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.)
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.)
MARKET SUMMARY
“Seller’s Market” Continues into the Summer with Very Low Home Inventory
NEW LISTINGS
By Price Range
New listings declined more than 10% in Q2; homes priced $400K –$700K were flat and over $1M increased slightly
April was flat with both May (down 20%+) and June (declined ~10%) moving lower
Homes $1M+ remain up over the last 12 months
Listing activity continues to be soft and is expected to remain low near-term
Apr. –Jun. (YoY%)
Price Range'24'23%
<$400K 2043-53%
$400K - $699K 82820%
$700K - $999K 2124-13%
$1M+ 63622%
Rolling Last 12 Months (YoY%)
By Submarket
New listing activity was mixed across submarkets during the quarter (3 areas higher / 3 areas lower)
Northwest and Central areas were down in Q2; Central submarkets are also at historical lows over the last 12 months
Northeast is the only area with more listings over the last 12 months
Apr. –Jun. (YoY%)
Rolling Last 12 Months (YoY%)
Northwest Northeast Central West
Central East Southwest Southeast
CONTRACTED HOMES
By Price Range
Contracted homes decreased nearly 25% in Q2; all price ranges were lower
April declined (almost 10%), but May and June were down significantly (30%+)
Homes priced $400K –$700K and $1M+ were up slightly over the last 12 months
Contracts will be limited until new listings begin to show increases
Last 12 Months (YoY%)
Range'24'23%
By Submarket
Contract activity was mixed across submarkets during the quarter (3 areas higher / 3 areas lower)
Despite the improvement in Q2, Southwest remains significantly lower (down 25%) over the last 12 months
Northeast and Southeast areas are up the most over the last 12 months, but have the lowest overall activity during this timeframe
Rolling Last 12 Months (YoY%) Apr. –Jun. (YoY%)
Northwest Northeast Central West
Central East Southwest Southeast
CLOSED HOME SALES
By Price Range
Closed homes decreased 20% in Q2; only homes priced $400K –$700K saw an increase
Closings increased in April (up 5%+) and then fell in May (down 20%) and June (down 30%+)
Homes priced <$400K are down tremendously
Closing activity expected to follow decline in listings / contracts with low home inventory
Rolling Last 12 Months (YoY%)
By Submarket
Closed home sales were mixed across submarkets during the quarter (3 areas higher / 3 areas lower)
Northeast continues to climb (now up 90%) over the last 12 months; Southeast is flat during this timeframe
Central West had a very soft Q2 and is now down nearly 20% over the last 12 months
Apr. –Jun. (YoY%)
Rolling Last 12 Months (YoY%)
Northwest Northeast Central West
Central East Southwest Southeast
HOME INVENTORY
By Price Range
Available homes declined nearly 15% and remains at 15+ year lows for this time of year
Most home inventory is priced $400K –$700K and over $1M (combined represent ~90% of available homes)
Scarce inventory expected to continue driving “seller’s market” conditions
Jun. Trends (Relative%)
Jun. Quarter End (YoY%)
By Submarket
Home inventory is very low across areas; only Northeast submarket has more availability than this time last year
Most Elmhurst areas have less than 10 homes available (4 of the 6 submarkets)
Northwest has a higher share than history (nearly twice as much now on a relative basis versus 2020)
Jun. Trends (Relative%)
Jun. Quarter End (YoY%)
Northwest Northeast Central West
Central East Southwest Southeast
CONTRACT TIME
By Price Range Rolling Last 12 Months (YoY%)
Contract times were down in the quarter, except homes priced below $400K were higher and $400K –$700K were flat
Elmhurst submarkets also showed lower contract times over the last 12 months; only homes priced under $400K increased Expect contract times to remain short with very limited home availability
Range'24'23%
By Submarket
Contract times were mostly lower in Q2; Northwest increased a lot (on the fewest contracts) and Southeast by a single day
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
Rolling Last 12 Months (YoY%)
Northwest Northeast Central West
Central East Southwest Southeast
PRICE DISCOUNTS
By Price Range
Sales closed around original listing price for Q2; homes under $400K sold at a small discount in the quarter and over the last 12 months (need work or being torn down)
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
Apr. –Jun. (YoY%)
Price Range'24'23%
<$400K 99%97%1%
$400K - $699K 100%98%2% $700K - $999K 102%99%2% $1M+ 100%99%1%
Rolling Last 12 Months (YoY%)
By Submarket
Price discounts are / have been similar across submarkets (especially in Q2 and over the last 12 months)
Most discounts disappeared in the quarter with all areas at full asking price
Central West and Southern submarkets also closing at full asking price over the last 12 months
Apr. –Jun. (YoY%)
Rolling Last 12 Months (YoY%)
Northwest Northeast Central West Central East Southwest Southeast
PRICE PER SQ. FT.
By
Price Range Rolling Last 12 Months (YoY%)
Price per sq. ft. trend was higher across Elmhurst in the quarter, except homes below $400K (likely trading more on land value)
Homes priced over $400K currently at record price per sq. ft. levels over the last 12 months
Apr. –Jun. (YoY%) Price Range'24'23%
By Submarket
Mostly higher relative prices across areas for Q2; only Northeast showed a decline
Majority of submarkets setting new records (4 of 6) over the last 12 months
Central areas had the highest prices per sq. ft. during the quarter (Central East also over the last 12 months)
Rolling Last 12 Months (YoY%)
Northwest Northeast Central West
Central East Southwest Southeast
CLOSED SALE PRICES
By Submarket
Sale prices are mostly higher across areas; Central West saw the largest decline from an outlier last year
Southwest showed a 15%+ decline in closed sale prices even though relative price per sq. ft. increased 10%+ (due to home mix)
Home sales mix pushed overall prices up more than relative prices
Months
(YoY%) Apr. –Jun. (YoY%)
Northwest Northeast Central West
Central East Southwest Southeast
CLOSED SALE VOLUME
By Submarket
Overall closed sale volume for single-family homes decreased nearly 10% for the quarter, but only slightly over the last 12 months
Northeast submarket is up 90%+ over the last 12 months whereas Central West is almost 35% lower (down 50%+ in Q2 alone)
Central East and Southwest submarkets remain the largest sale volume areas
Rolling Last 12 Months (YoY%)
Northwest Northeast Central West
Central East Southwest Southeast
COMPARING HOME TYPES
Analyzing Elmhurst Home Types for Q2 2024
COMPARING SUBURBS
