Q2 2022
LOCAL REAL ESTATE GUIDE Q2 2024
HINSDALE
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.)
CENTRAL EAST
Hwy. 294 to S. Garfield St. and E. Chicago Ave. to E. 55th St.
SOUTH
(South of 55th St.)
MARKET SUMMARY
“Seller’s Market” Continues into the Summer with Very Low Home Inventory
(Q2)
2 weeks or lesstime to contract across
South area was longer in Q2
NEW LISTINGS
By Price Range
Listings increased nearly 5% in Q2; mixed quarter across price ranges (3 higher / 3 lower)
Meaningful variability each month as April was flat and then a large May jump (85%+) followed by a big June decline (~40%)
Listing activity expected to slow some due to seasonal trends and remain low near-term
Apr.
–Jun. (YoY%)
Price Range'24'23%
<$500K 42100%
$500K - $999K 2326-12%
$1M - $1.49M 322528%
$1.5M - $1.99M 3133-6%
$2M - $2.99M 1722-23%
$3M+ 126100%
Rolling Last 12 Months (YoY%)
By Submarket
Hinsdale submarkets also varied during the quarter (3 higher / 2 lower)
Northwest and Central East have now moved higher over the last 12 months with recent increases
South listings remain very low (down the most in Q2 and over the last 12 months)
Northwest Northeast Central West Central East South
CONTRACTED HOMES
By
Price Range
Contracts were up 15% during the quarter driven by homes priced $1M –$2M and $3M+
Most of the last 12 months of contracts for homes <$500K occurred in Q2; ranges higher in the quarter are also up over the last 12 months
Contracts will continue to be limited by low listing activity and a shortage of inventory
Range'24'23%
94125%
By Submarket
Contract activity was higher across all submarkets in Q2, except South (flat)
Central West chart-topping increases began in 2019 and continued to mid-2021 before large declines (now flattening)
South area has consistently lower overall home activity (and declined the most over the last 12 months)
Last 12 Months (YoY%)
Northwest Northeast Central West Central East South
CLOSED HOMES
By Price Range
Closed homes increased nearly 15% in Q2 driven by higher closings above $1M
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
Closings likely to increase more near-term from additional contract activity
Range'24'23%
63100%
By Submarket
Closed activity was mixed across areas during the quarter (3 higher / 2 lower)
Central West has the most closings despite another decrease in Q2 and the largest decline over the last 12 months
South area is less than half of any other submarket (averaging about a close a month)
Northwest Northeast Central West Central East South
HOME INVENTORY
By Price Range
Available homes declined more than 30% on already very low inventory
Overall home inventory is down ~85% from June 2020 (incredible!)
Limited inventory expected to continue driving “seller’s market” conditions
Jun. Trends (Relative%)
Jun. Quarter End (YoY%)
By Submarket
Home inventory is down materially across submarkets; only Northeast area is flat
All submarkets currently have fewer than 10 homes available
Low inventory expected to persist over the coming months
Jun. Quarter End (YoY%)
Northwest Northeast Central West Central East South
Northwest Northeast Central West Central East South
CONTRACT TIME
By Price Range Rolling Last 12 Months (YoY%)
Days between listing date and contract signing varied by price range, but overall time was mostly lower
Homes priced $1M –$1.5M took a day longer in Q2 and this is the only price range that increased over the last 12 months Overall contract times shortened more in an already fast-moving market
Apr. –Jun. (YoY%)
Price Range'24'23%
<$500K 770-90%
$500K - $999K 611-45%
$1M - $1.49M 6520% $1.5M - $1.99M 810-20%
$2M - $2.99M 1016-38%
$3M+ 1422-36%
By Submarket
Contract times were mixed in Q2 across submarkets (3 longer / 2 shorter); South area days more than doubled
Central submarkets were very quick during the quarter at under a week
Only the Northwest area has longer contract times over the last 12 months
Northwest Northeast Central West Central East South
PRICE DISCOUNTS
By Price Range
Closed price discounts tightened overall during the quarter (despite some variability)
Homes priced $1M –$1.5M sold at full price in Q2 and this was the only price range with no discount during the last 12 months
Price discounts expected to remain narrow due to limited home availability
Apr. –Jun. (YoY%)
Price Range'24'23%
<$500K 96%90%6%
$500K - $999K 99%98%2%
$1M - $1.49M 100%101%-1%
$1.5M - $1.99M 97%99%-1%
$2M - $2.99M 100%98%2%
$3M+ 93%94%-1%
Rolling Last 12 Months (YoY%)
By Submarket
Price discounts narrowed during the quarter in most areas with the Central submarkets at or near full asking price
Northern and South areas closed with the widest discounts during Q2; however, South is the narrowest over the last 12 months
Transactions mostly closing with a small discount (but some cases full asking price)
Apr. –Jun. (YoY%)
Rolling Last 12 Months (YoY%)
Northeast Central West Central East South
PRICE PER SQ. FT.
By Price Range
Relative prices often increase with absolute prices, but this trend wasn’t consistent in Q2
Homes priced $1M –$1.5M declined slightly for the quarter and this range is also down a little over the last 12 months
Relative pricing has been supported by limited home inventory and buyer demand
Apr. –Jun. (YoY%)
Price Range'24'23% <$500K $334$360-7% $500K - $999K $313$28211% $1M - $1.49M $312$315-1%
$1.5M - $1.99M $346$30513%
$2M - $2.99M $381$3761%
$3M+ $557$5580%
Rolling Last 12 Months (YoY%)
By Submarket
Hinsdale submarkets experienced mostly higher relative price trends in Q2 (3 areas increased / 2 areas decreased)
South set records over the last 12 months; other areas were also higher during this timeframe, except Northeast (flat)
South area expected to normalize some with more data (only 3 closings in Q2)
Rolling Last 12 Months (YoY%)
CLOSED SALE PRICES
By Submarket
Overall sale prices were up meaningfully across Hinsdale submarkets; Central East jumped to more than $2M in Q2
Northeast and Central West showed sale price increases (due to mix) despite relative price per sq. ft. declines in the quarter
Closed sale prices should be reviewed with price per sq. ft. to gauge overall trends
Apr. –Jun. (YoY%)
Northwest Northeast Central West Central East South
CLOSED SALE VOLUME
By Submarket Rolling Last 12 Months (YoY%)
Overall closed sale volume for single-family homes increased nearly 30% in Q2, but is only modestly higher over the last 12 months
Eastern submarkets saw the largest increases in the quarter; South area is up the most over the last 12 months
Despite another soft quarter, Central West remains the largest closed sale volume area
Apr. –Jun. (YoY%)
Northwest Northeast Central West Central East South
COMPARING HOME TYPES
Analyzing Hinsdale Home Types for Q2 2024
COMPARING SUBURBS
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 7/1/23-6/30/24.
