Q2 2022 Q4 2023
HINSDALE HINSDALE LOCAL REAL LOCAL REAL ESTATE GUIDE 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
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.)
PRICE PER SQ. FT: ratio of the median price to the median sq. footage of a closed transaction as a relative price measure 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 on map above and may not include every home within village limits.
2
MARKET SUMMARY “Seller’s Market” Continues into the New Year with Very Low Home Inventory
Closed Homes (Q4)
Lower Activity
New Home Listings (Q4)
34%
Contracted Homes (Q4)
Fewer Available Homes
Home Inventory (December)
26%
“Seller’s market” with 15+ year low of available homes this time of year
Short Market Times
List to Contract Days (Q4)
Mostly a month or less; Central East, South and homes priced $1.5M – $2M longer in the quarter
Narrow Price Discounts
Sale Price Discounts (Q4)
Homes selling at a small discount; $2M+ at full ask and Central East with more negotiability
Flattening Sale Prices
Sale Price / Price Per Sq. Ft. (Q4)
Relative prices flattened but overall prices up significantly; meaningful variability across town
31%
27%
3
NEW LISTINGS By Price Range
Rolling Last 12 Months (YoY%)
Listings declined nearly 35% in Q4 across price ranges, except over $3M; Homes from $1.5– $2M remain up over the last 12 months
<$500K $1.5M – $1.99M
October and November were both down over 25% with December off more than 60% Listing activity likely to pick up with seasonal trends, but remain low near-term
$500K – $999K $2M – $2.99M
$1M – $1.49M $3M+
400
300
Oct. – Dec. (YoY%) '23
'22
%
<$500K
2
4
-50%
$500K - $999K
15
25
-40%
$1M - $1.49M
11
15
-27%
$1.5M - $1.99M
2
6
-67%
$2M - $2.99M
6
10
-40%
$3M+
6
4
50%
200
100
0
'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23
Price Range
101 (-38%) 82 (+26%) 80 (-37%) 45 (-25%) 24 (-11%) 13 (-59%) 4
By Submarket
Rolling Last 12 Months (YoY%)
Only Central East submarket was higher during the quarter (only 2 listings); all other areas down meaningfully
Northwest Central East
All Hinsdale areas continuing to show declines over the last 12 months (3 of 5 submarkets at historical lows)
300
Overall declines have taken each submarket below 90 new listings in 2023
250
Oct. – Dec. (YoY%)
200
'23
'22
%
Northwest
12
15
-20%
Northeast
5
15
-67%
Central West
7
16
-56%
Central East
12
10
20%
South
3
5
-40%
Central West
150 88 (-38%) 83 (-10%) 61 (-24%) 57 (-25%) 26 (-42%)
100 50 0
'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23
Submarket
Northeast South
5
CONTRACTED HOMES By Price Range
Rolling Last 12 Months (YoY%)
Contracted homes were down more than 30% during the quarter center on homes priced under $1.5M No contracts for homes <$500K during the quarter (often below land value); homes priced $2M – $3M still higher over the last 12 months
<$500K $1.5M – $1.99M
$500K – $999K $2M – $2.99M
$1M – $1.49M $3M+
200
Contracts will be limited until new listings begin to show increases 150
Oct. – Dec. (YoY%) '23
'22
%
<$500K
0
3
-100%
$500K - $999K
7
15
-53%
$1M - $1.49M
9
15
-40%
$1.5M - $1.99M
7
4
75%
$2M - $2.99M
4
4
0%
$3M+
2
1
100%
100
50
70 (-42%) 51 (-48%) 34 (-26%) 32 (+10%)
0
11 (-42%) 8 (-60%)
'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23
Price Range
6
By Submarket
Rolling Last 12 Months (YoY%)
Contract activity was lower across all submarkets, except the Central East (up 2 houses) and South (flat) Central West chart-topping increases began in 2019 and continued to mid-2021 before large declines
Northwest Central East
Northeast South
Central West
200
South Hinsdale has consistently lower overall home activity over time 150
Oct. – Dec. (YoY%) 100
Submarket
'23
'22
%
Northwest
9
10
-10%
Northeast
5
8
-38%
Central West
4
14
-71%
64 (-40%) 42 (-45%) 37 (-21%) 35 (-34%)
Central East
6
4
50%
14 (-48%)
South
2
2
0%
0
'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23
50
7
CLOSED HOMES By Price Range
Rolling Last 12 Months (YoY%)
Closed homes were down over 25% in Q4 driven by low closings below $1M
<$500K $1.5M – $1.99M
Very difficult to close on a home for under $500K (averaging less than 1 home per month) given land value in Hinsdale Closing activity expected to follow decline in listings / contracts with low home inventory
$500K – $999K $2M – $2.99M
$1M – $1.49M $3M+
250
200
Oct. – Dec. (YoY%)
150
'23
'22
%
<$500K
0
6
-100%
$500K - $999K
8
18
-56%
$1M - $1.49M
12
11
9%
$1.5M - $1.99M
10
8
25%
$2M - $2.99M
5
5
0%
$3M+
1
1
0%
100
50
0
'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23
Price Range
72 (-42%) 55 (-47%) 36 (-31%) 31 (-6%) 10 (-55%) 8 (-58%)
8
By Submarket
Rolling Last 12 Months (YoY%)
Closed activity was mostly lower during the quarter; Northwest was up by 1 home West submarkets had the most closings during the quarter and last 12 months; Central had 60%+ more closings than any other Hinsdale area
Northwest Central East
Northeast South
Central West
200
South Hinsdale is less than half of any other area over the last 12 months 150
Oct. – Dec. (YoY%) '23
'22
%
Northwest
10
9
11%
Northeast
4
9
-56%
Central West
10
14
-29%
Central East
5
8
-38%
South
3
4
-25%
100 70 (-34%) 43 (-48%) 36 (-25%) 33 (-47%) 15 (-53%)
50
0
'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23
Submarket
9
HOME INVENTORY By Price Range
Dec. Quarter End (YoY%)
Available homes declined over 25% on already very low inventory
<$500K $1.5M – $1.99M
Overall home inventory is down more than 70% from December 2020 Limited inventory expected to continue driving “seller’s market” conditions
$500K – $999K $2M – $2.99M
$1M – $1.49M $3M+
100
80
Dec. Trends (Relative%) 60 75% 50%
8% 13% 23% 23%
25%
37%
0%
12%
22% 10%
'19
'20
<$500K $1M – $1.49M $2M – $2.99M
14% 5% 12%
24%
31%
13% 15% 17% 15%
31% 7%
33% 7%
29%
'21
'22
'23
6% 12% 21% 9%
$500K – $999K $1.5M – $1.99M $3M+
40
20
0
'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23
100%
7% 10% 16% 18%
10 (-33%) 8 (+33%) 7 (0%) 4 (-50%) 3 (0%) 2 (-71%) 10
By Submarket
Dec. Quarter End (YoY%)
Home inventory is down materially across submarkets; Northwest was the only area that held flat with others lower
Northwest Central East
All Hinsdale submarkets currently have last than 10 homes available
Dec. Trends (Relative%) 100%
6% 25%
14% 23%
10% 31%
28%
21%
15% 26%
26% 16%
21% 14% 24%
'19 Northwest
'20 '21 Northeast
'22
Central East
South
75%
10% 23%
10% 30%
50%
25%
24% 11% 25%
25% 0%
19% 24%
'23 Central West
Central West
100
75
50
25
0
'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23
Low inventory expected to persist over the coming months
Northeast South
9 (-10%) 7 (0%) 6 (-33%) 4 (-64%) 3 (-50%) 11
CONTRACT TIME By Price Range
Rolling Last 12 Months (YoY%)
Days between listing date and contract signing varied by price range, but were mostly higher from a low day count Homes priced $2M – $3M went under twice as fast as last year in Q4; homes priced over $3M are still faster over the last 12 months Overall contract times remain short, but days increased going into year end
<$500K $1.5M – $1.99M
$500K – $999K $2M – $2.99M
$1M – $1.49M $3M+
350 300 250
Oct. – Dec. (YoY%)
200 '23
'22
%
<$500K
N/A
32
N/M
$500K - $999K
19
9
111%
$1M - $1.49M
33
14
136%
$1.5M - $1.99M
63
31
103%
$2M - $2.99M
30
63
-52%
$3M+
36
25
44%
150 100 50 0
'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23
Price Range
71 (+173%) 28 (-35%) 22 (+57%) 15 (+25%) 10 (0%) 9 (+29%) 12
By Submarket
Rolling Last 12 Months (YoY%)
Contract times were mixed in Q4 with only the Northeast and South shorter
Northwest Central East
Central East and South are taking 2x – 3x longer to contract compared to other areas during the last 12 months Only the North submarkets remain lower over the last 12 months
Northeast South
Central West
200
150
Oct. – Dec. (YoY%) '23
'22
%
Northwest
30
23
30%
Northeast
6
12
-50%
Central West
42
26
62%
Central East
32
16
100%
South
69
75
-8%
100
50
0
34 (+62%) 27 (+69%)
'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23
Submarket
11 (-8%) 10 (+43%) 10 (+11%) 13
PRICE DISCOUNTS By Price Range Closed price discounts tightened some during the quarter; homes under $2M sold at a 4% – 5% discount to asking price Homes priced $2M+ sold at full price in Q4; these ranges tightened the most Price discounts expected to remain narrow generally due to limited home availability
Rolling Last 12 Months (YoY%) <$500K $1.5M – $1.99M
$500K – $999K $2M – $2.99M
$1M – $1.49M $3M+ 99% (-1%) 98% (-2%) 98% (-1%) 98% (+2%)
100% 95%
93% (-1%)
Oct. – Dec. (YoY%)
90%
'23
'22
%
<$500K
N/A
90%
N/M
$500K - $999K
95%
98%
-2%
$1M - $1.49M
96%
96%
0%
$1.5M - $1.99M
95%
93%
2%
$2M - $2.99M
100%
87%
14%
$3M+
100%
94%
6%
85% 80% 75% 70%
'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23
Price Range
89% (-5%)
14
By Submarket
Rolling Last 12 Months (YoY%)
Narrowing discounts in most submarkets; only Central East widened and went to more than a 10% discount (only 5 closings)
Northwest Central East
South area continues to see homes sell near listing price (at full list in last 12 months) Buyers and sellers often meeting at 3% – 4% or tighter discount to the original asking price (situation dependent)
Oct. – Dec. (YoY%)
Northeast South
Central West
100%(+2%) 98% (0%) 98% (-1%) 97% (-3%)
100%
95%
94% (-2%)
90%
'23
'22
%
Northwest
95%
94%
2%
Northeast
95%
93%
2%
Central West
98%
96%
2%
Central East
87%
92%
-5%
South
98%
89%
9%
85%
80%
75%
'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23
Submarket
15
PRICE PER SQ. FT. By Price Range Relative prices often increase with absolute prices, which was generally the case in Q4; most price ranges seeing some increases Homes priced $1.5M – $2M declined 15%+ whereas homes over $3M increased 35%+ Relative pricing has been supported by limited home inventory and buyer demand
Rolling Last 12 Months (YoY%) <$500K $1.5M – $1.99M
$500K – $999K $2M – $2.99M
$1M – $1.49M $3M+
$700 $600 $549 (+23%)
Oct. – Dec. (YoY%)
$500
'23
'22
%
<$500K
N/A
$209
N/M
$500K - $999K
$286
$280
2%
$1M - $1.49M
$299
$296
1%
$1.5M - $1.99M
$373
$446
-16%
$2M - $2.99M
$419
$400
5%
$3M+
$568
$419
36%
$400
$363 (0%) $338 (-7%) $315 (+20%) $313 (+7%) $288 (+2%)
$300 $200 $100
'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23
Price Range
16
By Submarket
Rolling Last 12 Months (YoY%)
Hinsdale submarkets experienced mixed price per sq. ft. growth in Q4 (2 areas increased / 2 areas decreased / 1 are flat)
Northwest Central East
South moved 35% higher for the quarter (only 3 closings); Northwest up the most over the last 12 months despite a soft Q4
$400
East areas are the only submarkets down slightly over the last 12 months
$350
Oct. – Dec. (YoY%)
Northeast South
Central West
$345 (+15%) $337 (+3%) $316 (-2%) $312 (+10%)
$300
'23
'22
%
Northwest
$334
$336
-1%
Northeast
$271
$288
-6%
Central West
$309
$310
0%
Central East
$300
$255
18%
South
$445
$330
35%
$288 (-5%) $250
$200
$150
'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23
Submarket
17
CLOSED SALE PRICES By Submarket Overall sale prices were up meaningfully across Hinsdale, except Central East (flat)
Rolling Last 12 Months (YoY%) Northwest Central East
Central East remains the highest price area over the last 12 months despite the soft Q4; North and Central West at record levels Closed sale prices should be reviewed with price per sq. ft. to gauge overall trends
Northeast South
Central West
$2.5M $2.3M $2.0M
Oct. – Dec. (YoY%)
$1.8M $1.5M
Submarket
'23
'22
%
Northwest
$1.6M
$1.2M
35%
$1.3M
Northeast
$1.4M
$873K
62%
$1.0M
Central West
$1.4M
$1.0M
37%
$0.8M
Central East
$1.2M
$1.1M
-1%
South
$1.8M
$953K
90%
$1.5 M (+8%) $1.4M (+8%) $1.3 M (+11%) $1.3 M (+18%) $1.1 M (+14%)
'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23
$0.5M
18
CLOSED SALE VOLUME By Submarket Overall sale volume declined over 10% for the quarter and more than 35% over the last 12 months
Rolling Last 12 Months (YoY%) Northwest Central East
Northwest and South areas both increased in Q4; all areas lower over the last 12 months Central West remains largest sale volume area submarket by a longshot
Northeast South
Central West
$175M $150M $125M
Oct. – Dec. (YoY%)
$100M Submarket
'23
'22
%
Northwest
$17M
$14M
26%
Northeast
$6M
$8M
-31%
$50M
Central West
$14M
$15M
-8%
$25M
Central East
$6M
$13M
-51%
South
$5M
$4M
19%
$75M
$100 M (-28%) $64M (-37%) $59 M (-49%) $39 M (-19%) $23 M (-42%)
'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23
$0M
19
COMPARING HOME TYPES Analyzing Hinsdale Home Types for Q4 2023
Home Type
Single Family
Town Houses
Condos
New Listings
42
34%
1
67%
7
133%
Contracted Homes
29
31%
2
0%
5
29%
Closed Homes
36
27%
3
50%
3
57%
Home Inventory
34
26%
-
100%
1
67%
Contract Time
35 days
52%
-
100%
9 days
57%
Price Discounts
97%
1%
98%
1%
103%
12%
Price per Sq. Ft.
$306
0%
$258
13%
$409
91%
Closed Sale Price
$1.4M
25%
$350K
11%
$890K
137% 20
COMPARING SUBURBS Analyzing Western Suburb Markets
Suburb
Median Price
Q4 YoY%
Price / Sq. Ft.
Q4 YoY% Contract Days Q4 YoY%
Burr Ridge
$818K
2%
$247
20%
13
18%
Clarendon Hills
$515K
-32%
$325
26%
25
39%
Downers Grove
$480K
12%
$254
15%
10
-17%
Elmhurst
$553K
-1%
$291
10%
13
0%
Glen Ellyn
$577K
33%
$267
-2%
10
25%
Hinsdale
$1.4M
25%
$306
0%
35
52%
La Grange
$580K
-7%
$276
-3%
16
-20%
Oak Brook
$1.2M
44%
$261
32%
14
-64%
Western Springs
$750K
2%
$333
10%
4
-60%
21
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.
Hinsdale Office One Grant Square #201 Hinsdale, IL 60521