2024
LOCAL REAL ESTATE GUIDE
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.)
NORTHEAST
CENTRAL WEST
(West of Park Blvd. / South of Pennsylvania Ave. to Roosevelt Rd.)
(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.)
MARKET SUMMARY
“Seller’s Market” Remains with Varied Market Activity and Low Inventory
“Seller’s market” with 15+ year low of available homesthis time of year (tied with last year)
to Contract Days (Q3) Mostly a week or less across price ranges and submarkets; South area was longer
Many homes selling around or above full asking price; Northwest had more discount in Q3
Prices leveled from late summer highs; certain areas and prices ranges continue to increase
NEW LISTINGS
By Price Range
New listings were mostly flat overall in Q3; only homes priced $400K –$700K were higher for the quarter
July listings fell 15%+ with August reversing to be up 15%+ and then September was flat
Listing activity expected to be limited with seasonal trends going into year end
Rolling Last 12 Months (YoY%)
Range'24'23%
1522-32%
By Submarket
Q3 experienced mixed listing activity across submarkets (3 areas lower / 2 areas higher)
Eastern areas are down meaningfully for the quarter, but western submarkets declined the most over the last 12 months
South had a very strong quarter from a low base of listings last year; this area is the only submarket higher over the last 12 months
Jul. –Sept. (YoY%)
Northwest Northeast Central West Central East South
CONTRACTED HOMES
By Price Range
Contracted homes declined over 10% for the quarter; only homes priced $1M+ showed an increase in contracts
Contracts were down consistently in each month of Q3 (all down 10% –15%)
Contract activity will be soft near-term with low listings and inventory flat Jul. –Sept. (YoY%)
Range'24'23%
1316-19%
- $699K 3940-3% $700K - $999K 919-53%
By Submarket Rolling Last 12 Months (YoY%)
Glen Ellyn submarkets were mixed in Q3 (3 areas higher / 2 areas lower); Central submarkets driving all the decline
Consistent with more new listings, South saw a large increase and is now higher over the last 12 months
Northeast is again the lowest contract submarket over the last 12 months
Jul. –Sept. (YoY%)
Northwest Northeast Central West
Central East South
CLOSED HOMES
By Price Range
Closed homes increased 5% in Q3 driven by homes priced from $400K –$1M
Homes priced under $400K remain near record lows for closings due to overall increases in Glen Ellyn sale prices
Closings will continue to be limited until more home inventory is available Jul. –Sept. (YoY%)
Price Range'24'23%
1719-11%
By Submarket
Glen Ellyn submarkets were mixed during the quarter (3 lower / 2 higher)
Eastern submarket closings remain higher over last 12 months (Northeast closings are up the most during this timeframe)
South bounced off historic lows over the last 12 months with the large increase in Q3
Last 12 Months (YoY%)
Northwest Northeast Central West Central East South
HOME INVENTORY
By Price Range
Available homes were flat in Q3 from last year and remain at historical lows
Homes priced $400K –$700K represent 60% of inventory; homes priced over $1M are 20% of inventory
Scarce inventory expected to continue driving “seller’s market” conditions
Sept. Trends (Relative%)
Sept. Quarter End (YoY%)
By Submarket
Home inventory is down meaningfully across Glen Ellyn submarkets; South area increased by only 2 homes from last year
Very limited home availability in all areas (fewer than 5 homes, except Central West)
Central submarkets represent nearly 50% of all available homes
Northwest Northeast Central West Central East South
Northwest Northeast Central West
Central East South
CONTRACT TIME
Days between listing date and contract signing have been low for a couple years (now a week or less across price ranges)
Contract time varied only slightly during the quarter, except under $400K fell by 5 days
Expect contract times to remain short with very limited home availability
By Submarket
Contract times were relatively quick in most areas during Q3; South extended as the only area beyond a week
Northern and Central East areas are 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
Northwest Northeast Central West Central East South
PRICE DISCOUNTS
By Price Range
Price discounts were very limited in Q3 with most homes selling around or above full asking price across price ranges
Homes priced from $700K –$1M sold at a premium during the quarter and over the last 12 months
Price discounts expected to remain narrow given limited home inventory
Jul. –Sept. (YoY%)
Price Range'24'23%
Rolling Last 12 Months (YoY%)
By Submarket
Glen Ellyn submarket price discounts were limited during the quarter; Northwest saw a modest discount to asking price
Northeast and Central West experienced sales at a premium to asking price in Q3
Northwest was the only submarket below asking price over the last 12 months
Jul. –Sept. (YoY%)
Rolling Last 12 Months (YoY%)
Northwest Northeast Central West Central East South
PRICE PER SQ. FT.
By Price Range
Price per sq. ft. was mostly flat in Q3; only homes priced $400K –$700K showed relative prices declining (most closings in this range)
Relative prices set new highs in August (three-month trailing period), but September nearly returned to last year’s levels
Pricing environment remains strong, but increases have slowed into the fall
Rolling Last 12 Months (YoY%)
Price Range'24'23%
By Submarket
Glen Ellyn submarkets were mostly up for the quarter, especially the Northeast
Northwest area increased in Q3 despite lower overall closed sale prices (driven by home mix)
All areas at or near records over the last 12 months; South submarket now the only area below $300 per sq. ft.
Rolling Last 12 Months (YoY%)
CLOSED SALE PRICES
By Submarket
Closed sale prices generally show more variability than relative prices (impacted by mix and number of closings in each area)
Northwest and Central East are the only areas lower over the last 12 months; Northeast and Central West up 20%+
Overall prices mostly trended consistent with relative sale prices during the quarter
Rolling Last 12 Months (YoY%)
Northwest Northeast Central West Central East South
CLOSED SALE VOLUME
By Submarket
Overall closed sale volume for single-family houses increased 5%+ for the quarter and nearly the same over the last 12 months
Northeast submarket is now up 75%+ over the last 12 months after another strong quarter; South is bouncing off low sale volumes
Central submarkets remain the largest closed sale volume areas in Glen Ellyn
–Sept. (YoY%)
Last 12
Months
(YoY%)
Northwest Northeast Central West
Central East South
COMPARING HOME TYPES
Analyzing Glen Ellyn Home Types for Q3 2024
COMPARING SUBURBS
