LOCAL REAL ESTATE GUIDE
METHODOLOGY
Overview of Terms and Wheaton 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
(West of Main St. / North of Roosevelt Rd. to Geneva Rd.
SOUTHWEST
(West of Naperville Rd. / South of Roosevelt Rd. to Butterfield Rd.)
NORTHEAST
(East of Main St. / North of Roosevelt. to Geneva Rd.)
SOUTHEAST
(East of Naperville Rd. / South of Roosevelt Rd. to Butterfield Rd.
MARKET SUMMARY
“Seller’s Market” Continues into Year End with Very Low Home Inventory
Mostly a week or lessacross price ranges and submarkets; flat from compared tolast year
Majority of homes selling at or a little over asking price;very few discounts currently Prices increased and remain near record highs; growth flattened in later summer / early fall
NEW LISTINGS
By Price Range
New listings were down overall over 5% in Q3; significant declines at the ends of the market (below $400K and above $800K)
Listings for homes priced under $400K continue to set historic lows over the last 12 months (~1/4 of what they were in 2020)
Listing activity expected to be limited with seasonal trends going into year end
Rolling Last 12 Months (YoY%)
Range'24'23%
By Submarket
Q3experienced mixednew listing activity; North areas lower and South areas higher
Wheaton submarkets down over the last 12 months, except Southeast (up 10%+)
Northwest large decrease in the quarter pushed this area to new historic lows over the last 12 months
Jul. –Sept. (YoY%)
CONTRACTED HOMES
By Price Range Rolling Last 12 Months (YoY%)
Contracted homes increased slightly for the quarter; homes priced $400K–$600K more than offset other price range declines
July contracts were up a little and August increased 10%, but September fell over 10%
Contract activity limited by lack of new listings and low existing home inventory
Jul. –Sept. (YoY%)
Price Range'24'23% <$400K 2736-25% $400K - $599K 564233% $600K - $799K 2022-9%
By Submarket
Wheaton submarkets were higher in most areas for Q3, but the Northwest declined (consistent with listings)
Southeast increased in the quarter (1 house) and is up 10%+ during the last 12 months
Southwest remains down meaningfully (20% lower) over the last 12 months even with the uptick in Q3
Rolling Last 12 Months (YoY%)
CLOSED HOMES
By Price Range
Closed homes increasednearly 20% in Q3 driven by homes priced over$400K
July jumped dramatically (up 100%+) before August fell 35% and then September recovered some increasing over 20%
Closing activity followed prior quarter contract increases; expected to soften Jul. –Sept. (YoY%)
Range'24'23%
3042-29%
- $599K 634154%
- $799K 363213%
2211100%
By Submarket
Wheaton submarkets were mixed in Q3; Northeast and Southwest saw substantial increases (other areas small declines)
Southwest area remains up a little over the last 12 months after a minor decline in the quarter
Only Northeast remains above 100 closings over the last 12 months after meaningful declines across town
Months
Northwest Northeast
Southeast
HOME INVENTORY
By Price Range
Available homes increased almost 5% in Q3 from historic lows
Homes priced $400K –$800Khave shown inventory increases from last year; homes priced over $800K are the most available
Scarce inventory expected to continue driving “seller’s market” conditions
Sept. Trends (Relative%)
Sept. Quarter End (YoY%)
By Submarket
Home inventory is down meaningfully across all Wheaton submarkets
Verylimited home availability in all areas; North submarkets continued to decline
Mix of inventory is rebalancing to be more in line with history (albeit at much lower levels)
CONTRACT TIME
By Price Range
Days between listing date and contract signing have been low for a couple years; all price ranges under a week in Q3
Homespricedbelow$400Kwereup(1day) inthequarter;homespriced over $800K were flat duringthelast12months
Expect contract times to remain short with very limited home availability
–Sept. (YoY%)
Range'24'23%
By Submarket
Contract times were fast during the quarter; all areas were a week or less
All areas were shorter than a week over the last 12 months and remain at or near historic lows
Homes on the market for more than two weeks could be overpriced or have other factors impacting time / interest
PRICE DISCOUNTS
By Price Range
Price discounts were limited in the quarter with homes selling at asking priceor above;onlybelow $400K a small discount
All price ranges sold at full price or above duringthe last 12 months
Price discounts expected to remain narrow given limited home inventory
Jul. –Sept. (YoY%)
Price Range'24'23%
Rolling Last 12 Months (YoY%)
By Submarket
Wheaton submarkets experienced full asking price (or above) in Q3
All areas also selling without a discount over the last 12 months
Despite some negotiability in the front half of 2023, there have been very limited (if any) discounts since
Rolling Last 12 Months (YoY%)
Northwest Northeast Southwest Southeast
Jul. –Sept. (YoY%)
Submarket'24'23%
PRICE PER SQ. FT.
By Price Range Rolling Last 12 Months (YoY%)
Price per sq. ft. increased in the quarter across price ranges; higher end of the market flattened (up 1%)
Relative prices for homes below $800K declined slightly over the last 12 months
Overall pricing environment remains strong with continued increases
Range'24'23%
By Submarket
Wheaton submarkets were mostly higher during the quarter; Northwestand Southeastincreasedsignificantly
All areas experienced higherrelative prices over the last 12 months(Southeast setting a historic record)
North areas continue to trade at a $25 per sq. ft. or more premium versus the South
Rolling Last 12 Months (YoY%)
CLOSED SALE PRICES
By Submarket Rolling Last 12 Months (YoY%)
Overall sale prices have increased, but less than relative prices overall
Southwest continued to move higher and is $100K+ more than other areas (despite ranking third for price per sq. ft. amongst areas)
Closed sale prices should be reviewed with price per sq. ft. to gauge overall trends
–Sept. (YoY%)
CLOSED SALE VOLUME
By Submarket Rolling Last 12 Months (YoY%)
Overall closed sale volume for Wheaton was up 20%+ for the quarter and now nearly 5% higherover the last 12 months
Northwest and Southeast both had a flat quarter (down 1%), but remain higher over the last 12 months (other areas lower)
Northeast and Southwest remain the largest sale volume areas in Wheaton
Jul. –Sept. (YoY%)
COMPARING HOME TYPES
Analyzing Wheaton Home Types for Q3 2024
COMPARING SUBURBS
