bode well for the real estate market in Antioch. The correction could attract new buyers to the area looking for an excellent deal on Chicago Condos in this pleasant suburb.
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