Citywide Services performed a real estate appraisal in Chicago's West Pullman neighborhood this week and found the following indicators of the current housing market.
According to MRED MLS statistics for the last twelve months for MLS area 8053 West Pullman, the median sales price for One-Unit Housing decreased -3.0%, average marketing time declined -7.1% to 116 days on the market, and there is currently a 9.8 month supply of inventory. This level is an over supply. REO & Short Sales were approximately 81% of total sales in the last twelve months. This distressed inventory places significant downward pressure on prices.
The chart shows the market activity for One-Unit Housing in the last 30 days based on information from the MRED Multiple Listing Service.