Q3 2023
LOMBARD
LOCAL REAL ESTATE GUIDE
LOMBARD OVERALL “Seller’s Market” Continues into the Fall with Very Low Home Inventory
Lower Activity
New Home Listings (Q3)
30%
Contracted Homes (Q3)
Fewer Available Homes
Home Inventory (September)
55%
“Seller’s market” with 15+ year low of available homes this time of year
Short Market Times
List to Contract Days (Q3)
Homes going under contract very quickly in one week or less
Limited Price Discounts
Sale Price Discounts (Q3)
Homes consistently selling at or above full asking price across submarkets
Near Record Prices
Sale Price / Price Per Sq. Ft. (Q3)
Higher relative prices across Lombard; slightly lower than August highs
9%
Closed Homes (Q3)
10%
2
LOMBARD SUBMARKETS Defining the Lombard Submarkets
1. 1 North
North Ave. to St. Charles Rd. and Rte. 53 to Grace Ave.
22. West
St. Charles Rd. to Roosevelt Rd. and Hwy. 355 to Main St.
3 Central
St. Charles Rd. to Roosevelt Rd. and Main St. to Grace Ave. / Fairview Ave
4 East
North Ave. to Roosevelt Rd. and Grace Ave. / Fairview Ave. to Villa Park
5. 5 South
South of Roosevelt Rd. to Butterfield Rd.
1
2
Note: Submarket figures based on the approximate areas identified on map above and do not include every home within village limits.
4 3
5
3
1
NORTH LOMBARD Submarket Overall – Q3 2023
34
25
11
New Listings
Under Contract
Closed Homes
Prior
9% Year
Prior
35% Year
24% Year
Prior
Available Homes Prior
45% Year
5 $330K
$230
102%
Sale Price
Price / Sq. Ft.
% List Price
11% Prior Year
2% Year
Prior
2% Year
Prior
Days to Contract
29% Prior Year
North Lombard experienced fewer new listings, but more contracts and closings driving down inventory. Overall and relative prices moved higher with homes selling over asking price quickly. 4
Submarket Home Types – Q3 2023
Home Type
Single Family Single Family
Houses Town House
Condos Condo
New Listings
33
6%
-
1
90%
Under Contract
24
41%
-
1
83%
Closed Homes
34
55%
-
5
17%
Available Homes
11
27%
-
-
Sale Price
$348K
1%
-
$157K
25%
Price / Sq. Ft.
$233
9%
-
$225
24%
% List Price
103%
2%
-
101%
6%
Days to Contract
6 days
14%
-
5 days
83%
.
5
2
WEST LOMBARD Submarket Overall – Q3 2023
21
35
9
New Listings
Under Contract
Closed Homes
Prior
36% Year
Prior
56% Year
13% Year
Prior
Available Homes Prior
13% Year
5 $310K
$216
101%
Sale Price
Price / Sq. Ft.
% List Price
6% Prior Year
1% Year
Prior
2% Year
Prior
Days to Contract
17% Prior Year
West Lombard saw large declines in contracts and closings, which slightly increased inventory. While overall prices decreased due to mix, relative prices increased as homes sold quickly. 6
Submarket Home Types – Q3 2023
Home Type
Single Family Single Family
Houses Town House
Condos Condo
New Listings
25
24%
-
10
43%
Under Contract
13
50%
-
8
14%
Closed Homes
12
64%
-
7
30%
Available Homes
8
0%
-
1
0%
Sale Price
$350K
8%
-
$169K
23%
Price / Sq. Ft.
$249
12%
-
$194
22%
% List Price
101%
1%
-
104%
2%
Days to Contract
5 days
29%
-
5 days
0%
.
7
3
CENTRAL LOMBARD Submarket Overall – Q3 2023
16
19
4
New Listings
Under Contract
Closed Homes
Prior
30% Year
Prior
5% Year
53% Year
Prior
Available Homes Prior
64% Year
6 $345K
$254
100%
Sale Price
Price / Sq. Ft.
% List Price
25% Prior Year
0% Year
Prior
7% Year
Prior
Days to Contract
14% Prior Year
Central Lombard experienced broad-based declines in activity. With extremely low inventory, overall and relative prices surged as homes went under contract quickly for full price. 8
Analyzing Home Types – Q3 2023
Home Type
Single Family Single Family
Houses Town House
Condos Condo
New Listings
18
47%
-
1
75%
Under Contract
15
29%
-
1
0%
Closed Homes
20
5%
-
1
0%
Available Homes
4
56%
-
-
Sale Price
$351K
9%
-
$238K
116%
Price / Sq. Ft.
$254
18%
-
$254
87%
% List Price
101%
1%
-
98%
7%
Days to Contract
6 days
14%
-
11 days
10%
.
9
4
EAST LOMBARD Submarket Overall – Q3 2023
33
27
7
New Listings
Under Contract
Closed Homes
Prior
7% Year
Prior
13% Year
39% Year
Prior
Available Homes Prior
67% Year
5 $333K
$238
102%
Sale Price
Price / Sq. Ft.
% List Price
9% Prior Year
2% Year
Prior
11% Year
Prior
Days to Contract
29% Prior Year
East Lombard saw mixed activity with a large drop in listings pushing home inventory down significantly. Overall and relative prices increased with homes selling above asking price quickly. 10
Submarket Home Types – Q3 2023
Home Type
Single Family Single Family
Houses Town House
Condos Condo
New Listings
27
36%
2
67%
4
33%
Under Contract
21
0%
3
50%
3
50%
Closed Homes
29
53%
1
88%
4
33%
Available Homes
4
75%
2
33%
1
50%
Sale Price
$360K
13%
$320K
13%
$301K
9%
Price / Sq. Ft.
$241
4%
$202
6%
$222
6%
% List Price
102%
3%
111%
5%
104%
4%
Days to Contract
5 days
38%
5 days
17%
5 days
55%
.
11
5
SOUTH LOMBARD Submarket Overall – Q3 2023
63
64
11
New Listings
Under Contract
Closed Homes
Available Homes
Prior
10% Year
Prior
2% Year
Prior
56% Year
25% Year
Prior
4 $302K
$195
101%
Sale Price
Price / Sq. Ft.
% List Price
Days to Contract
7% Prior Year
1% Year
Prior
33% Prior Year
Prior
2% Year
South Lombard experienced mixed activity with contracts increasing amongst other declines. Overall and relative prices increased with homes selling for over asking price quickly. 12
Submarket Home Types – Q3 2023
Home Type
Single Family Single Family
Houses Town House
Condos Condo
New Listings
13
61%
14
17%
36
8%
Under Contract
11
52%
17
89%
36
39%
Closed Homes
17
29%
21
75%
28
10%
Available Homes
5
58%
1
50%
5
55%
Sale Price
$375K
1%
$322K
2%
$190K
7%
Price / Sq. Ft.
$216
10%
$208
1%
$175
6%
% List Price
101%
0%
102%
2%
100%
0%
Days to Contract
5 days
44%
3 days
40%
5 days
0%
.
13
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. #1 Compass team in DuPage County based on MRED BrokerMetrics for closed transaction volume dates 1/1/23 – 9/30/23 across all residential property types.
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