Downers Grove Real Estate Guide (Q4 2023) by Kelly Stetler Real Estate

Q4 2023

DOWNERS GROVE 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

NORTH (North of Rte. 34)

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

CENTRAL WEST

CENTRAL EAST

(Rte. 34 to 55th St. /

(Rte. 34 to 55th St. / East of Main Street

West of Main Street )

SOUTHWEST (South of 55th St. / West of Main St.)

SOUTHEAST (South of 55th St. / East of Main St.)

PRICE PER SQ. FT: ratio of the median price to the median sq. footage of a closed transaction as a relative price measure Note: All figures represent detached single-family homes unless otherwise specified. Price range data based on the village of Downers Grove. Submarket figures based on the approximate areas identified on map above and may not include every home within village limits.

MARKET SUMMARY “Seller’s Market” Continues into the New Year with Very Low Home Inventory

Closed Homes (Q4)

Lower Activity

New Home Listings (Q4)

18%

Contracted Homes (Q4)

Fewer Available Homes

Home Inventory (December)

29%

“Seller’s market” with 15+ year low of available homes this time of year

Short Market Times

List to Contract Days (Q4)

Market times are 2 weeks or less with days from listing to contract below last year

Limited Price Discounts

Sale Price Discounts (Q4)

Many homes selling at a small discount, but certain areas and price ranges still full price

Higher Sale Prices

Sale Price / Price Per Sq. Ft. (Q4)

Increasing relative prices; certain areas and price ranges continuing to set new records

10%

NEW LISTINGS By Price Range

Rolling Last 12 Months (YoY%)

 New listings were down nearly 20% for the quarter; homes priced over $800K were the only range higher (up significantly)  October was soft (down 30%+), November increased (up almost 10%) and December declined (down 15%+) into year end  Listing activity likely to pick up with seasonal trends, but remain low near-term

<$400K $600K – $799K

$400K – $599K $800K+

800 700 600 500

Oct. – Dec. (YoY%)

400 Price Range

'23

'22

300

272 (-23%)

<$400K

-48%

200

$400K - $599K

-26%

$600K - $799K

-5%

184 (-37%) 165 (-2%) 125 (+12%)

$800K+

84%

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

100

By Submarket

Rolling Last 12 Months (YoY%)

 Q4 experienced lower new listing activity across submarkets, except Central West (increased by 3 homes from last year)  Nearly all areas showing listing declines over the last 12 months (Southwest flattened from growth over prior quarters)  Southwest continues to have the most new listings after a period where Central East had more activity

North Southwest

Central West Southeast

Central East

400 350 300 250

Oct. – Dec. (YoY%)

191 (0%) 141 (-14%) 117 (-35%) 112 (-19%) 98 (-20%)

200 Submarket

'23

'22

150

North

-28%

100

Cenral West

13%

Central East

-26%

Southwest

-28%

Southeast

-5%

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

CONTRACTED HOMES By Price Range

Rolling Last 12 Months (YoY%)

 Contracted homes declined 10% for the quarter; split market with the drop for homes under $600K more than offsetting increases above this price range  Contracts were down each month during the quarter with November and December each lower by ~15%  Contract activity limited by lack of new listings and low existing home inventory

<$400K $600K – $799K

$400K – $599K $800K+

450 375 300

Oct. – Dec. (YoY%)

225 '23

'22

<$400K

-31%

$400K - $599K

-14%

$600K - $799K

56%

$800K+

17%

150

159 (-21%)

85 (-6%) 85 (+18%)

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Price Range

202 (-14%)

By Submarket

Rolling Last 12 Months (YoY%)

 Downers Grove submarkets were split in Q4 (3 lower / 2 higher)

North Southwest

 Central West area remains positive for the last 12 months (only submarket)  North submarket declined the most during the quarter and has the lowest activity over the last 12 months (nearly 30 contracts less than the next closest area)

Central West Southeast

Central East

200

150 123 (-2%) 99 (+18%) 92 (-28%) 91 (-3%)

Oct. – Dec. (YoY%) 100 '23

'22

North

-36%

Cenral West

14%

Central East

-17%

Southwest

-15%

Southeast

58%

63 (-19%)

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Submarket

CLOSED HOMES By Price Range

Rolling Last 12 Months (YoY%)

 Closed homes were down nearly 10% in Q4 (including each individual month lower); split market at $600K like contract activity

<$400K $600K – $799K

 Consistent trends over the last 12 months with the lower end of the market decreasing and higher end increasing

450

 Closings impacted by declines in listings and contracts with low home inventory

375

$400K – $599K $800K+

300

Oct. – Dec. (YoY%)

225 '23

'22

<$400K

-21%

$400K - $599K

-23%

$600K - $799K

78%

$800K+

21%

150

159 (-18%)

95 (+1%) 81 (+14%)

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Price Range

210 (-13%)

By Submarket

Rolling Last 12 Months (YoY%)

 Downers Grove submarkets were mixed for the quarter (2 lower / 2 higher / 1 flat)

North Southwest

 Another significant increase in the Central West for Q4 pushed this area 40% higher over the last 12 months  North and Central East both down 20%+ over the last 12 months after more softness in the quarter

Central West Southeast

Central East

200

150 125 (+2%)

Oct. – Dec. (YoY%)

105 (+40%) 95 (-30%) 88 (-5%)

100 '23

'22

North

-8%

Cenral West

27%

Central East

-36%

Southwest

Southeast

13%

65 (-23%) 50

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Submarket

HOME INVENTORY By Price Range

Dec. Quarter End (YoY%)

 Available homes declined almost 30%; homes priced over $800K are up and now represent 40% of home inventory

<$400K $600K – $799K

 Overall inventory is down nearly 70% from December 2019 and is at 15+ year lows  Scarce inventory expected to continue driving “seller’s market” conditions

Dec. Trends (Relative%)

$400K – $599K $800K+

175 150 125 100

50%

19% 13% 26%

25%

42%

25%

22%

20%

21%

25% 17%

28%

30%

27%

26%

31%

'19 '20 <$400K $600K – $799K

'21

75%

75 40% 15% 30% 15%

'22 '23 $400K – $599K $800K+

50 25 0

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

100%

24 (+14%) 18 (-22%) 9 (-36%) 9 (-65%) 10

By Submarket

Dec. Quarter End (YoY%)

 Home inventory is down meaningfully; only a single submarket increased (Southwest) from last year

North Southwest

 West areas represent ~60% of all available home inventory  North and Central East have seen the largest declines over the last couple years (down 75%+ from December 2019)

Dec. Trends (Relative%)

75% 50% 25% 0%

Central East

90 75 60 45

8% 20%

11% 27%

21%

12% 34%

20%

22% 17%

23% 19%

26% 14%

26%

17% 19% 19%

25%

28%

20%

19%

'19

'20 '21 '22 '23 Central West Central East Southeast

North Southwest

16% 24% 14%

30 15 0

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

100%

Central West Southeast

17 (+6%) 12 (-37%) 8 (-33%) 7 (-30%) 6 (-60%) 11

CONTRACT TIME By Price Range

Rolling Last 12 Months (YoY%)

 Days between listing date and contract signing are low, and declined further across price ranges other than $600K – $800K

<$400K $600K – $799K

 Very low contract times showing large percentage moves with small changes  Contract times likely to remain short with limited inventory and buyer demand

$400K – $599K $800K+

150

100

Price Range

'23

'22

<$400K

-14%

$400K - $599K

-42%

$600K - $799K

57%

$800K+

-72%

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Oct. – Dec. (YoY%)

14 (+100%) 7 (0%) 7 (+17%) 6 (-25%) 12

By Submarket

Rolling Last 12 Months (YoY%)

 Downers Grove submarkets experienced mixed, but fast contract times in Q4  South areas were the only submarkets with more days in the quarter; these areas and North are also higher over the last 12 months (others are flat)  Homes on the market for more than 2 weeks could be overpriced or have other factors impacting time / interest

Oct. – Dec. (YoY%)

North Southwest

Central West Southeast

Central East

125

100

'23

'22

North

-13%

Cenral West

-75%

Central East

-38%

Southwest

43%

Southeast

33%

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Submarket

10 (+100%) 10 (+25%) 8 (0%) 8 (+33%) 7 (0%) 13

PRICE DISCOUNTS By Price Range

Rolling Last 12 Months (YoY%)

 Price discounts tightened across price ranges in Q4; homes priced $400K – $600K sold at full asking price  Most price ranges showed wider discounts during the quarter (i.e., more negotiability) than other times over the last 12 months

<$400K $600K – $799K

$400K – $599K $800K+ 100% (0%) 100% (0%) 100% (0%)

100%

 Price discounts expected to remain narrow with limited home inventory

97% (-1%) 95%

Oct. – Dec. (YoY%) 90% '23

'22

<$400K

97%

94%

$400K - $599K

100%

98%

$600K - $799K

98%

97%

$800K+

98%

95%

85%

80%

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Price Range

By Submarket

Rolling Last 12 Months (YoY%)

 Most submarkets sold around asking price for the quarter; North and Southwest saw some discount  Downers Grove is generally consistent across areas (small range of difference between submarkets), especially over the last 12 months  Southeast has been around full price or a premium for around 2 years

North Southwest

Central West Southeast

Central East 100% (0%) 100% (+1%) 100% (+2%) 99% (-1%) 98% (-2%)

100%

95%

Oct. – Dec. (YoY%) 90% '23

'22

North

96%

95%

Cenral West

100%

94%

Central East

100%

98%

Southwest

98%

Southeast

100%

97%

85%

80%

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Submarket

PRICE PER SQ. FT. By Price Range

Rolling Last 12 Months (YoY%)

 Price per sq. ft. increased substantially in Q4 overall; homes priced $600K – $800K were down some with other areas much higher  Homes priced $800K+ showed the largest increase for the quarter and nearly touched $300 per sq. ft. over the last 12 months

<$400K $600K – $799K

$400K – $599K $800K+

$300

$298 (+10%)

$250

$247 (+12%)

 Relative prices have moved up meaningfully and remain near late summer highs $233 (+3%) $226 (-6%)

Oct. – Dec. (YoY%) $200 '23

'22

<$400K

$250

$206

21%

$400K - $599K

$244

$213

15%

$600K - $799K

$212

$225

-6%

$800K+

$346

$248

40%

$150

$100

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Price Range

By Submarket

Rolling Last 12 Months (YoY%)

 Higher relative prices across all submarkets for the quarter

North Southwest

 Central West was up dramatically in Q4; this area and the South submarkets set new records over the last 12 months  Central submarkets continue to hold the highest relative prices

Central West Southeast

Central East

$300 $283 (+9%) $267 (-1%) $250

$244 (+17%) $235 (+5%) $225 (+1%)

Oct. – Dec. (YoY%) $200 '23

'22

North

$207

$195

Cenral West

$338

$236

43%

Central East

$282

$263

Southwest

$233

$218

Southeast

$228

$205

11%

$150

$100

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Submarket

CLOSED SALE PRICES By Submarket  Overall sale prices were higher with most areas increasing, except Central East (which mixed lower given relative prices moved up in this area)  Central West and Southeast are still both down over the last 12 months despite increases in Q4  Limited home inventory and more new / updated homes driving increases

Rolling Last 12 Months (YoY%) North Southwest

Central West Southeast

Central East

$700 K $650K (-2%) $600 K $500 K

Oct. – Dec. (YoY%)

$400 K '23

'22

North

$585K

$429K

36%

Cenral West

$690K

$607K

14%

Central East

$401K

$455K

-12%

Southwest

$443K

$431K

Southeast

$430K

$414K

$300 K $200 K $100 K

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Submarket

$530K (+14%) $485 K (+2%) $465 K (+6%) $430 K (-4%)

CLOSED SALE VOLUME By Submarket  Overall closed sale volume for Downers Grove was up more than 5% for the quarter, but down nearly 5% over the last 12 months

Rolling Last 12 Months (YoY%) North Southwest

 Increases in most areas pushed Q4 higher; however, only Central West and Southwest are up over the last 12 months

$125M

 Central areas and Southwest are the largest sale volume submarkets in Downers Grove

$100M

Central West Southeast

Central East

$85 M (+49%)

Oct. – Dec. (YoY%)

$75M $61 M (+7%) $60 M (-28%)

'23

'22

North

$6M

$5M

12%

Cenral West

$17M

$11M

57%

Central East

$8M

$14M

-41%

Southwest

$13M

$11M

13%

Southeast

$9M

$7M

28%

$50M

$45 M (-1%) $35 M (-22%)

$25M

$0M

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Submarket

COMPARING HOME TYPES Analyzing Downers Grove Home Types for Q4 2023

Home Type

Single Family

Town Houses

Condos

New Listings

124

18%

23%

Contracted Homes

10%

57%

14%

Closed Homes

100

17%

10%

Home Inventory

29%

78%

33%

Contract Time

10 days

17%

10 days

17%

9 days

18%

Price Discounts

99%

97%

98%

Price per Sq. Ft.

$254

15%

$211

$200

20%

Closed Sale Price

$480K

12%

$348K

17%

$199K

20% 20

COMPARING SUBURBS Analyzing Western Suburb Markets

Suburb

Median Price

Q4 YoY%

Price / Sq. Ft.

Q4 YoY% Contract Days Q4 YoY%

Clarendon Hills

$515K

-32%

$325

26%

39%

Downers Grove

$480K

12%

$254

15%

-17%

Elmhurst

$553K

-1%

$291

10%

Glen Ellyn

$577K

33%

$267

-2%

25%

Hinsdale

$1.4M

25%

$306

52%

Lisle

$410K

$218

-53%

Naperville (60540)

$640K

21%

$245

Western Springs

$750K

$333

10%

-60%

Westmont

$373K

$214

-3%

67%

Wheaton

$505K

13%

$242

-72%

Compass is a licensed real estate broker and abides by federal, state and local equal housing opportunity laws. All material presented herein is intended for informational purposes only, is compiled from 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 property already listed. Top Compass team ranking in DuPage County based on MRED BrokerMetrics for closed transaction volume (including MLS-verified off-market) dates 1/1/23 – 12/31/23 across all residential property types.