Wheaton Real Estate Guide (Q4 2023) by Kelly Stetler Real Estate

Q4 2023

WHEATON

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)

NORTHEAST NORTHWEST (West of Main St. / North of Roosevelt Rd. to Geneva Rd.

(East of Main St. / North of Roosevelt. to Geneva Rd.)

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

SOUTHEAST SOUTHWEST (West of Naperville Rd. / South of Roosevelt Rd. to Butterfield Rd.)

(East of Naperville Rd. / South of Roosevelt Rd. to Butterfield Rd.

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 city of Wheaton. Submarket figures based on the approximate areas identified on map above and do not include every home within village limits.

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)

45%

“Seller’s market” with 15+ year low of available homes this time of year

Short Market Times

List to Contract Days (Q4)

Mostly a week or less across price ranges and submarkets; much faster than last year

Limited Price Discounts

Sale Price Discounts (Q4)

Majority of homes selling around asking price, except below $400K a modest discount

Higher Sale Prices

Sale Price / Price Per Sq. Ft. (Q4)

Relative prices remain near record highs; only the Southeast was lower in the quarter

25%

24%

NEW LISTINGS By Price Range

Rolling Last 12 Months (YoY%)

 New listings were down almost 35% in Q4; homes priced over $600K – $800K were the only range higher  Listings for homes priced under $600K have reached historical lows over the last 12 months (~1/3 of what they were in 2020)  Listing activity likely to pick up with seasonal trends, but remain low near-term

<$400K $600K – $799K

$400K – $599K $800K+

700 600 500

Oct. – Dec. (YoY%)

400

'23

'22

<$400K

-66%

$400K - $599K

-27%

$600K - $799K

47%

$800K+

-20%

300 193 (-42%) 164 (-47%) 129 (-23%) 92 (-14%)

200 100 0

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Price Range

By Submarket

Rolling Last 12 Months (YoY%)

 Q4 experienced lower new listing activity across submarkets, except the Southeast (only 3 more listings from last year)

Northwest Southwest

 All areas down meaningfully over the last 12 months (3 of 4 submarkets down 40%+)  Wheaton submarkets currently at long-term historical lows for new listings

Northeast Southeast

525 450 375

Oct. – Dec. (YoY%)

300

'23

'22

Northwest

-31%

Northeast

-52%

Southwest

-59%

Southeast

23%

225 152 (-46%) 128 (-40%) 102 (-42%) 102 (-23%)

150 75 0

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Submarket

CONTRACTED HOMES By Price Range

Rolling Last 12 Months (YoY%)

 Contracted homes declined 25% for the quarter; homes priced over $800K were the only range higher (by 2 houses)

<$400K $600K – $799K

 Contracts were down each month in Q4, especially November (decreased 35%+)  Contract activity limited by lack of new listings and low existing home inventory

$400K – $599K $800K+

500

400

Oct. – Dec. (YoY%)

300

'23

'22

<$400K

-31%

$400K - $599K

-38%

$600K - $799K

-8%

$800K+

22%

200

157 (-35%) 144 (-37%)

100

84 (-31%) 57 (-7%) '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Price Range

By Submarket

Rolling Last 12 Months (YoY%)

 Wheaton submarkets were lower for Q4, except the Southeast (up by 2 homes)

Northwest Southwest

 Southwest area was particularly low for the quarter (declined 55%+)  West areas down over 40% during the last 12 months (Northeast also 35% lower during this timeframe)

Northeast Southeast

300 250 200

Oct. – Dec. (YoY%)

150 '23

'22

Northwest

-31%

Northeast

-37%

Southwest

-56%

Southeast

17%

121 (-35%) 95 (-41%) 86 (-17%) 79 (-41%)

100 50 0

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Submarket

CLOSED HOMES By Price Range

Rolling Last 12 Months (YoY%)

 Closed homes decreased nearly 25% in Q4 driven by homes priced under $600K as well as those over $800K

<$400K $600K – $799K

 October saw a 15% increase in closings while November and December both fell over 35%; <$600K is down 40%+ over last 12 months

500

 Closing activity following overall declines in contracts with low home availability

400

Oct. – Dec. (YoY%)

300

'23

'22

<$400K

-55%

$400K - $599K

-6%

$600K - $799K

21%

$800K+

-8%

200

157 (-40%) 138 (-44%)

100

95 (-19%) 53 (-23%) '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Price Range

$400K – $599K $800K+

By Submarket

Rolling Last 12 Months (YoY%)

 Wheaton submarkets were mostly lower for Q4; Northwest was flat with large declines in other areas  Southwest area getting close to historical lows after another soft quarter (down 60%+ from recent highs)  Only Northeast remains above 100 closings over the last 12 months after major declines across town

Northwest Southwest

Northeast Southeast

300 250 200

Oct. – Dec. (YoY%)

150 '23

'22

Northwest

Northeast

-46%

Southwest

-35%

Southeast

-22%

120 (-37%) 100 (-44%) 84 (-24%) 82 (-41%)

100 50 0

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Submarket

HOME INVENTORY By Price Range

Dec. Quarter End (YoY%)

 Available homes declined 45% in Q4 from levels that were already historically low

<$400K $600K – $799K

 Homes priced over $600K currently represent nearly 70% of all inventory with these homes decreasing the least  Scarce inventory expected to continue driving “seller’s market” conditions

$400K – $599K $800K+

200 175 150

Dec. Trends (Relative%)

100

75%

18% 18%

50%

33%

26% 11% 30%

32%

33%

26%

'19 '20 <$400K $600K – $799K

'21

25% 0%

32% 13% 29%

29% 10% 22%

38%

31%

38%

19% 13%

'22 '23 $400K – $599K $800K+

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

100%

125

12 (-29%) 10 (+67%) 6 (-54%) 4(-82%) 10

By Submarket

Dec. Quarter End (YoY%)

 Home inventory is down meaningfully across all Wheaton submarkets

Northwest Southwest

 Extremely limited home availability in all areas; majority of submarkets have 5 or fewer homes (all areas below 10 homes)  Relative mix of inventory shifted to North areas (now ~60% of total home inventory) over last couple years

Northeast Southeast

120 105 90

Dec. Trends (Relative%)

75% 50% 25% 0%

60 21%

16%

13%

11%

35%

32%

33%

26%

29%

19%

33%

15% 25%

27%

41%

35%

23%

27%

15%

25%

'19 '20 Northwest Southwest

'21

'22 '23 Northeast Southeast

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

100%

7 (-63%) 5 (-29%) 5 (-67%) 3 (-40%) 11

CONTRACT TIME By Price Range

Rolling Last 12 Months (YoY%)

 Days between listing date and contract signing have been low (mostly less than two weeks) for a couple years; all price ranges under a week now over the last 12 months  Homes sold very fast in Q4, only those priced <$400K took more than 10 days  Expect contract times to remain short with very limited home availability

<$400K $600K – $799K

$400K – $599K $800K+

180 160 140 120

Oct. – Dec. (YoY%)

100 80

'23

'22

<$400K

-19%

$400K - $599K

-65%

$600K - $799K

-75%

$800K+

-63%

60 40 20 0

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Price Range

6 (-45%) 5 (-29%) 5 (-67%) 5 (-38%) 12

By Submarket

Rolling Last 12 Months (YoY%)

 Contract times were fast during the quarter; only the Northwest was longer than 10 days  All areas were shorter than a week over the last 12 months consistent with homes across price ranges moving fast  Homes on the market for more than two weeks could be overpriced or have other factors impacting time / interest

Oct. – Dec. (YoY%)

Northwest Southwest

Northeast Southeast

105 90 75 60

'23

'22

Northwest

-22%

Northeast

-74%

Southwest

-53%

Southeast

-68%

45 30 15 0

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Submarket

6 (-33%) 5 (-55%) 5 (-29%) 4 (-50%) 13

PRICE DISCOUNTS By Price Range

Rolling Last 12 Months (YoY%)

 Price discounts were limited in the quarter with homes selling at asking price, except those below $400K

<$400K $600K – $799K

 All price ranges sold at full price over the last 12 months as discounts disappeared  Price discounts expected to remain narrow given limited home inventory

$400K – $599K $800K+ 100% (0%) 100% (0%) 100% (+1%) 100% (+1%)

100%

95%

Oct. – Dec. (YoY%) 90% '23

'22

<$400K

96%

98%

-2%

$400K - $599K

100%

98%

$600K - $799K

100%

97%

$800K+

100%

98%

85%

80%

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Price Range

By Submarket

Rolling Last 12 Months (YoY%)

 Wheaton submarkets mostly experienced full asking price (or near) in Q4

Northwest Southwest

 All areas selling without a discount over the last 12 months  Despite some negotiability in early 2023, there have been very limited (if any) discounts since

Northeast Southeast 100% (0%) 100% (0%) 100% (0%) 100% (+1%)

100%

95%

Oct. – Dec. (YoY%) 90% '23

'22

Northwest

99%

97%

Northeast

100%

97%

Southwest

100%

98%

Southeast

100%

98%

85%

80%

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Submarket

PRICE PER SQ. FT. By Price Range

Rolling Last 12 Months (YoY%)

 Price per sq. ft. moved higher in the quarter across price ranges; higher end of the market increased the most

<$400K $600K – $799K

$400K – $599K $800K+

 Relative prices are currently at record levels for homes priced below $800K over the last 12 months

$325

 Overall pricing environment remains strong with continued increases

$275

$274 (+8%)

$225

$239 (+3%) $238 (+2%) $223 (+2%)

Price Range

'23

'22

<$400K

$226

$219

$400K - $599K

$230

$219

$600K - $799K

$246

$235

$800K+

$272

$255

$175

$125

$75

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Oct. – Dec. (YoY%)

By Submarket

Rolling Last 12 Months (YoY%)

 Wheaton submarkets were split during the quarter; North areas increased 20%+ while South areas were mostly flat  North submarkets and Southwest all experienced record relative prices over the last 12 months  Even with the small Southeast decline in Q4, this area is higher during the last 12 months

Northwest Southwest

Northeast Southeast

$300 $275

$269 (+12%)

$250

$246 (+4%) $236 (+9%)

$225

Oct. – Dec. (YoY%)

$213 (+1%)

$200 Submarket

'23

'22

$175

Northwest

$291

$233

25%

$150

Northeast

$273

$228

20%

Southwest

$223

$217

Southeast

$212

$217

-2%

$100

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

$125

CLOSED SALE PRICES By Submarket  Overall sale prices have varied more than relative prices, but most areas are higher

Rolling Last 12 Months (YoY%)

 Northeast was slightly down in Q4 (despite the 20% increase in price per sq. ft.); Northwest was also lower over the last 12 months (slightly $650 K increased on a relative basis)  While overall sale prices increased, home mix influences values (see price per sq. ft.)

Northwest Southwest

Northeast Southeast

$614K (+14%) $575K $500 K

Oct. – Dec. (YoY%)

$425K '23

'22

Northwest

$420K

$345K

22%

Northeast

$454K

$465K

-2%

Southwest

$580K

$460K

26%

Southeast

$463K

$417K

11%

$350 K $275 K $200 K

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Submarket

$451 K (+9%) $426K (+1%) $419 K (-2%)

CLOSED SALE VOLUME By Submarket  Overall closed sale volume for Wheaton was down 10%+ for the quarter and now 30%+ lower over the last 12 months

Rolling Last 12 Months (YoY%) Northwest Southwest

 Northwest was the only area up in Q4; this submarket saw a large increase in closed sale prices, but the number of closings was flat

$150M

 Northeast and Southwest remain the largest sale volume areas in Wheaton

$125M

Northeast Southeast

$100M

Oct. – Dec. (YoY%)

$75M '23

'22

Northwest

$10M

$7M

41%

Northeast

$11M

$22M

-50%

Southwest

$12M

$13M

-7%

Southeast

$7M

$9M

-19%

$50M $25M

$42 M (-38%) $38 M (-24%)

$0M

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23

Submarket

$66M (-37%) $62 M (-36%)

COMPARING HOME TYPES Analyzing Wheaton Home Types for Q4 2023

Home Type

Single Family

Town Houses

Condos

New Listings

34%

53%

32%

Contracted Homes

25%

33%

48%

Closed Homes

24%

31%

62%

Home Inventory

45%

80%

Contract Time

5 days

72%

7 days

22%

5 days

29%

Price Discounts

100%

97%

Price per Sq. Ft.

$241

$212

$185

Closed Sale Price

$510K

15%

$300K

12%

$220K

7% 20

COMPARING SUBURBS Analyzing Western Suburb Markets

Suburb

Median Price

Q4 YoY%

Price / Sq. Ft.

Q4 YoY% Contract Days Q4 YoY%

Downers Grove

$480K

12%

$254

15%

-17%

Elmhurst

$553K

-1%

$291

10%

Glen Ellyn

$577K

33%

$267

-2%

25%

Lisle

$410K

$218

-53%

Lombard

$360K

$227

-23%

Naperville (60463)

$386K

$188

25%

Warrenville

$319K

-9%

$207

-27%

Wheaton

$510K

15%

$241

-72%

Winfield

$490K

-9%

$223

11%

-50%

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.