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” Remains with Mixed Market Activity and Low Inventory
NEW LISTINGS
By Price Range
New listings decreased more than 5% in Q4; homes priced $400K –$700K was the only range higher
October increased ~20%, but November and December each fell over 20%
Listing activity expected to pick up with seasonal trends following year-end decline Oct. –Dec. (YoY%)
Range'24'23%
2430-20%
- $699K 665325% $700K - $999K 716-56%
Rolling Last 12 Months (YoY%)
By Submarket Rolling Last 12 Months (YoY%)
Q4 experienced mostly lower listing activity across submarkets (only Central East up)
Central East showed strong increases over the last 12 months after another positive quarter; Southwest down nearly 30% during the same timeframe
North submarket is slightly positive during the last 12 months (declined in Q4)
Oct. –Dec. (YoY%)
North Central West Central East Southwest Southeast
CONTRACTED HOMES
By Price Range
Contracted homes were down over 5% during the quarter; only homes priced $400K –$700K were higher (consistent with listings)
October and November experienced 15%+ fewer contracts, but December contract activity increased nearly 25%
Contract activity may start the year soft with prior listing declines and low inventory
Oct. –Dec. (YoY%)
Rolling Last 12 Months (YoY%)
–$699K $700K –$999K
Range'24'23%
By Submarket
Downers Grove submarkets were mostly lower during the quarter; North increased, but only showed 1 more contract
Continued recovery in the North moved this area higher over the last 12 months; Central East is up slightly (all others down)
Southwest submarket is lower by over 20% during the last 12 months after another down quarter
Rolling Last 12 Months (YoY%)
North Central West Central East Southwest Southeast
CLOSED HOMES
By Price Range
Closed homes increased 3% in Q4 driven by homes priced $400K –$700K; significant decline in homes under $400K
November saw a 30% increase in closings, but October and December were each down nearly 10%
Closings will continue to be limited until more home inventory is available
Oct. –Dec. (YoY%)
Price Range'24'23% <$400K 2233-33% $400K - $699K 584335% $700K - $999K 1011-9%
Rolling Last 12 Months (YoY%)
<$400K $400K –$699K
$700K –$999K $1M+
By Submarket
Downers Grove submarkets were mixed during the quarter (3 lower / 2 higher); Central East saw a 50%+ increase in Q4
Central and Southern submarkets have converged over the last 12 months into a close range (i.e., similar number of closings)
North is now the only area up over the last 12 months
Last 12 Months (YoY%)
North Central West Central East Southwest Southeast
HOME INVENTORY
By
Price Range
Available homes declined nearly 20% in Q4; homes priced $400K –$700K were flat
Overall inventory is down by 70%+ from December 2019; only 2 available homes priced $700K –$1M at year end
Scarce inventory expected to continue driving “seller’s market” conditions
Dec. Trends (Relative%)
Dec. 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 over 90% from December 2019)
Dec. Quarter End (YoY%)
North Central West Central East Southwest Southeast
North Central West Central East
Southwest Southeast
CONTRACT TIME
By Price Range
Days between listing date and contract signing are generally low, but showed an increase across price ranges
Low contract times showing large percentage moves with small changes Expect contract times to remain short with very limited home availability Oct. –Dec. (YoY%)
Price Range'24'23%
221283%
By Submarket
Downers Grove submarkets mostly showed day count increases; Southeast declined a few days
Central areas showed large increases in Q4 and are the only submarkets with more days over the last 12 months
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 were limited overall during the quarter; however, homes priced above $700K often sold at full ask or above
Homes below $400K had the most negotiability in Q4 and were the only price range under ask during the last 12 months
Price discounts expected to remain narrow with limited home inventory
Last 12 Months (YoY%)
Oct. –Dec. (YoY%)
Range'24'23%
By Submarket
All submarkets sold at a small discount in Q4 after most areas saw full asking price last year at this time
Downers Grove areas generally sold for full price over the last 12 months, except North saw a small discount
Q4 tends to be a timeframe with more negotiability given seasonal trends
Rolling Last 12 Months (YoY%)
North Central West Central East Southwest Southeast
PRICE PER SQ. FT.
By Price Range
Price per sq. ft. increased over 7% in the quarter, but varied meaningfully; homes priced $700K –$1M saw significant gains (price range with the least inventory)
Although homes $1M+ slipped in Q4, all price ranges are higher over the last 12 months
Relative prices have continued to grow and remain near or are setting new highs
Rolling Last 12 Months (YoY%)
Price Range'24'23%
By Submarket
Relative price growth was more mixed across Downers Grove submarkets (3 areas up / 2 areas down)
Central submarkets continue to have the highest relative prices (Central West recently moved above $300 per sq. ft.)
Soft quarter in the Southeast pushed this submarket lower over the last 12 months
Rolling Last 12 Months (YoY%)
North Central West Central East Southwest Southeast
CLOSED SALE PRICES
By Submarket
Closed sale prices were mixed in Q4, but slightly higher overall led by increases in the Central East and Southern submarkets
Central areas are lower over the last 12 months even with the large Central East increase in the quarter
Closed sale prices increased (not as much as relative prices) and saw a lot of variability
Rolling Last 12 Months (YoY%)
North Central West Central East Southwest Southeast
CLOSED SALE VOLUME
By Submarket
Overall closed sale volume for single-family houses was up more than 5% for the quarter but down almost 5% over the last 12 months
North and Southeast are higher over the last 12 months; Central East more than doubled closed sale volume in Q4
Central West continues to have the highest volume (even with the soft quarter)
Last 12 Months (YoY%)
North Central West Central East Southwest Southeast
COMPARING HOME TYPES
Analyzing Downers Grove Home Types for Q4 2024
COMPARING SUBURBS
