Q4 2023
LOMBARD
LOCAL REAL ESTATE GUIDE
LOMBARD OVERALL “Seller’s Market” Continues into the New Year with Very Low Home Inventory
Lower Activity
New Home Listings (Q4)
3%
Contracted Homes (Q4)
Fewer Available Homes
Home Inventory (December)
36%
“Seller’s market” with 15+ year low of available homes this time of year
Short Market Times
List to Contract Days (Q4)
Homes going under contract quickly around one week or less in many cases
Limited Price Discounts
Sale Price Discounts (Q4)
Homes consistently sold at or close to full asking price across submarkets
Strong Prices
Sale Price / Price Per Sq. Ft. (Q4)
Higher prices from Q4 last year, but below late summer / early fall highs
2%
Closed Homes (Q4)
15%
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 – Q4 2023
24
20
10
New Listings
Under Contract
Closed Homes
Prior
23% Year
Prior
50% Year
20% Year
Prior
Available Homes Prior
9% Year
7 $325K
$236
99%
Sale Price
Price / Sq. Ft.
% List Price
10% Prior Year
1% Year
Prior
14% Year
Prior
Days to Contract
53% Prior Year
North Lombard experienced broad declines in activity driving down inventory and increasing prices meaningfully. Homes sold near asking price in about a week. 4
Submarket Home Types – Q4 2023
Home Type
Single Family Single Family
Houses Town House
Condos Condo
New Listings
20
13%
-
4
43%
Under Contract
16
20%
-
4
33%
Closed Homes
10
41%
-
1
80%
Available Homes
10
11%
-
-
Sale Price
$336K
9%
-
$142K
7%
Price / Sq. Ft.
$239
8%
-
$158
15%
% List Price
99%
1%
-
103%
3%
14 days
13%
-
1 days
83%
.
Days to Contract
Note: Home types may not sum or match North Lombard overall due to prior year activity for a given home type (even though there may be no activity in 2023).
5
2
WEST LOMBARD Submarket Overall – Q4 2023
17
19
4
New Listings
Under Contract
Closed Homes
Prior
21% Year
Prior
36% Year
6% Year
Prior
Available Homes Prior
43% Year
7 $288K
$198
100%
Sale Price
Price / Sq. Ft.
% List Price
12% Prior Year
2% Year
Prior
8% Year
Prior
Days to Contract
22% Prior Year
West Lombard saw contract and closing growth outpace new listings, which limited inventory to a handful of homes. Prices increased significantly as homes sold at full price in about a week. 6
Submarket Home Types – Q4 2023
Home Type
Single Family Single Family
Houses Town House
Condos Condo
New Listings
17
13%
-
2
33%
Under Contract
15
36%
-
2
33%
Closed Homes
15
15%
-
4
300%
Available Homes
4
43%
-
-
Sale Price
$310K
13%
-
$167K
10%
Price / Sq. Ft.
$213
25%
-
$183
1%
% List Price
100%
2%
-
101%
4%
Days to Contract
11 days
38%
-
5 days
44%
.
Note: Home types may not sum or match West Lombard overall due to prior year activity for a given home type (even though there may be no activity in 2023).
7
3
CENTRAL LOMBARD Submarket Overall – Q4 2023
7
6
1
New Listings
Under Contract
Closed Homes
Prior
36% Year
Prior
53% Year
63% Year
Prior
Available Homes Prior
86% Year
7 $378K
$256
99%
Sale Price
Price / Sq. Ft.
% List Price
22% Prior Year
0% Year
Prior
15% Year
Prior
Days to Contract
13% Prior Year
Central Lombard experienced broad declines in activity driving inventory to extreme lows and increasing prices meaningfully. Homes sold near asking price in about a week. 8
Analyzing Home Types – Q4 2023
Home Type
Single Family Single Family
Houses Town House
Condos Condo
New Listings
6
60%
-
-
Under Contract
7
22%
-
-
Closed Homes
8
47%
-
-
Available Homes
1
86%
-
-
Sale Price
$378K
14%
-
-
Price / Sq. Ft.
$256
20%
-
-
% List Price
99%
0%
-
-
Days to Contract
7 days
56%
-
-
.
Note: Home types may not sum or match Central Lombard overall due to prior year activity for a given home type (even though there may be no activity in 2023).
9
4
EAST LOMBARD Submarket Overall – Q4 2023
30
23
7
New Listings
Under Contract
Closed Homes
Prior
21% Year
Prior
40% Year
3% Year
Prior
Available Homes Prior
42% Year
8 $329K
$208
97%
Sale Price
Price / Sq. Ft.
% List Price
2% Prior Year
0% Year
Prior
5% Year
Prior
Days to Contract
43% Prior Year
East Lombard experienced broad declines in activity driving down inventory and increasing prices (but less so than other areas). Homes sold at a small discount to ask in a little over a week. 10
Submarket Home Types – Q4 2023
Home Type
Single Family Single Family
Houses Town House
Condos Condo
New Listings
19
12%
6
25%
5
17%
Under Contract
15
17%
4
50%
4
33%
Closed Homes
11
50%
4
33%
3
50%
Available Homes
3
67%
3
200%
1
50%
Sale Price
$350K
3%
$295K
9%
$285K
4%
Price / Sq. Ft.
$208
2%
$220
15%
$207
9%
% List Price
95%
2%
98%
2%
100%
5%
13 days
0%
4 days
77%
16 days
30%
.
Days to Contract
11
5
SOUTH LOMBARD Submarket Overall – Q4 2023
49
36
13
New Listings
Under Contract
Closed Homes
Available Homes
Prior
16% Year
Prior
5% Year
Prior
28% Year
7% Year
Prior
4 $210K
$192
100%
Sale Price
Price / Sq. Ft.
% List Price
Days to Contract
29% Prior Year
2% Year
Prior
60% Prior Year
Prior
14% Year
South Lombard experienced mixed activity with listings and contracts increasing amongst other declines. Prices moved much higher as homes sold for full price in under a week. 12
Submarket Home Types – Q4 2023
Home Type
Single Family Single Family
Houses Town House
Condos Condo
New Listings
16
11%
11
267%
22
12%
Under Contract
13
86%
5
150%
18
18%
Closed Homes
9
18%
5
0%
25
0%
Available Homes
5
44%
3
200%
5
38%
Sale Price
$385K
13%
$339K
11%
$170K
10%
Price / Sq. Ft.
$218
11%
$214
4%
$182
26%
% List Price
98%
0%
99%
1%
100%
2%
Days to Contract
6 days
76%
9 days
50%
4 days
60%
.
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. 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.
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