Thursday, July 30, 2015
The real estate market is in the doldrums in the Chicago neighborhood of West Englewood
Single-family housing had some good news in the West Englewood neighborhood of Chicago in the last year, the median sales price increased 18.2%. The bad news is that the median sales price is only $15,200.
There were 122 sales of detached single-family homes in West Englewood in the last 12 months. Approximately 67% of those sales were bank owned foreclosures or short sales. Marketing times are acceptable and are 114 days on the market as an average. Based on the current level of absorption, right now there's 9.7 months worth of available inventory on the market, this level is an oversupply.
Chicago appraiser Michael Walsh recently completed a single-family home appraisal in West Englewood and shares his market analysis in this video.