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 Ogden Ave.)
CENTRAL WEST
(Ogden Ave. to 55th St. / West of Main Street )
SOUTHWEST
(South of 55th St. / West of Main St.)
CENTRAL EAST
(Ogden Ave. to 55th St. / East of Main Street
SOUTHEAST
(South of 55th St. / East of Main St.)
MARKET SUMMARY
“Seller’s Market” Continues into the Fall with Lower Activity and Home Inventory
NEW LISTINGS
By Price Range
New listings decreased nearly 10% in Q3; homes priced $400K –$700K was the only range higher
July was flat with both August and September listings falling over 10%
Listing activity expected to be limited with seasonal trends going into year end
Rolling Last 12 Months (YoY%)
–Sept. (YoY%)
Range'24'23%
3852-27%
By Submarket
Q3 experienced mostly lower listing activity across submarkets (only Central East up)
Central areas remain higher over the last 12 months (even after the Central West decline during the quarter)
Further declines in the Southwest pushing this submarket to new historic lows over the last 12 months
Jul.
–Sept. (YoY%)
Rolling Last 12 Months (YoY%)
North Central West Central East Southwest Southeast
CONTRACTED HOMES
By Price Range
Contracted homes were flat during the quarter with declines under $400K offsetting increases at higher price ranges
July and September experienced more contracts, but a slow August fully offset the other months in Q3
Contract activity will be soft near-term with fewer listings and low inventory
Jul. –Sept. (YoY%)
Price Range'24'23% <$400K 3346-28% $400K - $699K 67670% $700K - $999K 191436%
Rolling Last 12 Months (YoY%)
By Submarket
Downers Grove submarkets were mixed during the quarter (3 higher / 2 lower); South areas decreased
Continued recovery in the North (up more than 20% in Q3) moved this area higher over the last 12 months
Southwest submarket is down over 20% during the last 12 months after another soft quarter
Rolling Last 12 Months (YoY%)
North Central West Central East Southwest Southeast
CLOSED HOMES
By Price Range
Closed homes declined more than 10% in Q3 as all price ranges decreased
Homes priced under $400K continue to fall meaningfully and are down 30% over the last 12 months (setting new historic lows)
Closings will continue to be limited until more home inventory is available
Jul. –Sept. (YoY%)
Price Range'24'23% <$400K 3644-18% $400K - $699K 7782-6%
$700K - $999K 2124-13%
$1M+ 1618-11%
Rolling Last 12 Months (YoY%)
By Submarket Rolling Last 12 Months (YoY%)
Downers Grove submarkets were mostly lower for the quarter; North area saw a 30%+ increase in Q3
Central East and Southwest decreased meaningfully in the quarter and are both down more than 20% over the last 12 months
Southeast is the only area up over the last 12 months (North flattened in this timeframe)
North Central West Central East Southwest Southeast
HOME INVENTORY
By
Price Range
Available homes declined nearly 10% in Q3; all the decline was homes from $700K –$1M
Overall inventory is down by 75%+ from September 2019; homes priced under $400K have declined even more on a relative basis
Scarce inventory expected to continue driving “seller’s market” conditions
Sept. Trends (Relative%)
Sept. Quarter End (YoY%)
By Submarket
Home inventory is down meaningfully, but Central East showed an increase from this time last year
Available homes are more concentrated in the Central and Southwest submarkets
North area has seen the largest decline over the last few years (down nearly 90% from September 2019)
North Central West Central East Southwest Southeast
North Central West Central East
CONTRACT TIME
By Price Range
Days between listing date and contract signing are low and were flat overall (although price ranges varied)
Very low contract times showing large percentage moves with small changes Expect contract times to remain short with very limited home availability Jul. –Sept. (YoY%)
Range'24'23%
- $699K 56-17%
By Submarket
Downers Grove submarkets experienced limited day count changes from last year; some areas had large percentage moves
Central West is the only area that didn’t fall over the last 12 months (flattened)
Homes on the market for more than 2 weeks could be overpriced or have other factors impacting time / interest
Last 12 Months (YoY%)
North Central West Central East Southwest Southeast
PRICE DISCOUNTS
By Price Range Rolling Last 12 Months (YoY%)
Price discounts were very limited across price ranges during the quarter, except homes under $400K
Homes priced below $400K also had some negotiability over the last 12 months
Price discounts expected to remain narrow with limited home inventory
Jul. –Sept. (YoY%)
Range'24'23%
By Submarket
All submarkets sold around asking price in Q3; Southeast showed some discount
Downers Grove areas all sold for full price over the last 12 months
Price discounts in the North disappeared during the quarter and over last 12 months
Rolling Last 12 Months (YoY%)
North Central West Central East
Southwest Southeast
PRICE PER SQ. FT.
By Price Range
Price per sq. ft. increased almost 5% in the quarter; declines for homes priced from $400K –$700K offset some of the gains
Homes priced over $1M increased again in Q3 and moved above $325 per sq. ft. to set new records
Relative price growth has slowed, but price per sq. ft. remains near historical highs
Rolling Last 12 Months (YoY%)
Price Range'24'23%
By Submarket
Relative price growth continued across submarkets in Q3
Central submarkets still have the highest relative prices (Central West recently moved above $300 per sq. ft.)
North increases have pushed this area above the South submarkets over the last 12 months
Last 12 Months (YoY%)
North Central West Central East Southwest Southeast
CLOSED SALE PRICES
By Submarket
Closed sale prices were mixed in Q3, but slightly higher overall led by increases in the South submarkets
Central East had the lowest closed sale prices for the quarter and is the only area down over the last 12 months (mix driven)
Closed sale prices increased (similar to relative prices), but showed more variability
Rolling Last 12 Months (YoY%)
North Central West Central East Southwest Southeast Submarket'24'23%
CLOSED SALE VOLUME
By Submarket
Overall closed sale volume for single-family was down more than 5% for the quarter and a little less over the last 12 months
North and Southeast are higher over the last 12 months (also the only submarkets not experiencing declines in Q3)
Central West has meaningfully higher volume than other areas in Downers Grove
Last 12 Months (YoY%)
North Central West Central East
COMPARING HOME TYPES
Analyzing Downers Grove Home Types for Q3 2024
COMPARING SUBURBS
7/1/2 3-6/30/24.
