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 Fall with Home Inventory Finally Increasing
NEW LISTINGS
New listings declined nearly 10% in Q3; homes priced $400K –$700K and $1M+ increased, but not enough to offset other declines
July and August experienced meaningful declines, but September showed improvement
Homes $1M+ remain up over the last 12 months
By Price Range Price Range'24'23%
Listing activity expected to be limited with seasonal trends going into year end
Jul. –Sept. (YoY%)
<$400K 1538-61%
$400K - $699K 91848%
$700K - $999K 2130-30% $1M+ 625513%
Rolling Last 12 Months (YoY%)
By Submarket
New listing activity was mixed across submarkets during the quarter (3 areas higher / 2 areas lower / 1 area flat)
Central East was down over 30% in the quarter and nearly the same over the last 12 months (new historical low)
Northeast is the only area with more listings over the last 12 months
Jul. –Sept. (YoY%)
Northwest Northeast Central West
Central East Southwest Southeast
CONTRACTED HOMES
By Price
Range
Contracted homes decreased over 30% in Q3; all price ranges were lower
All the months declined in the quarter, but July was particularly soft (down 50%+)
Recent contract declines pushing all price ranges lower over the last 12 months
Contract activity will be soft near-term with low listings and limited (but more) inventory Jul. –Sept. (YoY%)
Range'24'23%
12 Months
By Submarket
Contract activity was mostly lower across submarkets during the quarter (only Northeast increased by 1 contract)
Majority of Elmhurst (4 of 6 areas) is down by more than 20% during the last 12 months
Northeast is up the most over the last 12 months, but has the lowest overall activity during this timeframe
Jul. –Sept. (YoY%)
Rolling Last 12 Months (YoY%)
Northwest Northeast Central West
Central East Southwest Southeast
CLOSED HOME SALES
By Price Range Rolling Last 12 Months (YoY%)
Closed homes declined nearly 30% in Q3; only homes priced $700K –$1M saw an increase
Closings were down consistently each month during the quarter (all lower by 25% or more)
Homes priced <$400K are down tremendously Closing activity will continue to be low without a sustained inventory increase
Range'24'23%
By Submarket
Closed home sales were mostly lower during the quarter (4 areas down / 2 areas up)
Although the Northeast declined in Q3, this submarket remains up nearly 40% during the last 12 months
Southwest had a very soft Q3 and moved below Central East over the last 12 months
Rolling Last 12 Months (YoY%)
Northwest Northeast Central West
Central East Southwest Southeast
Jul. –Sept. (YoY%)
HOME INVENTORY
By Price Range
Available homes increased nearly 20% driven by homes priced $400K –$700K and $1M+
Homes priced $700K –$1M and below $400K continue to be very challenging (less than 10 homes available in each price range)
Scarce inventory expected to continue driving “seller’s market” conditions
Sept. Trends (Relative%)
Sept. Quarter End (YoY%)
By Submarket
Home inventory remains very low across areas, despite an uptick in all submarkets other than Central East
Northeast is now the only area with less than 10 homes available
Elmhurst has moved to more balance across submarkets (albeit at low levels)
Sept. Trends (Relative%)
Sept. Quarter End (YoY%)
Northwest Northeast Central West
Central East Southwest Southeast
CONTRACT TIME
By Price Range
Contract times were down overall in the quarter driven by homes under $700K
Elmhurst submarkets also showed lower contract times over the last 12 months; only homes priced under $400K was flat
Expect contract times to remain short with very limited home availability Jul. –Sept. (YoY%)
Range'24'23%
711-36%
Months (YoY%)
By Submarket
Contract times were mixed across areas in Q3 (3 lower / 2 higher / 1 flat)
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 beyond a couple weeks are likely overpriced or have other factors impacting time / interest
Jul. –Sept. (YoY%)
Rolling Last 12 Months (YoY%)
Northwest Northeast Central West
Central East Southwest Southeast
PRICE DISCOUNTS
By
Price Range
Sales closed around listing price for Q3; homes <$400K sold at a small discount in the quarter with more negotiability 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
Jul. –Sept. (YoY%)
Price Range'24'23%
<$400K 99%100%-1%
$400K - $699K 100%99%1%
$700K - $999K 99%100%-1%
$1M+ 100%100%0%
Rolling Last 12 Months (YoY%)
By Submarket
Price discounts are / have been similar across submarkets (especially in Q3)
Most discounts disappeared in the quarter with only the Northeast selling slightly below original asking price
Central West and Southern submarkets also closed at full asking price over the last 12 months
Jul. –Sept. (YoY%)
Rolling Last 12 Months (YoY%)
Northwest Northeast Central West
Central East Southwest Southeast
PRICE PER SQ. FT.
By Price Range
Price per sq. ft. trend was higher across Elmhurst in the quarter, except homes priced over $1M (have the most inventory)
Most price ranges are near record levels over the last 12 months (homes under $400K are a little below despite the strong Q3)
Prices continue to increase based on low home inventory and buyer demand
Jul. –Sept. (YoY%)
Range'24'23%
By Submarket
Mostly higher relative prices across areas for Q3; Southwest showed a slight decline
Majority of submarkets setting new records (4 of 6) over the last 12 months
Only the Northeast is below $300 per sq. ft. during the last 12 months (was above this level in the quarter)
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; Southeast experienced a decline in Q3
Central East showed a 30%+ increase in closed sale prices during the quarter even though relative price per sq. ft. was up much less (due to home sale mix)
Home sale mix (larger, updated, etc.) moved overall prices more than relative prices
Rolling Last 12 Months (YoY%)
Northwest Northeast Central West
Central East Southwest Southeast
CLOSED SALE VOLUME
By Submarket
Overall closed sale volume for single-family houses decreased nearly 20% for the quarter, but under 5% over the last 12 months
Southwest had a particularly low quarter (down nearly 60%) whereas the Southeast moved much higher (up over 60%)
Central East and Southwest areas have the largest sale volumes (even with the soft Q3)
Jul. –Sept. (YoY%)
Rolling Last 12 Months (YoY%)
Northwest Northeast Central West
Central East Southwest Southeast
COMPARING HOME TYPES
Analyzing Elmhurst Home Types for Q3 2024
COMPARING SUBURBS
