LOCAL REAL ESTATE GUIDE
METHODOLOGY
Overview of Terms and Downers Grove Submarkets
CLOSED:closed transaction reflecting the final sales price (does not include any seller credits)
CONTRACTED:contingent or pending transaction reflecting the latest asking price
CONTRACT TIME:number of days between the first list date and the contracted date (does not include time from contract to close)
HOME INVENTORY:number of homes currently available for sale
MEDIAN:middle value of a given dataset (all report values are medians, which are less impacted by outliers than averages)
PRICE DISCOUNTS:percentage difference between the initial list and recorded sale price
PRICE PER SQ. FT:ratio of the median price to the median sq. footage of a closed transaction as a relative price measure
NORTH (North of Rte. 34)
CENTRAL WEST
(Rte. 34 to 55th St. / West of Main Street )
SOUTHWEST
(South of 55th St. / West of Main St.)
CENTRAL EAST
(Rte. 34 to 55th St. / East of Main Street
SOUTHEAST
(South of 55th St. / East of Main St.)
MARKET SUMMARY
“Seller’s Market” Continues into the SummerDespite Uptick in Activity
NEW LISTINGS
By Price Range
New listings increased nearly 10% in Q2 driven by homes priced $400K –$1M; homes over $1M fell meaningfully
April (up 25%) and May (up 30%+) started strong while June was soft (down25%)
Listing activity expected to softenwith seasonal trendsand remain low near-term Apr. –Jun. (YoY%)
Range'24'23%
Rolling Last 12 Months (YoY%)
By Submarket Rolling Last 12 Months (YoY%)
Q2experienced mixed new listing activity across submarkets(3 higher / 2 lower)
North and Central East had strong quarter and appear to have bottomed after a multi-year period of significant declines
Currently all areas showing listing declines over the last 12 months (Southwest now at historical lows)
Apr. –Jun. (YoY%)
North Central West Central East Southwest Southeast
CONTRACTED HOMES
By Price Range
Contracted homes increasedover 10% for the quarterdriven by homes priced $400K –$1M (consistent with listings)
Contracts increased modestly in April (up 5%+) before a large jump in May (up 40%+) and then a decline in June (down 10+%)
Contracts will continue be limited until new listings consistently show increases
Apr. –Jun. (YoY%)
Price Range'24'23%
<$400K 3841-7%
$400K - $699K 1007435%
$700K - $999K 292232% $1M+ 922-59%
Rolling Last 12 Months (YoY%)
–$699K $700K –$999K
By Submarket
Downers Grove submarkets were mixed during the quarter (3 lower / 2 higher); Centralsubmarkets decreased the most
North area bounced back in Q2 (up 20%) and is now the only area higher over the last 12 months (up 5%+)
Central and Southeast areas have the same contracts over the last 12 months
Rolling Last 12 Months (YoY%)
North Central West Central East Southwest Southeast
CLOSED HOMES
By Price Range
Closed homes were upmore than 5% in Q2; increases were driven again by homes priced $400K –$1M (same as listings and contracts)
Homes priced $1M+ were nearly cut in half during the quarter and are now lower over the last 12 months
Closing activity expected to follow listings and contracts inlow inventoryenvironment
Apr. –Jun. (YoY%)
Price Range'24'23% <$400K 3342-21% $400K - $699K 997827%
$700K - $999K 312148%
Rolling Last 12 Months (YoY%)
<$400K $400K –$699K $700K –$999K $1M+
By Submarket Rolling Last 12 Months (YoY%)
Downers Grove submarkets were mixed for the quarter(2 lower / 2 higher / 1 flat); Southeast saw a large increase (20%+)
Central East was down the most in Q2 (10%+ lower) and is down the most over the last 12 months (20%+ lower)
CentralWestandSoutheastaretheonly areasupoverthelast12months
Central West Central East
HOME INVENTORY
By Price Range
Available homes declined over 5% in Q2; homes priced over $1Mare higher
Overall inventory is down by60%+from June2020; homespricedunder$400Khave declineddramaticallyona relative basis
Scarce inventory expected to continue driving “seller’s market” conditions
Jun. Trends (Relative%)
Jun. Quarter End (YoY%)
By Submarket
Home inventory is down meaningfully, but Central areas are showed increases from this time last year
Available homes are more concentrated in the Central and Southwest submarkets
North and Southeastareas have seen the largest declines over the last couple years (down 70%+from June2020)
Jun. Quarter End (YoY%)
North Central West Central East Southwest Southeast
CONTRACT TIME
By Price Range
Days between listing date and contract signing are low and declined furtheroverall (although $1M+ increased meaningfully)
Very low contract times showing large percentage moves with small changes Expect contract times to remain short with limited home availability
–Jun. (YoY%)
Price Range'24'23%
510-50%
- $699K 56-17%
By Submarket
Downers Grove submarkets experienced limited day count changes from last year; some areas had large percentagemoves
Central East isthe only areas higher over the last 12 months (Southwestwas flat)
Homes on the market for more than 2 weeks could be overpriced or have other factors impacting time / interest
North Central West Central East Southwest Southeast
PRICE DISCOUNTS
By Price Range
Price discounts mostly disappearedacross price ranges during the quarter; all price ranges sold at full price or higher
Homes priced below $400K and above $1M (low and high ends of the market) still had some negotiability over the last 12 months
Price discounts expected to remain narrow with limited home inventory
Last 12 Months (YoY%)
Apr. –Jun. (YoY%)
Price Range'24'23%
By Submarket
Allsubmarkets sold around asking price or a little above in Q2
Only North area traded with a discount over the last 12 months, but this submarket was full price in allof2024
Southeast has been around full priceor over askfor more than 2 years
Rolling Last 12 Months (YoY%)
North Central West Central East
PRICE PER SQ. FT.
By Price Range
Price per sq. ft. increased slightly in the quarter; declines for homes priced from $700K –$1Mnearly offset all gains
Homes priced $1M+increased in Q2 and are up the most over the last 12 months; this price range remains above $300 per sq. ft.
Relative pricegrowth has slowed, but price per sq. ft. remainsaroundhistorical highs
Rolling Last 12 Months (YoY%)
Price Range'24'23%
By Submarket
Relative price growth continued across mostly areas for Q2, except Southeast
Somesubmarkets setting new highs (2of 5 areas) over the last 12 months; Central West continues to experience double-digit growthduring this timeframe
Central submarkets continue to hold the highest relative prices
Rolling Last 12 Months (YoY%)
Central West Central East
CLOSED SALE PRICES
By Submarket
Closed sale prices were mixedin Q2; overall increase was mostly offset by strong Central area declines (25%+)
North submarket experienced another very strong quarter and is now up 40%+ over the last 12 months
Closedsale prices increased slightly (like relative prices), but showed more variability
Rolling Last 12 Months (YoY%)
North Central West Central East Southwest Southeast
CLOSED SALE VOLUME
By Submarket Rolling Last 12 Months (YoY%)
Overall closed sale volume for single-family was up slightly for the quarterand flatover the last 12 months
Despite anothersoft quarter, Central West remains up 15% during the last 12 months; Central East was very weak in Q2
Central West is meaningfully higher than other submarkets in Downers Grove
North Central West Central East Southwest Southeast
COMPARING HOME TYPES
Analyzing Downers Grove Home Types for Q2 2024
COMPARING SUBURBS
Compass is a licensed real estate broker and abides by federa l, state and local equal housing opportunity laws. All materialpr esented herein is intended for informational purposes only, is compiled fr om sources deemed reliable but is subject to errors, omissions, and changes without notice. Sources include Midwest Real Estate Data LLC. This is not intended to solicit pr operty already listed. Closed Vo lume based on MLS market share, including off-market sales, from 4/1/23-3/31/24. #1 Compass Team in DuPage based on MLS Market Share, including off-market sales, all property types, from 7/1/23-6/30/24.
