2024
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” Remains with Increasing Market Activity and Less Inventory
NEW LISTINGS
By Price Range
New listings increased slightly in Q4; mixed market with higher activity in certain price ranges but lower in others
October listings increased 15%+ ahead of lower growth in November (~5%) and a large decline in December (down nearly 40%)
Mixed finish going into year end; seasonal trends should support an increase in listings
Oct. –Dec. (YoY%)
Price Range'24'23%
<$400K 1720-15%
$400K - $699K 56528%
$700K - $999K 915-40%
$1M+ 373023%
Rolling Last 12 Months (YoY%)
By Submarket Rolling Last 12 Months (YoY%)
New listing activity was mixed across submarkets during the quarter (3 areas higher / 3 areas lower)
Northwest is the only area with more listings over the last 12 months after a strong Q4 (Southwest flat)
Central East had another slower quarter and is now down 20%+ during the past 12 months
Oct. –Dec. (YoY%)
Northwest Northeast Central West
Central East Southwest Southeast
CONTRACTED HOMES
By Price Range Rolling Last 12 Months (YoY%)
Contracted homes increased 15% in Q4; homes priced $1M+ saw the largest jump
October was up almost 20%, November moved 50%+ higher and then December slipped over 20%
All price ranges lower over the last 12 months
Contract activity expected to slow until there are more listings this spring
Range'24'23%
1718-6%
By Submarket
Contract activity was mostly higher across submarkets during the quarter (only Northeast and Southeast lower)
Central areas were up 25% or more and Southwest increased substantially in Q4
Nearly all of Elmhurst is now down over the last 12 months (only Northeast is flat with the lowest contract activity)
Rolling Last 12 Months (YoY%)
Northwest Northeast Central West
Central East Southwest Southeast
CLOSED HOME SALES
By Price Range
Closed homes increased more than 15% in Q4; consistent trends with listings and contracts (same price ranges up / down)
October and November closings were up slightly before December climbed nearly 75%
Closings likely to slow with limited listings and softer contracts until seasonal uptick
Rolling Last 12 Months (YoY%)
–Dec. (YoY%)
Price Range'24'23%
<$400K 2024-17%
$400K - $699K 483537%
$700K - $999K 914-36% $1M+ 322060%
By Submarket
Closed home sales were mostly higher in the quarter (4 areas up / 2 areas down)
Although the Southeast fell in Q4, this submarket held flat over the last 12 months (all other areas lower during this timeframe)
Southwest saw a large recovery (most closings in the quarter) after a very soft Q3
Rolling Last 12 Months (YoY%)
Northwest Northeast Central West
Central East Southwest Southeast
Oct. –Dec. (YoY%)
HOME INVENTORY
By
Price Range
Available homes fell 10%; only homes priced $1M+ showed an increase at year end
Homes priced $700K –$1M and below $400K continue to be very challenging (less than 5 homes available in each price range)
Scarce inventory expected to continue driving “seller’s market” conditions
Dec. Trends (Relative%)
Dec. Quarter End (YoY%)
By Submarket Dec. Quarter End (YoY%)
Home inventory remains very low across areas, despite an uptick in half of the submarkets (each of the Western areas)
Northwest is the only area with more than 10 homes available
Extremely limited home availability in the Northeast and Southeast at year end
Dec. Trends (Relative%)
Northwest Northeast Central West
Central East Southwest Southeast
CONTRACT TIME
By Price Range
Contract times were down overall in the quarter despite the large uptick for homes priced from $700K –$1M
Elmhurst submarkets continued to show lower times over the last 12 months (now over 3 years of contract time at 2 weeks or less) Expect contract times to remain short with very limited home availability
Rolling Last 12 Months (YoY%)
Range'24'23%
By Submarket
Contract times were mostly lower across areas in Q4 (4 lower / 2 higher)
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 for more than two weeks could be 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 at a small discount to asking price in Q4; only those priced below $400K closed below ask over the last 12 months
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
Oct. –Dec. (YoY%)
Price Range'24'23%
<$400K 98%93%4%
$400K - $699K 99%97%2%
$700K - $999K 97%100%-3%
$1M+ 99%99%0%
Rolling Last 12 Months (YoY%)
By Submarket
Price discounts are / have been similar across submarkets; some differences in the quarter with more negotiability in the North and Southeast
Central and Southwest submarkets closed at full asking price in Q4 and over the last 12 months
Increases in seasonal activity likely to keep discounts tight in early 2025
Oct. –Dec. (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 mostly higher in the quarter, except homes priced below $400K (often needing work or possibly a teardown)
Most price ranges are near record levels over the last 12 months (homes under $400K are a little below with the softer quarter)
Prices continue to increase based on low home inventory and buyer demand
Oct. –Dec. (YoY%) Price Range'24'23%
By Submarket
Mostly higher relative prices across areas for Q4; Southeast showed a slight decline
Majority of submarkets setting new records (5 of 6) over the last 12 months (Central East is just slightly below)
Only the Northeast is below $300 per sq. ft. during the last 12 months; Northern areas were below this level in the quarter
Rolling Last 12 Months (YoY%)
Northwest Northeast Central West
Central East Southwest Southeast
CLOSED SALE PRICES
By
Submarket Rolling Last 12 Months (YoY%)
Closed sale prices generally show more variability than relative prices (impacted by mix and number of closings in each area)
Central West showed a huge jump for the quarter (well beyond the relative increase) that will normalize with more closings
Home sale mix (larger, updated, etc.) moved overall prices higher than relative prices
Northwest Northeast Central West
Central East Southwest Southeast
CLOSED SALE VOLUME
By Submarket
Overall closed sale volume for single-family houses increased ~30% for the quarter, but was flat over the last 12 months
Western submarkets had a particularly strong quarter (combination of more closings in each area and mostly higher overall prices)
Central East and Southwest areas have the largest sale volumes
Rolling Last 12 Months (YoY%)
Northwest Northeast Central West
Central East Southwest Southeast
COMPARING HOME TYPES
Analyzing Elmhurst Home Types for Q4 2024
COMPARING SUBURBS
