New Construction Market Times

The surge in new construction in Western Springs has had an unexpected┬áresult: high inventory. Western Springs is a small community and the addition of just a few construction projects can have a large impact on the overall results. Over the last few years, there has been an increase in both new construction homes and conventional homes for sale. What’s striking though, is the amount of time each type of listing takes to sell. ┬áThe median market time for new construction homes in March was 333 days, compared to just 44 days for existing housing stock. This could indicate a saturated market for new construction in the area. Once contributing factor could be price, with new construction homes in Western Springs median selling price of $1.1 million at almost twice that of existing homes.

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