Q2 2022 HINSDALE LOCAL REAL ESTATE GUIDE Q1 2024 HINSDALE LOCAL REAL ESTATE GUIDE
METHODOLOGY
Overview of Terms and Hinsdale 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
(Rte. 83 to N. York Rd. / N. Garfield St. and Ogden Ave. to W. Chicago Ave.)
CENTRAL WEST
(Rte. 83 to S. Garfield St. and W. Chicago Ave. to W. 55th St.)
NORTHEAST
(Hwy. 294 to N. York Rd. / N. Garfield St. and Ogden Ave. to E. Chicago Ave.) Note: All figures represent detached single-family homes unless otherwise specified. Price range data based on the village of Hinsdale. Submarket figures based on the approximate areas identified
SOUTH
(South of 55th St.)
CENTRAL EAST
Hwy. 294 to S. Garfield St. and E. Chicago Ave. to E. 55th St.
2
within village
on map above and may not include every home
limits.
MARKET SUMMARY
“Seller’s Market” Continues into the Spring with Very Low Home Inventory
Overall and relative prices increased significantly; some variability across submarkets
Short Market Times List to Contract Days (Q1) Mostly a month or less; certain areas and/or price ranges longer (e.g., Central West in Q1) Limited Price Discounts Sale Price Discounts (Q1) Homes selling at a small discount; homes priced $1.5M – $2M and in the Northeast at full ask
Sale Prices Sale Price / Price Per Sq. Ft. (Q1) Home Inventory (March) 29% “Seller’s market” with 15+ year low of available homesthis time of year
Homes Lower Activity New Home Listings (Q1) Contracted Homes (Q1) 25% 22% Closed Homes (Q1) 30% 3
Strong
Fewer Available
NEW LISTINGS
By Price Range
Listings declined over 20% in Q1 driven by homes priced under $1M; Homes priced from $1.5 –$2M remain up over the last 12 months
While January new listings were down 40%, each month moving forward declined less
Listing activity expected to pick up with seasonal trends, but remain low near-term
Rolling Last 12 Months (YoY%)
7 82 82 85 49 26 0 100 200 300 400 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 <$500K $500K –$999K $1M –$1.49M $1.5M –$1.99M $2M –$2.99M $3M+ (-48%) (-76%) (+42%)
–Mar.
4
Jan.
(YoY%)
(0%) (-4%) Price Range'24'23% <$500K 17-86% $500K - $999K 1638-58% $1M - $1.49M 211911% $1.5M - $1.99M 17166% $2M - $2.99M 12933% $3M+ 6520% (-27%)
Northeast submarket was higher during the quarter (only 3 listings more), but all other areas were down
All areas continuing to show declines during the last 12 months (including 2 of 5 submarkets at historical lows)
Each submarket now below 85 new listings over the last 12 months
5
By Submarket
Jan. –Mar. (YoY%) 81 60 72 62 24 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 (-15%) (-10%) (-44%) (-35%) (-15%) Submarket'24'23% Northwest 1823-22% Northeast 131030% Central West 1632-50% Central East 1415-7% South 46-33%
Rolling Last 12 Months (YoY%)
CONTRACTED HOMES
Contracts were down 25% during the quarter mostly driven by homes priced $500K –$1M
Only 1 contract for homes <$500K during the quarter (often near land value); homes priced $2M+ are still higher over the last 12 months
Contracts will be limited until new listings begin to show increases
6
By Price Range
Jan. –Mar. (YoY%) 8 59 50 33 30 15 0 50 100 150 200 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 <$500K $500K –$999K $1M –$1.49M $1.5M –$1.99M $2M –$2.99M $3M+ (-45%) (-43%) (-33%) (-6%) (+7%) (+25%) Price Range'24'23% <$500K 12-50% $500K - $999K 1832-44% $1M - $1.49M 1214-14% $1.5M - $1.99M 67-14% $2M - $2.99M 78-13% $3M+ 41N/M
Rolling Last 12 Months (YoY%)
Contract activity was lower across all submarkets in Q1, except Central East (flat)
Central West chart-topping increases began in 2019 and continued to mid-2021 before large declines (down the most over the last 12 months)
South Hinsdale has consistently lower overall home activity over time
7
Jan. –Mar. (YoY%) 43 34 53 36 13 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 (-19%) (-23%) (-40%) (-38%) (-20%) Submarket'24'23% Northwest 1112-8% Northeast 711-36% Central West 1223-48% Central East 10100% South 34-25%
By Submarket Rolling Last 12 Months (YoY%)
CLOSED HOMES
Closed homes were down 30% in Q1 driven by lower closings below $1.5M
Very difficult to close on a home for under $500K (averaging less than 1 per month); closings for homes below $1M currently at historical lows over the last 12 months
Closing activity expected to follow decline in listings / contracts with low home inventory
8
(YoY%) Jan. –Mar. (YoY%) 8 60 49 38 34 11 0 50 100 150 200 250 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 <$500K $500K –$999K $1M –$1.49M $1.5M –$1.99M $2M –$2.99M $3M+ (-44%) (-62%) (-44%) (-17%) (+13%) (-15%) Price Range'24'23% <$500K 13-67% $500K - $999K 820-60% $1M - $1.49M 410-60% $1.5M - $1.99M 42100% $2M - $2.99M 8560% $3M+ 30N/M
By Price Range Rolling Last 12 Months
Closed activity was mostly lower during the quarter; Northwest and Central East were slightly higher (South was flat)
West submarkets had the most closings during the last 12 months; Central West saw 45% more closings than any area
South Hinsdale is about half or less of any other area over the last 12 months
9
Jan. –Mar. (YoY%) 44 29 64 34 15 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 (-41%) (-35%) (-30%) (-38%) (-35%) Submarket'24'23% Northwest 8714% Northeast 411-64% Central West 511-55% Central East 6520% South 330%
By Submarket Rolling Last 12 Months (YoY%)
HOME INVENTORY
Available homes declined nearly 30% on already very low inventory
Overall home inventory is down nearly 85% from March 2020
Limited inventory expected to continue driving “seller’s market” conditions
Mar. Trends (Relative%)
12% 9% 9% 12% 3% 34% 20% 26% 25% 14% 22% 25% 15% 12% 22% 16% 21% 19% 25% 24% 9% 16% 23% 13% 22% 7% 9% 9% 13% 16% 0% 25% 50% 75% 100% '20'21'22'23'24 <$500K $500K –$999K $1M –$1.49M $1.5M –$1.99M $2M –$2.99M $3M+
10
Mar. Quarter End (YoY%) 1 5 8 9 8 6 0 15 30 45 60 75 90 105 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 <$500K $500K –$999K $1M –$1.49M $1.5M –$1.99M $2M –$2.99M $3M+ (-62%) (+33%) (-14%) (+14%) (-83%) (-31%)
By Price Range
Home inventory is down materially across submarkets; all areas were lower
All submarkets currently have 10 homes or fewer available
Low inventory expected to persist over the coming months
23% 32% 15% 26% 28% 18% 15% 12% 13% 13% 25% 18% 29% 24% 22% 24%26% 32% 24% 31% 10% 9% 12% 13% 6% 0% 25% 50% 75% 100% '20'21'22'23'24 Northwest Northeast Central West Central East South
11 By Submarket Mar. Quarter End (YoY%) Mar. Trends (Relative%) 9 4 7 10 2 0 25 50 75 100 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 Northwest Northeast Central West Central East South (-33%) (-25%) (-36%) (-67%) (-9%)
CONTRACT TIME
Days between listing date and contract signing varied by price range, but time overall was a little shorter
Homes priced $1M –$1.5M took much longer in Q1 than last year while homes from $1.5M –$2M contracted in only a few days
Overall contract times remain short, but dependent on price range and situation
12
(YoY%) Jan. –Mar. (YoY%) 65 11 9 12 21 22 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 <$500K $500K –$999K $1M –$1.49M $1.5M –$1.99M $2M –$2.99M $3M+ (-5%) (+10%) (0%) (+141%) (+50%) (-19%) Price Range'24'23% <$500K 19117-84% $500K - $999K 251932% $1M - $1.49M 4513N/M $1.5M - $1.99M 422-82% $2M - $2.99M 2345-49% $3M+ 1N/AN/A
By Price Range Rolling Last 12 Months
Contract times were mixed in Q1 with Central West much longer and Eastern areas plus South much shorter
Northeast submarket was very quick during the quarter at under a week
Only the North submarkets have not increased over the last 12 months (both flat)
13 By Submarket Rolling Last 12 Months (YoY%) Jan. –Mar. (YoY%) 11 7 11 32 17 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 (0%) (0%) (+57%) (+6%) (+33%) Submarket'24'23% Northwest 23225% Northeast 514-64% Central West 455N/M Central East 28117-76% South 1745-62%
PRICE DISCOUNTS
By Price Range
Closed price discounts tightened some during the quarter; homes under $500K continue to sell for the largest discounts
Homes priced $1.5M –$2M sold at full price in Q1, but all other ranges had a discount
Price discounts expected to remain narrow due to limited home availability
Jan. –Mar. (YoY%)
Price Range'24'23%
<$500K 92%80%12%
$500K - $999K 97%95%2%
$1M - $1.49M 98%98%0%
$1.5M - $1.99M 100%99%1%
$2M - $2.99M 97%97%1%
$3M+ 97%N/AN/A
Rolling Last 12 Months (YoY%)
91% 98% 99% 98% 98% 94% 70% 75% 80% 85% 90% 95% 100% '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 <$500K $500K –$999K $1M –$1.49M $1.5M –$1.99M $2M –$2.99M $3M+ (-2%) (-1%) (-1%) (-2%) (+1%) (+1%)
14
By Submarket
Price discounts narrowed in most areas; only Central West widened (slightly)
Despite the Central East tightening during Q1, this submarket still trades with larger discounts over the last 12 months
Buyers and sellers often meeting at 2% –3% or less discount to the original asking price
Rolling Last 12 Months (YoY%)
15
Jan. –Mar. (YoY%) 98% 98% 98% 94% 100% 75% 80% 85% 90% 95% 100% '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 Northwest Northeast Central West Central East South (-2%) (0%) (-1%) (+3%) (-2%) Submarket'24'23% Northwest 97%97%1% Northeast 100%99%1% Central West 98%99%-1% Central East 97%94%3% South 99%96%4%
PRICE PER SQ. FT.
Relative prices often increase with absolute prices, but this trend was not apparent in Q1
Homes priced $1M –$2M declined for the quarter and are now down over the last 12 months as well
Relative pricing has been supported by limited home inventory and buyer demand
$500K - $999K $362$26736%
$1M - $1.49M $288$385-25%
$1.5M - $1.99M $290$323-10%
$2M - $2.99M $406$34817%
$3M+ $436N/AN/A
16
$330 $298 $307 $338 $382 $529 $100 $200 $300 $400 $500 $600 $700 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 <$500K $500K –$999K $1M –$1.49M $1.5M –$1.99M $2M –$2.99M $3M+ (+10%) (-1%) (+24%) (-7%) (+34%)
By Price Range Rolling Last 12 Months (YoY%) Jan. –Mar. (YoY%)
(+2%) Price Range'24'23% <$500K $300$20149%
By Submarket
Hinsdale submarkets experienced mixed price per sq. ft. trends in Q1; Northern areas declined with others increasing
Central West and South set records over the last 12 months
Despite the huge Q1 increase, Central East is still down slightly over the last 12 months
Submarket'24'23%
Northwest $319$345-8%
Northeast $285$297-4%
Central West $425$32431%
Central East $401$24961%
South $402$33022%
17
–Mar.
$338 $324 $355 $296 $356 $150 $200 $250 $300 $350 $400 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24
Northeast
South (+6%) (+8%) (+8%) (+16%) (-2%)
Rolling Last 12 Months (YoY%) Jan.
(YoY%)
Northwest
Central West Central East
CLOSED SALE PRICES
Overall sale prices were up meaningfully across Hinsdale, except South (roughly flat)
Northern areas showed meaningful sale price increases (due to mix) despite relative price per sq. ft. declines in Q1
Closed sale prices should be reviewed with price per sq. ft. to gauge overall trends
Jan. –Mar. (YoY%)
Submarket'24'23%
Northwest $2.2M$1.3M75%
Northeast $1.4M$875K63%
Central West $1.7M$1.3M30%
Central East $1.8M$875K106%
South $1.1M$1.1M-1%
Northwest Northeast Central West
Central East South
M (+22%)
M (+30%)
M (+3%)
M (+11%)
M (+35%)
$1.6 $1.3 $1.3 $1.6 $1.4 $0.5 $0.8 $1.0 $1.3 $1.5 $1.8 $2.0 $2.3 $2.5 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24
M M M M M M 18
M M M
By Submarket Rolling Last 12 Months (YoY%)
CLOSED SALE VOLUME
Overall closed sale volume for single-family increased over 5% for the quarter, but remains 25% lower over the last 12 months
Northwest and Central East increased in Q1; all areas were lower over the last 12 months
Despite the soft quarter, Central West remains the largest closed sale volume area
Northwest Northeast Central West
Central East South
Submarket'24'23%
Northwest $15M$10M57%
Jan. –Mar. (YoY%) M (-27%)
Northeast $5M$10M-47%
Central West $9M$14M-34%
Central East $13M$6M133%
South $4M$4M-2%
$70 $34 $95 $67 $23 $0 $25 $50 $75 $100 $125 $150 $175 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24
M M M M M 19
Submarket Rolling Last 12 Months (YoY%) M M M
By
M (-29%) M (-21%) M (-21%)
M (-25%)
Analyzing Hinsdale Home Types for Q1 2024
COMPARING HOME TYPES
New Listings73310 Contracted Homes4826 Home Inventory3713 Contract Time21 days99 days26 days Price Discounts98%98%99% Price per Sq. Ft. $371$341$279 Closed Sale Price$1.6M$1.1M$530K Home TypeSingle FamilyTownhouseCondo 20 Closed Homes2817 75% 25% 2% 5% 29% 30% 25% 22% N/M 40% 0% N/M 86% 67% 50% 73% 45% 13% 3% 18% 50% 17% 40% 11%
COMPARING SUBURBS
Ridge$1.0M11%$22313%35169%
Hills$735K-42%$30629%5-86%
Grove$530K20%$2371%10-57%
Ellyn$520K9%$26914%11-31%
Grange$725K35%$3089%5-69% Oak Brook$1.2M35%$29520%14-77%
Springs$718K6%$35019%5-50%
SuburbMedian PriceQ1 YoY%Price / Sq. Ft.Q1 YoY%Contract DaysQ1 YoY% Burr
Clarendon
Downers
Elmhurst$588K22%$33621%12-33% Glen
Hinsdale$1.6M75%$37125%21-5% La
Western
21
Analyzing Western Suburb Markets
Hinsdale Office
One Grant Square #201
Hinsdale, IL 60521
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 pr lume based on MLS market share, including off-market sales, from 4/1/23-3/31/24. #1 Compass Team in DuPage based on MLS Market Share, including off-market sales, all property types, from 4/1/23-3/31/24.
