13 November 2009 ? Price reductions continue to drive the real estate market. According to Trulia, 25% of homes for sale this year have seen a price drop of 10% off the original listing price. Luxury homes only make up 2% of the listing inventory but they continue to be one of the hardest hit segments of the real estate market. Upper bracket homes, those over $2 million, have had their prices slashed about 25%. The aggregate total loss in value for these homes is more than $28.1 billion. While some neighborhoods have held their own in pricing, others have been affected by greater inventories of luxury and/or distressed properties. Home prices will continue to be pressured by foreclosures, short sales, and tight credit markets for a while.Email This Post To a Friend.
Luxury Homes in Chicago Have Seen Price Fall 28% From Last Year
November 13, 2009
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