The market for 1bedroom 1bath condos in Hyde Park are priced to sell. The average sales price during the last quarter hit a two-year low. According to the Chicago Association of Realtors, the average sales price now stands at $148,000. The average price equals the same amount a tenant is paying to rent. You do the math!
Sellers are facing one of the slowest markets in recent years. A total of 59, 1bed, 1bath condos were sold in Hyde Park (YTD) and a total of 40, 1bed, 1bath condos are currently active. A 67 percent drop from the same period last year and the lowest total sales in more than 15 years.
Sellers are waiting longer to find a buyer. If you’re selling your condo in Hyde Park, it will now take you an average of 181 days to find a buyer. This is more than double the time it took to sell a condo last year in Hyde Park, and the longest average turnover time the neighborhood has seen in more than 15 years.
FHA, City of Chicago and many other 1st Time homebuyer programs are being offered (if you meet the qualifications). Therefore, enjoy an incredible lifestyle on Chicago's south side at a fraction of the price, and receive down payment and or closing costs assistane to boot.
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