LOCAL REAL ESTATE GUIDE
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.)
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.)
SOUTHWEST
(Prairie Path to Butterfield Rd. and Rte. 83 to York St.)
MARKET SUMMARY
NEW LISTINGS
By Price Range
New listings were down 35% across price ranges in Q2
All months in the quarter were soft ranging from 30% –40% fewer listings each
Dramatic declines at <$400K over the last 2 years finally slowed some year-to-date
Low listing activity likely to continue as market enters summer months
Apr. –Jun. (YoY%)
Price Range'23'22%
<$400K 4244-5%
$400K - $699K 80144-44%
$700K - $999K 2162-66%
$1M+ 5962-5%
Rolling Last 12 Months (YoY%)
Q2 and last 12 months showed lower listing activity across submarkets (other than Northeast for the quarter)
Most Elmhurst areas now experiencing 10+ year lows for listing activity over the last 12 months (well below pre-pandemic)
Central submarkets showing identical new listings for the quarterly comparison (coincidence during the periods)
4150-18%
171070% Central West 3754-31% Central East 3754-31% Southwest 2978-63% Southeast 2138-45%
CONTRACTED HOMES
By Price Range
Contracted homes were down more than 5% in Q2, but below $400K and above $1M were both higher
Contracts were down in April, higher in May and declined in June; activity is lowest at the $700K –$1M range with limited availability
Rolling Last 12 Months (YoY%)
By Submarket
Contract activity was mixed across Elmhurst submarkets in Q2
Areas with lower activity in the Northeast and Southeast had the largest contract percentage increases (on low bases)
Southwest contracts have been cut in half over the last couple years (now <100 for the last 12 months after being 200+ in 2021)
Rolling Last 12 Months (YoY%) Apr. –Jun. (YoY%)
Northwest Northeast Central West Central East Southwest Southeast
Submarket'23'22%
Northwest 2831-10%
Northeast 94125%
Central West 2831-10%
Central East 31303%
Southwest 2035-43%
Southeast 161145%
CLOSED HOME SALES
By Price Range
Closed homes were down over 15% overall for the quarter; however, homes priced less than $400K were nearly 20% higher
Homes priced over $1M have declined the least and remain more than twice as much over the last 12 months versus pre-COVID
Rolling Last 12 Months (YoY%)
By Submarket
Closed home sales activity was lower across submarkets in Q2
Southwest saw the most significant decline for the quarter (nearly 50%) but remains the most active area over the last 12 months
Continued declines in the Northeast are pushing closings to Great Recession lows
Rolling Last 12 Months (YoY%)
Northwest Northeast Central West Central East Southwest Southeast
3133-6%
Northeast 79-22%
Central West 3340-18%
Central East 3036-17%
Southwest 2445-47% Southeast 1516-6%
HOME INVENTORY
By Price Range
Available homes declined over 50% and remain at 15+ year lows for this time of year
Inventory is particularly limited for homes priced $700K –$1M (now 1/4 of what it was on a relative basis versus 2020)
Inventory unlikely to recover near-term without a meaningful increase in listings
Jun. Trends (Relative%)
Jun.
By Submarket
Home inventory is extremely low across submarkets; Northeast showed a large percentage increase from a very small base
Southwest submarket has much lower relative inventory than normal compared to the rest of Elmhurst
Only Northwest has more than a dozen homes available across price points
Jun. Trends (Relative%)
Jun. Quarter End (YoY%)
Northwest Northeast Central West Central East Southwest Southeast
CONTRACT TIME
By Price Range
Contract times mostly increased in Q2; homes priced $400K –$700K were flat
Homes went under contract around 2 weeks or less (especially under $700K) in most cases during the quarter
Expect contract times to remain short with limited available inventory
Rolling Last 12 Months (YoY%)
By Submarket
Contract time in Q2 was still relatively quick, but mixed (Central areas increased to longer than 2 weeks)
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
Apr. –Jun. (YoY%)
Submarket'23'22%
Northwest 6520%
Northeast 5367%
Central West 151050%
Central East 164300%
Southwest 78-13%
Southeast 513-62%
Rolling Last 12 Months (YoY%)
PRICE DISCOUNTS
By Price Range
Sales mostly closed at 97% –99% of original list price for Q2 as sellers often accepted a small discount; homes priced less than $400K had more negotiability
Multiple offers are more situation-specific than the expectation; homes receiving many offers were likely underpriced Price discounts have returned in most cases, but remain relatively tight
Apr. –Jun. (YoY%)
Price Range'23'22%
<$400K 97%99%-1%
$400K - $699K 98%100%-2%
$700K - $999K 100%100%0%
$1M+ 99%100%-1%
Rolling Last 12 Months (YoY%)
By Submarket
Price discounts have been similar across submarkets (especially over the last 12 months), but there is always some variability
North submarkets saw homes close at full asking price for the quarter, which was higher than other areas
Buyers and sellers often met at a small discount to asking price during Q2
Apr. –Jun. (YoY%)
Submarket'23'22%
Northwest 100%100%0%
Northeast 100%102%-2%
Central West 97%100%-2%
Central East 99%100%-1%
Southwest 99%100%-1%
Southeast 98%100%-2%
Rolling Last 12 Months (YoY%)
PRICE PER SQ. FT.
By Price Range
Price per sq. ft. trend was higher across price ranges in Q2, except from $400K –$700K
All price ranges remain at record levels over the last 12 months other than $400K –$700K (which is slightly below Q1)
Pricing continues to hold / increase based on very low home inventory and buyer demand
Rolling Last 12 Months (YoY%)
By Submarket
Mixed submarket prices for Q2 with most areas increasing; Northeast and Central West were the largest movers
Central areas have now both advanced above $300 per sq. ft. over the last 12 months with Southern areas getting closer
North Elmhurst submarkets are on the lower end of relative prices, but have grown significantly in the last 2 years
Apr. –Jun. (YoY%)
Submarket'23'22%
Northwest $282$2801%
Northeast $290$24120%
Central West $329$29013%
Central East $313$3091%
Southwest $298$305-2%
Southeast $296$2863%
Rolling Last 12 Months (YoY%)
CLOSED SALE PRICES
By Submarket Sale prices are mixed across submarkets with half increasing and the other half decreasing (these prices are impacted by mix)
Central West moved dramatically higher to $1M+ for the quarter and had the most closings to support this price strength While overall sale prices actually declined, home mix meaningfully influences values
Apr. –Jun. (YoY%)
Submarket'23'22%
Northwest $485K$745K-35%
Northeast $376K$430K-13%
Central West $1.2M$820K43%
Central East $725K$570K27%
Southwest $707K$535K32%
Southeast $530K$812K-35%
Rolling Last 12 Months (YoY%)
NEW CONSTRUCTION
Over 1,260 new home permits since 2010; Elmhurst is the most active new construction market in the western suburbs
New home permits are recovering and now nearly flat whereas demo permits are down almost 30% over the last 12 months Activity constrained by lot scarcity; buyer demand (especially from the city) is strong
–Jun. (YTD)
New Home Permits Issued Demo Permits Issued
Rolling Last 12 Months (YoY%) (-28%)
New Home Permits Issued
Permits Issued