Q1 2024
REAL ESTATE GUIDE
ELMHURST LOCAL
METHODOLOGY
Overview of Terms and Elmhurst 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 price to the square footage of a closed transaction as a relative price measure (factors in home size)
NORTHWEST
(North Ave. to Lake St. and Rte. 83 to Hwy. 294)
CENTRAL WEST
(Prairie Path to North Ave. and Rte. 83 to York St.)
SOUTHWEST
(Prairie Path to Butterfield Rd. and Rte. 83 to York St.)
NORTHEAST
(Lake St. to Grand Ave. and Hwy. 294 to Rte. 83)
CENTRAL EAST
(Prairie Path to North Ave. and Hwy. 290 to York St.)
SOUTHEAST
(Prairie Path to Butterfield Rd. and Hwy. 290 to York St.)
2
Note: All figures represent detached single-family homes unless otherwise specified. Price range data based on the city of Elmhurst. Submarket figures based on the approximate areas identified on map above and do not include every home within city limits.
MARKET SUMMARY
“Seller’s Market” Continues into the Spring with Very Low Home Inventory
Prices moved much higher; relative prices per sq. ft. setting new records in most areas
Short Market Times List to Contract Days (Q1)
2 weeks or less across Elmhurst; under $400K and in the Eastern submarkets longer Limited Price Discounts Sale Price Discounts (Q1)
homes selling at a 1% –2% discount; Southwest submarket was
Around
Most
full price
Strong Sale Prices Sale Price / Price Per Sq. Ft. (Q1) Home Inventory (March) 32% “Seller’s market” with 15+ year low of available homesthis time of year
Available Homes Lower Activity New Home Listings (Q1) Contracted Homes (Q1) 31% 27% Closed Homes (Q1) 12% 3
Fewer
By Price Range
New listings declined more than 25% in Q1; all price ranges were lower
January and March were both 35%+ lower with February only about 5% down
Homes priced $1M+ remain higher over the last 12 months with prior increases
Listing activity expected to pick up with seasonal trends, but remain low near-term Jan. –Mar. (YoY%)
Rolling Last 12 Months (YoY%)
114 266 89 192 0 100 200 300 400 500 600 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 <$400K $400K –$699K $700K –$999K $1M+ (-31%) (-30%) (-34%) (+12%)
NEW LISTINGS
4
Price Range'24'23% <$400K 1436-61% $400K - $699K 4860-20% $700K - $999K 2031-35% $1M+ 4547-4%
New listing activity was mixed across submarkets during the quarter (3 areas higher / 3 areas lower)
Central areas and Southwest were down in Q1 and are experiencing historical lows over the last 12 months
Northeast is the only area with more listings over the last 12 months
Jan. –Mar. (YoY%)
5
Rolling Last 12 Months (YoY%) 122 59 101 131 106 76 0 100 200 300 400 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 Northwest Northeast Central West Central East Southwest Southeast (+44%) (-3%) (-23%) (-18%) (-49%) (-27%) Submarket'24'23% Northwest 282512% Northeast 10825% Central West 2033-39% Central East 2137-43% Southwest 2437-35% Southeast 161414%
By Submarket
CONTRACTED HOMES
Contracted homes decreased over 30% in Q1; all submarkets were lower
January and March were down significantly (40%+) more than offsetting the nearly 10% increase in February
Homes $1M+ were up over the last 12 months
Rolling Last 12 Months (YoY%)
Contracts will be limited until new listings begin to show increases Jan. –Mar. (YoY%) 93 184 61 107 0 75 150 225 300 375 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 <$400K $400K –$699K $700K –$999K $1M+ (-5%) (-6%) (-24%) (+13%) 6
By Price Range
Price Range'24'23% <$400K 1533-55% $400K - $699K 4249-14% $700K - $999K 1224-50% $1M+ 2429-17%
Contract activity was mostly lower across areas for the quarter, except the Northeast (up only 1 contract)
Despite the soft quarter, Central East and Southwest are the only areas lower over the last 12 months (Central West was flat)
Northeast and Southwest contract activity remain more than 50% below their postpandemic highs
77 35 75 90 72 48 0 50 100 150 200 250 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 Northwest Northeast Central West
East Southwest Southeast
Central
7
Jan. –Mar. (YoY%) (+84%) (+4%) (-5%) (+17%) (-37%) (0%) Submarket'24'23% Northwest 1821-14% Northeast 7617% Central West 1221-43% Central East 2026-23% Southwest 1737-54% Southeast 810-20%
By Submarket Rolling Last 12 Months (YoY%)
CLOSED HOME SALES
Closed homes decreased over 10% in Q1; homes priced $1M+ more than doubled, but it was not enough to offset other declines
Closings started the year up in January (15%+), but weakened as the quarter moved ahead (March was down nearly 25%)
Closing activity expected to follow decline in listings / contracts with low home inventory Jan. –Mar. (YoY%) 107 185 64 110 0 75 150 225 300 375 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 <$400K $400K –$699K $700K –$999K $1M+ (-1%) (0%) (-33%) (-3%) 8
By Price Range
Price Range'24'23% <$400K 821-62% $400K - $699K 36353% $700K - $999K 616-63% $1M+ 2210120%
Rolling Last 12 Months (YoY%)
Closed home sales were mostly lower across submarkets; Northeast was up (only 2 homes) and Southeast was flat
Northeast continues to climb (now up 60%+) over the last 12 months; Northwest also higher during this timeframe
Southwest and Central East have not yet bottomed following the significant declines over the last couple years
82 36 78 86 83 47 0 50 100 150 200 250 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 Northwest Northeast Central West Central East Southwest Southeast
9
Jan. –Mar. (YoY%) (+64%) (+6%) (-17%) (-4%) (-37%) (-4%) Submarket'24'23% Northwest 1013-23% Northeast 6450% Central West 810-20% Central East 1320-35% Southwest 2025-20% Southeast 880%
By Submarket Rolling Last 12 Months (YoY%)
HOME INVENTORY
Available homes declined over 30% and remain at 15+ year lows for this time of year
Inventory is very limited for homes priced under $1M; homes over this value represent nearly 60% of all inventory Scarce inventory expected to continue driving “seller’s market” conditions
Mar. Trends (Relative%)
26% 15% 10% 22% 7% 31% 36% 32% 30% 21% 21% 16% 14% 14% 14% 22% 32% 44% 33% 58% 0% 25% 50% 75% 100% '20'21'22'23'24 <$400K $400K –$699K $700K –$999K $1M+
10
Quarter End
3 9 6 25 0 20 40 60 80 100 120 140 160 180 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 <$400K $400K –$699K $700K –$999K $1M+ (-53%) (-79%) (-33%) (+19%)
By Price Range Mar.
(YoY%)
Home inventory is very low across areas; certain submarkets still showing declines, but others appear to have bottomed
Most Elmhurst areas have only a handful of homes available (4 of the 6 submarkets)
Northwest and Southeast have a higher relative share than normal with each of these areas gaining some inventory
14% 18% 24% 16% 31% 5% 5% 2% 7% 12% 19% 17% 26% 30% 12% 22% 16% 23% 26% 12% 23% 29% 20% 12% 12% 16% 15% 6% 9% 21% 0% 25% 50% 75% 100% '20'21'22'23'24 Northwest Northeast Central West Central East Southwest Southeast 13 5 5 5 5 9 0 10 20 30 40 50 60 70 80 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 Northwest Northeast Central West Central East Southwest Southeast (+25%) (+44%) (-71%) (-29%)
(-67%)
Mar.
(YoY%)
11 (+80%)
By Submarket
Quarter End
Mar. Trends (Relative%)
CONTRACT TIME
Contract times were down in the quarter, except homes priced $700K –$1M (this range had the fewest contracts and closings though)
Elmhurst submarkets also showed lower contract times over the last 12 months; only homes priced over $1M were flat
Expect contract times to remain short with very limited home availability
Rolling Last 12 Months (YoY%)
Jan. –Mar. (YoY%) 12 8 4 13 0 75 150 225 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 <$400K $400K –$699K $700K –$999K $1M+ (-11%) (-8%) (-20%) (0%) 12
By Price Range
Price Range'24'23% <$400K 2033-39% $400K - $699K 918-50% $700K - $999K 12933% $1M+ 1117-35%
Contract times during Q1 were mixed, but mostly lower (4 of 6 areas declined)
Submarkets experienced large percentage changes due to low day counts (i.e., a day or two change was a big relative move)
Homes on the market much beyond a couple weeks are likely overpriced or have other factors impacting time / interest
Jan. –Mar. (YoY%)
Southwest 79-22%
Southeast 2410140%
9 16 14 11 6 7 0 25 50 75 100 125 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 Northwest Northeast Central West Central East Southwest Southeast (+60%) (+50%) (+27%) (-40%) (+38%)
By Submarket Rolling Last 12 Months (YoY%)
13
(-22%) Submarket'24'23%
Northwest 1341-68% Northeast 2831-10% Central West 816-50%
Central East 341979%
PRICE DISCOUNTS
By Price Range
Sales mostly closed at 98% –99% of original listing price for Q1; homes under $400K sold at wider discounts over the last 12 months (need work or being torn down for re-build)
Multiple offers are situation-specific; homes receiving many offers were underpriced or at a price range with very limited inventory
Price discounts expected to remain narrow given limited home inventory
Jan. –Mar. (YoY%)
Price Range'24'23%
<$400K 98%94%4%
$400K - $699K 99%98%2%
$700K - $999K 98%99%-1%
$1M+ 99%99%0%
Rolling Last 12 Months (YoY%)
97% 98% 100% 99% 85% 90% 95% 100% '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 <$400K $400K
$700K
$1M+ (0%) (0%) (0%) (-1%)
–$699K
–$999K
14
By Submarket Rolling Last 12 Months (YoY%)
Price discounts have been similar across submarkets (especially over the last 12 months), but there is always some variability
Most discounts narrowed some in Q1; Northeast widened on the fewest closings (Central West was flat)
Buyers and sellers typically met at a small (1% –2%) discount during Q1 overall
Jan. –Mar. (YoY%) (-1%)
Submarket'24'23%
Northwest 99%95%4%
Northeast 97%100%-3%
Central West 98%98%0%
Central East 98%98%1%
Southwest 100%99%1%
Southeast 99%97%2%
98% 99% 98% 98% 100% 98% 85% 90% 95% 100% '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24
East Southwest
(-1%)
Northwest Northeast Central West Central
Southeast
(-2%) (0%) (+1%) (-1%)
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PRICE PER SQ. FT.
Price per sq. ft. trend was higher across all price ranges in the quarter
All price ranges currently at record price per sq. ft. levels for any historical quarter as well as over the last 12 months
Prices continue to increase based on very low home inventory and buyer demand
Rolling Last 12 Months (YoY%)
Jan. –Mar. (YoY%)
Price Range'24'23%
<$400K $329$24435%
$400K - $699K $309$28210%
$700K - $999K $305$27411%
$1M+ $371$3545%
$279 $286 $307 $356 $125 $175 $225 $275 $325 $375 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24
$400K –$699K $700K –$999K $1M+ (+4%) (+12%) (+8%) (+5%) 16
<$400K
By Price Range
By Submarket Rolling Last 12 Months (YoY%)
Mostly higher relative prices across areas for Q1; only Central West showed a small decline (just 2%)
Majority of submarkets setting new records (4 of 6) over the last 12 months
Southwest had the highest prices per sq. ft. during the quarter as well as over the last 12 months
Jan. –Mar. (YoY%)
Submarket'24'23%
Northwest $344$25237%
Northeast $309$22637%
Central West $316$322-2%
Central East $332$27919%
Southwest $372$28232%
Southeast $346$29019%
Northwest Northeast Central West
Central East Southwest Southeast
$283 $278 $314 $324 $335 $313 $100 $125 $150 $175 $200 $225 $250 $275 $300 $325 $350 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24
(+7%) (+6%) (+12%) (+6%)
(+16%)
17
(+8%)
CLOSED SALE PRICES
Sale prices are were mostly higher across submarkets (Central West saw a small decline consistent with relative prices)
Central East showed a 55%+ increase in closed sale prices in Q1 and now has the highest overall prices over the last 12 months
Despite mix impacting sale prices, they are moving consistently with price per sq. ft. K
Northwest Northeast Central West
Central East Southwest Southeast
Jan. –Mar. (YoY%)
Submarket'24'23%
Northwest $560K$340K65%
Northeast $371K$350K6%
Central West $615K$637K-3%
Central East $800K$513K56%
Southwest $725K$480K51%
Southeast $598K$488K23%
K
K (+23%)
K (+20%)
K (-12%)
K (-10%)
K (0%)
K (-7%)
$498 $373 $688 $743 $700 $615 $100 $250 $400 $550 $700 $850 $1,000 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24
18
K K K K K
By Submarket Rolling Last 12 Months (YoY%)
NEW CONSTRUCTION
Over 1,300 new home permits since 2010; Elmhurst continues to be the most active new construction market in the western suburbs
Permits appear to have bottomed after a soft 2023; demos are outpacing early in the year which should lead to more new homes
New Home Permits Issued Demo Permits Issued
Permit Activity 78 79 0 40 80 120 160 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '20 '21 '22 '23
Activity continues to be constrained by lot scarcity; buyer demand remains strong 8 13 14 5 12 6 12 12 9 15 0 5 10 15 20 '20'21'22'23'24 New Home Permits Issued Demo Permits Issued Jan. –Feb. (YTD) (+13%)
(+14%) 19
Rolling Last 12 Months (YoY%)
Analyzing Elmhurst Home Types for Q1 2024 New Listings12775
COMPARING HOME TYPES
Contracted Homes9343 Home Inventory4325 Contract Time12 days5 days12 days Price Discounts99%100%96% Price per Sq. Ft. $336$249$179 Closed Sale Price$588K$325K$160K Home TypeSingle FamilyTownhouseCondo 20 Closed Homes7275 22% 21% 1% 33% 32% 12% 31% 27% 25% 24% 0% 38% 50% 133% 50% 13% 31% 5% 2% 43% 0% 62% 70% 55%
COMPARING SUBURBS
Analyzing Western Suburb Markets
SuburbMedian PriceQ1 YoY%Price / Sq. Ft.Q1 YoY%Contract DaysQ1 YoY%
Clarendon Hills$735K-42%$30629%5-86%
Downers Grove$530K20%$2371%10-57%
Elmhurst$588K22%$33621%12-33%
Glen Ellyn$520K9%$26914%11-31%
Hinsdale$1.6M75%$37125%21-5%
La Grange$725K35%$3089%5-69%
Lombard$353K8%$24817%11-35%
Oak Brook$1.2M35%$29520%14-77%
Western Springs$718K6%$35019%5-50%
Wheaton$473K11%$26421%7-42%
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Elmhurst Office
103 Haven Road Elmhurst, IL 60126
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 property already li sted. Closed Volume based on MLS market share, includi ng off-market sales, from 4/1/23-3/31/24. #1 Compass Team in DuPage based on MLS Market Sh are, including off-market sales, all property types, from 4/1/2 3-3/31/24.
