While sales dropped in many neighborhoods around Chicago’s North Shore, the Highland Park real estate market saw an increase in sales of single-family homes during the first quarter.

According to data from the Chicago Association of Realtors, a total of single-family homes were sold in the neighborhood during the first quarter, up from 39 units sold during the same period in 2007. It was welcome news for homeowners in Highland Park.

The increase in demand may have come as a result of a drop in home prices around the city. The average sales price for homes sold during the first quarter was 10 percent below prices seen during the same period a year ago.

Higher sales also led to a lower market time for single-family homes on the market. It took an average of 201 days to find a buyer in Highland Park, down from 227 days a year ago. However, this is still a relatively long average turnover time for any neighborhood, and could continue to put pressure on prices in the neighborhood.

Buyers looking for a great deal on homes in Highland Park should keep an eye on the market. Browse through the best North Shore Chicago Real Estate today.

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This entry was posted on Wednesday, May 21st, 2008 at 7:41 pm and is filed under Highland Park Real Estate(t) . You can leave a response.