Chicago Magazine‘s October issue, with its annual look at real estate market conditions, hits the newsstands tomorrow. Following the archaic tradition of “print first,” the details are not yet online, but Dennis Rodkin’s Deal Estate column has a teaser – a look at market time trends in selected areas.
In seven of the eight neighborhoods or towns with an average sale price over $1 million, though the time it takes to sell a house has lengthened dramatically in the past five years, it’s below or in the middle of the range. Only Kenilworth is different: it takes almost three times as long to sell there now as it used to.
The market time statistics from the MLS don’t even tell the entire story. One home, for example, that has officially been on the market for less than two months has in fact been on and off the market for over 5 years now. And it recently had a price increase!