2024
ELLYN
REAL ESTATE GUIDE
Q1
GLEN
LOCAL
METHODOLOGY
Overview of Terms and Glen Ellyn 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 median price to the median sq. footage of a closed transaction as a relative price measure
NORTHWEST
(West of Main St. / North of Pennsylvania Ave. to St. Charles Rd.)
CENTRAL WEST
(West of Park Blvd. / South of Pennsylvania Ave. to Roosevelt Rd.)
NORTHEAST
(East of Main St. / North of Crescent Blvd. to St. Charles Rd. )
CENTRAL EAST
(East of Park Blvd. / South of Crescent Blvd. to Roosevelt Rd.
SOUTH
(South of Roosevelt Rd.)
Note: All figures represent detached single-family homes unless otherwise specified. Price range data based on the village of Glen Ellyn. Submarket figures based on the approximate areas identified on map above and do not include every home within village limits.
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MARKET SUMMARY
“Seller’s Market” Continues into the Spring with Very Low Home Inventory
Many homes selling with a small discount; homes over $700K closing above asking price
Prices up significantly from this time last year; March set a new relative price record overall Strong
Short Market Times List to Contract Days (Q1)
ranges and submarkets; Northern
were longer Limited Price Discounts Sale Price Discounts (Q1)
Mostly two weeks or less across price
areas
Sale Price / Price Per Sq. Ft. (Q1) Home Inventory (March) 28% “Seller’s market” with 15+ year low of available homesthis time of year
Homes Lower Activity New Home Listings (Q1) Contracted Homes (Q1) 29% 31% Closed Homes (Q1) 29% 3
Sale Prices
Fewer Available
NEW LISTINGS
New listings were down 30%+ in Q1; all price ranges were lower for the quarter, but homes $1M+ are still up over the last 12 months
January listings declined 50%+ as the year started slow; February was better (still down) and March about matched the quarter overall
Listing activity expected to pick up with seasonal trends, but remain low near-term
Rolling Last 12 Months (YoY%)
Jan. –Mar. (YoY%) 4
Price Range 89 183 80 59 0 75 150 225 300 375 450 525 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 <$400K $400K –$699K $700K –$999K $1M+ (-38%) (-39%) (-20%) (+26%) Price Range'24'23% <$400K 1422-36% $400K - $699K 4765-28% $700K - $999K 1724-29% $1M+ 813-38%
By
Q1 experienced lower new listing activity across areas; Eastern submarkets were nearly flat (down only 1 listing each)
Northwest and South are down meaningfully over the last 12 months; Northeast is slightly higher during this timeframe
Most areas (3 of 5 submarkets) are currently at historical lows over the last 12 months
Jan. –Mar. (YoY%)
5
Rolling Last 12 Months (YoY%) 56 31 84 89 22 0 50 100 150 200 250 300 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 Northwest Northeast Central West Central East South (+3%) (-53%) (-19%) (-69%) (-12%) Submarket'24'23% Northwest 1027-63% Northeast 56-17% Central West 1322-41% Central East 2324-4% South 57-29%
By Submarket
CONTRACTED HOMES
Contracted homes declined nearly 30% for the quarter; higher end of the market (homes priced $700K+) showed increases
Although contracts were down every month of Q1, the declines narrowed as the months moved forward
Jan. –Mar. (YoY%) 6 By Price Range Rolling Last 12 Months (YoY%) 69 149 71 34 0 50 100 150 200 250 300 350 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 <$400K $400K –$699K $700K –$999K $1M+ (-23%) (-36%) (-1%) (+42%) Price Range'24'23% <$400K 1027-63% $400K - $699K 4059-32% $700K - $999K 171513% $1M+ 7475%
Contracts will be limited until new listings begin to show increases
Glen Ellyn submarkets generally declined for Q1; only the Northeast was higher (by just 2 contracts)
Northeast and Central West (both up slightly) are the only areas that didn’t decline over the last 12 months
South submarket contract activity at historical lows over the last 12 months
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(YoY%) Jan. –Mar. (YoY%) (-9%) 43 21 70 67 18 0 50 100 150 200 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 Northwest Northeast Central West Central East South (+5%) (-31%) (+1%) (-63%) Submarket'24'23% Northwest 713-46% Northeast 6450% Central West 1215-20% Central East 2025-20% South 49-56%
By Submarket Rolling Last 12 Months
CLOSED HOMES
Closed homes declined nearly 30% in Q1 with only homes priced $700K –$1M holding flat (homes $1M+ were only down by 1 closing)
Homes priced under $400K continue to set new lows for closings due to overall increases in Glen Ellyn sale price levels
Closing activity expected to follow decline in listings / contracts with low home inventory
Jan. –Mar. (YoY%) 8 By Price Range Rolling Last 12 Months (YoY%) 73 158 72 33 0 50 100 150 200 250 300 350 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 <$400K $400K –$699K $700K –$999K $1M+ (-16%) (-32%) (-4%) (0%) Price Range'24'23% <$400K 1222-45% $400K - $699K 3345-27% $700K - $999K 990% $1M+ 34-25%
Glen Ellyn submarkets were mostly lower for the quarter; Northeast was up by 2 closings after only 1 closing in Q1 last year
Central West remains the only area with more closings over the last 12 months
South continues to set historic lows over the last 12 months after another slow quarter
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Jan. –Mar. (YoY%) 45 19 75 71 19 0 50 100 150 200 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 Northwest Northeast Central West Central East South (-14%) (-31%) (+7%) (-63%) (-5%) Submarket'24'23% Northwest 612-50% Northeast 31N/M Central West 1014-29% Central East 1116-31% South 511-55%
By Submarket Rolling Last 12 Months (YoY%)
HOME INVENTORY
Available homes declined nearly 30% in Q1 from levels that were already historically low
Homes priced over $1M currently represent 1/3 of all inventory; extremely limited availability for homes priced $700K –$1M
inventory expected to continue driving “seller’s market” conditions
Mar. Trends (Relative%)
25% 22% 9% 10% 19% 36% 30% 36% 38% 38% 24% 19% 24% 28% 10% 15% 29% 30% 24% 33% 0% 25% 50% 75% 100% '20'21'22'23'24 <$400K $400K –$699K $700K –$999K $1M+
10
Mar. Quarter End (YoY%) 4 8 2 7 0 15 30 45 60 75 90 105 120 135 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 <$400K $400K –$699K $700K –$999K $1M+ (-27%) (+33%) (-75%) (0%)
Scarce
By Price Range
Home inventory is down meaningfully across Glen Ellyn submarkets
Very limited home availability in all areas (5 or fewer homes in all submarkets)
Central submarkets represent more than 55% of all available homes
23% 18% 26% 50% 29% 11% 19% 0% 17% 7% 20% 26% 30% 28% 36% 36% 27% 22% 6% 21% 10% 10% 22% 0% 7% 0% 25% 50% 75% 100% '20'21'22'23'24 Northwest Northeast Central West Central East South
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Mar. Quarter End (YoY%) Mar. Trends (Relative%) 4 1 5 3 1 0 10 20 30 40 50 60 70 80 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24
Northeast Central West Central East South (-67%) (-56%) (0%) (N/M) (N/M)
By Submarket
Northwest
CONTRACT TIME
Days between listing date and contract signing have been low (mostly less than two weeks) for a couple years
Contract time was down a little overall driven by homes with the least inventory (homes priced under $400K and $700K –$1M)
Expect contract times to remain short with very limited home availability
Jan. –Mar. (YoY%) 12
Range Rolling Last 12 Months (YoY%) 7 6 5 5 0 25 50 75 100 125 150 175 200 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 <$400K $400K –$699K $700K –$999K $1M+ (+20%) (-36%) (0%) (-58%) Price Range'24'23% <$400K 1416-13% $400K - $699K 12771% $700K - $999K 58-38% $1M+ 10N/MN/M
By Price
Contract times were quick in most areas during Q1, but the Northern submarkets saw times extend significantly
Northwest and Central East are the only areas higher over the last 12 months
Homes on the market for more than two weeks could be overpriced or have other factors impacting time / interest
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By Submarket
Jan. –Mar. (YoY%) 10 4 5 7 4 0 25 50 75 100 125 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 Northwest Northeast Central West Central East South (-20%) (+43%) (-38%) (-43%) (+40%) Submarket'24'23% Northwest 4512N/M Northeast 227N/M Central West 1139-72% Central East 7617% South 1050-80%
Rolling Last 12 Months (YoY%)
PRICE DISCOUNTS
Price discounts were limited in Q1 with most homes selling at a small discount to ask ($700K+ selling for full price or more)
Homes priced below $400K showed the most discounts for the quarter (on just a dozen closings) and the last 12 months
Price discounts expected to remain narrow given limited home inventory
Jan. –Mar. (YoY%) 14
(YoY%) 98% 100% 101% 100% 75% 80% 85% 90% 95% 100% 105% '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 <$400K $400K –$699K $700K –$999K $1M+ (0%) (0%) (+1%) (0%) Price Range'24'23% <$400K 97%97%0% $400K - $699K 99%98%1% $700K - $999K 101%99%2% $1M+ 101%98%3%
By Price Range Rolling Last 12 Months
Glen Ellyn submarket price discounts varied during the quarter; Northern areas saw widening and other areas narrowed
Central East and South saw homes selling around asking price in Q1; South showed a premium over the last 12 months
Northern submarkets experienced 4% –5% discounts to original list price in the quarter
Jan. –Mar. (YoY%)
Submarket'24'23%
Northwest 96%97%-1%
Northeast 95%100%-5%
Central West 99%96%3%
Central East 100%98%2%
South 100%98%2%
Northwest Northeast Central West Central East South
99% 97% 100% 100% 101% 80% 85% 90% 95% 100% 105% '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24
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By Submarket Rolling Last 12 Months (YoY%)
(-3%) (-1%) (0%) (+2%) (0%)
PRICE PER SQ. FT.
Price per sq. ft. increased 10%+ in Q1 driven by homes priced $400K –$700K (had more closings than all other price ranges combined)
Relative prices for the quarter remain slightly below highs set in the late summer / early fall, but March set a single-month record
While the overall pricing environment remains strong, there was some variability
<$400K $190$192-1%
$400K - $699K $273$24213%
$700K - $999K $270$288-6%
$1M+ $299$334-10%
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$217 $263 $282 $348 $100 $150 $200 $250 $300 $350 $400 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 <$400K $400K –$699K $700K –$999K $1M+ (+5%) (+6%) (-6%) (+7%)
By Price Range Rolling Last 12 Months (YoY%) Jan. –Mar. (YoY%)
Price Range'24'23%
Most submarkets were up for the quarter, except the Northeast (this area had the fewest closings)
Central areas and South increased despite lower overall closed sale prices (driven by home size mix)
Northwest continues to have the only price per sq. ft. decrease over the last 12 months (Northeast and Central West are flat)
South $231$2234%
17
–Mar.
$265 $304 $289 $304 $229 $100 $150 $200 $250 $300 $350 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 Northwest Northeast Central West Central East South (0%) (-5%) (0%) (+3%) (+2%)
By Submarket Rolling Last 12 Months (YoY%) Jan.
(YoY%)
Submarket'24'23% Northwest $272$2595%
Northeast $225$334-33% Central West $273$2528% Central East $299$2865%
CLOSED SALE PRICES
Overall sale prices showed more area declines than relative prices (impacted by mix and number of closings in each submarket)
Northeast was the only area lower over the last 12 months (Central West was flat)
While overall sale prices increased, home mix influences values (see price per sq. ft.) K
K (-17%)
Jan. –Mar. (YoY%) K
Submarket'24'23%
Northwest $565K$533K6%
Northeast $420K$597K-30%
Central West $587K$593K-1%
Central East $525K$615K-15%
South $410K$513K-20%
K (+9%)
K (0%)
K (+3%)
$625 $755 $575 $755 $450 $250 $350 $450 $550 $650 $750 $850 $950 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24
Northwest Northeast Central West Central East South
K K K 18
By Submarket Rolling Last 12 Months (YoY%)
K
K
K (+14%) K
CLOSED SALE VOLUME
Overall closed sale volume for single-family was down nearly 30% for the quarter and almost 15% over the last 12 months
Despite the meaningful Central East decline during Q1, this area remains the only submarket higher over the last 12 months
Central submarkets remain the largest sale volume areas in Glen Ellyn
Submarket'24'23%
Northwest $4M$7M-47%
Northeast $1M$1MN/M
Central West $6M$10M-36%
Jan. –Mar. (YoY%) M
Central East $8M$11M-33%
South $3M$6M-55%
$29 $18 $45 $57 $10 $0 $25 $50 $75 $100 $125 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24
M (-22%)
(-29%)
Northwest Northeast Central West Central East South
M
M (-7%)
M (+7%)
M M M M M 19
Rolling Last 12 Months (YoY%)
By Submarket
M
(-61%)
Analyzing Glen Ellyn Home Types for Q1 2024
COMPARING HOME TYPES
Contracted Homes74725 Home Inventory2115 Contract Time11 days18 days10 days Price Discounts98%100%100% Price per Sq. Ft. $269$232$210 Closed Sale Price$520K$425K$260K Home TypeSingle FamilyTownhouseCondo 20 Closed Homes57524 9% 14% 0% 31% 28% 29% 29% 31% 12% 17% 2% 5% 67% 17% 0% 33% 28% 15% 1% 43% 29% 50% 56% 48%
New Listings86631
COMPARING SUBURBS
Analyzing Western Suburb Markets
Grove$530K20%$2371%10-57%
Ellyn$520K9%$26914%11-31%
SuburbMedian PriceQ1 YoY%Price / Sq. Ft.Q1 YoY%Contract DaysQ1 YoY% Clarendon Hills$735K-42%$30629%5-86% Downers
Elmhurst$588K22%$33621%12-33% Glen
Hinsdale$1.6M75%$37125%21-5% Lisle$520K28%$22316%1220% Lombard$353K8%$24817%11-35% Western Springs$718K6%$35019%5-50% Westmont$363K1%$204-3%6-14% Wheaton$473K11%$26421%7-42%
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Glen Ellyn Office 479 N Main St, Suite 230 Glen Ellyn, IL 60137
Compass is a licensed real estate broker and abides by federa l, state and local equal housing opportunity laws. All materialpr esented herein is intended for informational purposes only, is compiled fr om 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 li sted. Closed Volume based on MLS market share, includi ng off-market sales, from 4/1/23-3/31/24. #1 Compass Team in DuPage based on MLS Market Sh are, including off-market sales, all property types, from 4/1/2 3-3/31/24.
