Elmhurst Real Estate Guide (Q4 2023) by Kelly Stetler Real Estate

Q4 2023

ELMHURST

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) NORTHEAST 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

NORTHWEST (North Ave. to Lake St. and Rte. 83 to Hwy. 294)

CENTRAL WEST

CENTRAL EAST

(Prairie Path to North Ave. and Rte. 83 to York St.)

(Prairie Path to North Ave. and Hwy. 290 to York St.)

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)

(Lake St. to Grand Ave. and Hwy. 294 to Rte. 83)

SOUTHEAST (Prairie Path to Butterfield Rd. and Hwy. 290 to York St.)

SOUTHWEST (Prairie Path to Butterfield Rd. and Rte. 83 to York St.)

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 New Year with Very Low Home Inventory

Closed Homes (Q4)

Mixed Activity

New Home Listings (Q4)

13%

Contracted Homes (Q4)

Fewer Available Homes

Home Inventory (December)

43%

“Seller’s market” with 15+ year low of available homes this time of year

Short Market Times

List to Contract Days (Q4)

Around 2 weeks across most price ranges and submarkets; $700K – $1M and Southeast shorter

Small Price Discounts

Sale Price Discounts (Q4)

Many homes selling at 2% – 3% discount; certain areas / price ranges still full price

Higher Sale Prices

Sale Price / Price Per Sq. Ft. (Q4)

Relative prices higher, but below late summer / early fall highs; Northeast lower from 2022 spike

NEW LISTINGS By Price Range

Rolling Last 12 Months (YoY%)

 New listings declined nearly 15% in Q4; all price ranges were lower, except $1M (up 60%+)  October and December were especially weak (15%+ lower) and November was down ~5%  Homes priced $1M+ are now higher over the last 12 months with recent increases

600

 Listing activity likely to pick up with seasonal trends, but remain low near-term

500

<$400K

$400K – $699K

$700K – $999K

$1M+

400

Oct. – Dec. (YoY%)

300 '23

'22

<$400K

-37%

$400K - $699K

-22%

$700K - $999K

-12%

$1M+

61%

275 (-32%)

200

191 (+3%)

100

136 (-17%) 100 (-31%)

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Price Range

By Submarket

Rolling Last 12 Months (YoY%)

 New listing activity was mostly lower across submarkets in Q4; Northeast increased from a low prior year  Most Elmhurst areas now experiencing 10+ year lows (well below pre-pandemic); Southwest still at historical listing lows

Northwest

Northeast

Central West

Central East

Southwest

Southeast

400

 Northeast Elmhurst is the only area with more listings over the last 12 months 300

Oct. – Dec. (YoY%) 200 '23

'22

Northwest

-6%

Northeast

113%

Central West

-29%

Central East

-22%

Southwest

-43%

Southeast

-8%

119 (-48%) 118 (-14%) 112 (-23%) 73 (-28%) 57 (+24%)

100

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Submarket

145 (-17%)

CONTRACTED HOMES By Price Range

Rolling Last 12 Months (YoY%)

 Contracted homes increased 3% in Q4; no price ranges declined with 2 up / 2 flat  October was dramatically higher (up ~40%) with November and December lower to mostly offset for the quarter  Homes under $400K were higher for 2023

<$400K

$400K – $699K

$700K – $999K

$1M+

375

 Contracted homes expected to decline with lower listing activity and limited inventory

300

Oct. – Dec. (YoY%)

225 189 (-11%)

'23

'22

<$400K

$400K - $699K

$700K - $999K

13%

$1M+

150 112 (+12%) 108 (-1%) 74 (-16%)

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Price Range

By Submarket

Rolling Last 12 Months (YoY%)

 Contract activity was mixed across areas for the quarter, including 3 higher / 3 lower  Northeast (up ~35%) and Central West (up slightly) were the only submarkets to increase over the last 12 months  Northeast and Southwest contract activity remain less than half of their post-pandemic highs (Central West is down the least during this time; this area did not spike like others)

Oct. – Dec. (YoY%)

Northwest

Northeast

Central West

Central East

Southwest

Southeast

250

200

150

'23

'22

Northwest

-31%

Northeast

200%

Central West

17%

Central East

-27%

Southwest

-14%

Southeast

29%

100

49 (-2%) 35 (+35%) '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Submarket

94 (-5%) 92 (-31%) 82 (+1%) 79 (-1%)

CLOSED HOME SALES By Price Range

Rolling Last 12 Months (YoY%)

 Closed homes increased nearly 10% in Q4; all submarkets were at least 5% higher  Closings weakened as the quarter moved forward; up in October (35%) and November (10%+) before dropping in December (20%+)  Closed homes likely to decline with lower listings and nearly flat contract activity

<$400K

$400K – $699K

$700K – $999K

$1M+

375

300

Oct. – Dec. (YoY%)

225 184 (-10%)

'23

'22

<$400K

$400K - $699K

13%

$700K - $999K

$1M+

150

119 (-4%) 98 (-17%) 74 (-25%)

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Price Range

By Submarket

Rolling Last 12 Months (YoY%)

 Closed home sales were mixed across submarkets; Central East and Southwest declined while other areas advanced  Northeast is the only area up over the last 12 months (climbing 35%+) after another strong quarter

250

 Elmhurst areas were relatively even in Q4 (range of only 5 closings) across submarkets

200

Oct. – Dec. (YoY%)

150

'23

'22

Northwest

33%

Northeast

267%

Central West

60%

Central East

-25%

Southwest

-32%

Southeast

44%

Northeast

Central West

Central East

Southwest

Southeast

93 (-13%) 88 (-37%) 85 (-1%) 79 (-5%) 47 (-15%) 34 (+36%)

100

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Submarket

Northwest

HOME INVENTORY By Price Range

Dec. Quarter End (YoY%)

 Available homes declined over 40% and remain at 15+ year lows for this time of year  Inventory is particularly limited for homes priced $700K – $1M and under $400K; homes over $1M represent nearly 45% of all inventory  Inventory unlikely to recover near-term without a meaningful increase in listings

Dec. Trends (Relative%)

<$400K

$400K – $699K

$700K – $999K

$1M+

175 150 125 100

75% 50% 25% 0%

23% 25% 28% 24%

17% 15% 34%

37% 7% 41%

34%

'19 '20 <$400K $700K – $999K

15%

'21

28% 11% 36%

75 43% 11% 38%

25%

50 25

20 (-13%) 18 (-40%)

5 (-44%) 4 (-81%)

'22 '23 $400K – $699K $1M+

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

100%

By Submarket

Dec. Quarter End (YoY%)

 Home inventory is very low across submarkets; only Northeast not at a historical low (2 more homes since 2021)  Most Elmhurst areas have only a handful of homes available (4 of the 6 submarkets)  Relative Southwest inventory is particularly low after major declines, including less than 1/2 of 2022 and nearly 1/3 of 2021 levels

Dec. Trends (Relative%)

Northwest

Northeast

Central West

Central East

Southwest

Southeast

70 60 50 40

75% 50% 25% 0%

15% 22% 22% 19% 5% 17%

'19 Northwest Central East

10% 23% 21% 15% 10% 20%

8% 34%

8% 26%

19% 18% 4% 17%

23%

'20 '21 Northeast Southwest

12% 12% 29% 12% 12% 22%

'22 '23 Central West Southeast

22% 5% 16%

20 10

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

100%

12 (-33%) 9 (-25%) 5 (-71%) 5 (-75%) 5 (-17%) 5 (+25%) 11

CONTRACT TIME By Price Range

Rolling Last 12 Months (YoY%)

 Contract times were flat overall in Q4 with offsetting movements across price ranges  Elmhurst submarkets all showed longer contract times over the last 12 months (coming off very fast times)  Expect contract times to remain relatively short with limited available inventory

<$400K

$400K – $699K

$700K – $999K

$1M+

225

150

Price Range

'23

'22

<$400K

$400K - $699K

$700K - $999K

-56%

$1M+

-15%

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Oct. – Dec. (YoY%)

14 (+8%) 13 (+18%) 10 (+11%) 7 (+40%) 12

By Submarket

Rolling Last 12 Months (YoY%)

 Contract time during the quarter was mixed with most areas around 2 weeks, except Southeast quicker at 1 week

100

Oct. – Dec. (YoY%)

'23

'22

Northwest

44%

Northeast

-83%

Central West

23%

Central East

-39%

Southwest

21%

Southeast

40%

Central West

Central East

Southwest

Southeast

125

 Homes on the market much beyond a couple weeks are likely overpriced or have other factors impacting time / interest

Submarket

Northeast

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

 Submarkets experienced large percentage changes due to low day counts (i.e., a day or two change was a big relative move)

Northwest

15 (+67%) 15 (+25%) 13 (+117%) 11 (+83%) 7 (-30%) 6 (-45%) 13

PRICE DISCOUNTS By Price Range

Rolling Last 12 Months (YoY%)

 Sales mostly closed at 97% – 100% of original listing price for Q4; homes under $400K sold at wider discounts (typically need work or being torn down for re-build)  Multiple offers are more situation-specific than the expectation; homes receiving many offers were likely underpriced

<$400K

$400K – $699K

$700K – $999K

$1M+ 100% (0%) 99% (-1%) 98% (0%)

100%

 Price discounts are more common, but remain relatively tight (if any)

96% (-1%) 95%

Price Range

'23

'22

<$400K

93%

$400K - $699K

97%

$700K - $999K

100%

98%

$1M+

99%

90%

85%

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Oct. – Dec. (YoY%)

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  Elmhurst areas were mixed in Q4 as discounts widened in half of the submarkets and tightened in the other half; Central West and Southwest sold at asking price

Northwest

Northeast

Central West

Central East

Southwest

Southeast 100% (+1%) 100% (+2%) 98% (-2%) 98% (-1%) 98% (0%) 97% (-3%)

100%

 Buyers and sellers typically met at a small discount during the quarter overall 95%

Submarket

'23

'22

Northwest

96%

98%

-3%

Northeast

97%

91%

Central West

100%

95%

Central East

96%

98%

-2%

Southwest

100%

96%

Southeast

98%

99%

-1%

90%

85%

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Oct. – Dec. (YoY%)

PRICE PER SQ. FT. By Price Range

Rolling Last 12 Months (YoY%)

 Price per sq. ft. trend was meaningfully higher across all price ranges in Q4  All price ranges currently at record levels over the last 12 months, despite coming off shorter timeframe highs in late summer / early fall  Pricing continues to hold / increase based on very low home inventory and buyer demand

<$400K

$400K – $699K

$700K – $999K

$1M+

$375 $350 (+4%) $325

Oct. – Dec. (YoY%)

$298 (+6%) $280 (+4%) $270 (+6%)

$275

'23

'22

<$400K

$260

$227

15%

$400K - $699K

$288

$265

$700K - $999K

$315

$283

11%

$1M+

$349

$325

$225

$175

$125

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Price Range

By Submarket

Rolling Last 12 Months (YoY%)

 Mostly higher relative prices across areas for Q4; only Northeast showing a decline following a spike in 2022 on low closings  Central areas previously increased over $300 per sq. ft. over the last 12 months and now South submarkets are also above  Currently no difference in Central areas (both $314 per sq. ft.) and South areas (both $302 per sq. ft.) over the last 12 months

Northwest

Northeast

Central West

Central East

Southwest

Southeast $314 (+8%) $314 (+2%) $302 (+1%) $302 (+7%)

$325 $300 $275

$272 (+5%) $256 (0%)

$250

Oct. – Dec. (YoY%)

$225 $200

Submarket

'23

'22

Northwest

$263

$251

Northeast

$251

$294

-15%

Central West

$310

$258

20%

$125

Central East

$314

$273

15%

$100

Southwest

$305

$304

Southeast

$322

$265

22%

$175

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

$150

CLOSED SALE PRICES By Submarket  Sale prices are mixed across submarkets with 3 increasing and 3 decreasing (these prices are influenced by mix)

Rolling Last 12 Months (YoY%) Northwest

Northeast

Central West

Central East

Southwest

Southeast

 Northeast saw a 40%+ increase in closed sale prices in Q4 despite a relative price decline; similar conflicting trends in multiple areas

$1,000K

 While overall prices declined slightly, home mix impacts values (see price per sq. ft.)

$850K $695K (-11%) $700K

Oct. – Dec. (YoY%)

$550K '23

'22

Northwest

$418K

$473K

-12%

Northeast

$375K

$262K

43%

Central West

$719K

$788K

-9%

Central East

$774K

$693K

12%

Southwest

$615K

$790K

-22%

Southeast

$795K

$556K

43%

$475 K (-5%) $400K $375 K (-1%) $250K $100K

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Submarket

$621 K (-5%) $615K (-13%) $608K (+9%)

NEW CONSTRUCTION Permit Activity  Nearly 1,300 new home permits since 2010; Elmhurst continues to be the most active new construction market in the western suburbs

Rolling Last 12 Months (YoY%) New Home Permits Issued

Demo Permits Issued

 Permits are stabilizing below 2019 levels after the pandemic spike and subsequent declines  Activity continues to be constrained by lot scarcity; buyer demand remains strong

Jan. – Dec. (Full Year) 90 89 65

94 103

120

80 78 72

73 (+1%) 71 (-9%)

71 73 40

'19

'20

'21

'22

New Home Permits Issued

'23

'09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

125 100 75 50 25 0

160

Demo Permits Issued 19

COMPARING HOME TYPES Analyzing Elmhurst Home Types for Q4 2023

Home Type

Single Family

Town Houses

Condos

New Listings

112

13%

60%

31%

Contracted Homes

250%

27%

Closed Homes

167%

46%

Home Inventory

43%

80%

Contract Time

13 days

6 days

100%

4 days

85%

Price Discounts

98%

99%

100%

Price per Sq. Ft.

$291

10%

$276

$198

Closed Sale Price

$553K

$719K

27%

$207K

23% 20

COMPARING SUBURBS Analyzing Western Suburb Markets

Suburb

Median Price

Q4 YoY%

Price / Sq. Ft.

Q4 YoY% Contract Days Q4 YoY%

Clarendon Hills

$515K

-32%

$325

26%

39%

Downers Grove

$480K

12%

$254

15%

-17%

Elmhurst

$553K

-1%

$291

10%

Glen Ellyn

$577K

33%

$267

-2%

25%

Hinsdale

$1.4M

25%

$306

52%

La Grange

$580K

-7%

$276

-3%

-20%

Lombard

$360K

$227

-23%

Oak Brook

$1.2M

44%

$261

32%

-64%

Western Springs

$750K

$333

10%

-60%

Wheaton

$505K

13%

$242

-72%

www.kellystetlerrealestate.com

Compass is a licensed real estate broker and abides by federal, state and local equal housing opportunity laws. All material presented herein is intended for informational purposes only, is compiled from 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 listed. Top Compass team ranking in DuPage County based on MRED BrokerMetrics for closed transaction volume (including MLS-verified off-market) dates 1/1/23 – 12/31/23 across all residential property types.

Elmhurst Office 103 Haven Road Elmhurst, IL 60126