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Western Chicago Suburbs Real Estate Update (July 2022)

Western Chicago Suburbs Real Estate Update (July 2022)

We recently updated our monthly review of the ten western Chicago suburbs that we primarily track, including: Clarendon Hills, Downers Grove, Elmhurst, Glen Ellyn, Hinsdale, La Grange, Lombard, Oak Brook, Western Springs and Wheaton.  Below are short synopses of each area as well as infographics that summarize new listings, contracted homes, closed homes, home inventory, inventory supply, closed sale prices, price per sq. ft., percentage of asking price and days from listing to contract.  

Clarendon Hills - Lower activity in July generally, but homes under contract are up from the prior month.  Inventory is increasing from very low levels.  Sale prices were down from last month, but higher year-over-year especially on a per sq. ft. basis.  Homes were sold around full asking price and took a little over a week to go under contract.

Downers Grove - Lower activity in July compared to last month and last year.  Inventory is increasing relatively quickly from low levels.  Sale prices were down from last month, but higher year-over-year especially on a per sq. ft. basis.  Homes were sold at full asking price or above and took under a week to go under contract.

Elmhurst - Lower activity in July compared to last month and last year.  Inventory is increasing some from low levels but remains down significantly from last year.  Prices are up from last month and meaningfully from last year (in part driven by a mix of larger homes this year).  Homes were sold around full asking price and took a little over week to go under contract.

Glen Ellyn - Lower activity in July compared to last month and last year.  Inventory is increasing quickly from low levels but remains down significantly from last year.  Sale prices were down from last month and last year; however, relative prices on a per sq. ft. basis were higher year-over-year.  Homes were sold around full asking price and took less than a week to go under contract.

Hinsdale - Lower activity in July compared to last month and last year.  Inventory is increasing some from low levels but remains down significantly from last year.  Sale prices were down from last month, but higher year-over-year on a per sq. ft. basis.  Homes were sold around full asking price (significant discount narrowing from last year) and took less than a week to go under contract.

La Grange - Lower listing and contract activity in July but closed homes were up significantly.  Inventory continued to fall from already very low levels.  Sale prices were up overall and on a relative price per sq. ft. basis.  Homes were sold above asking price and took only a couple days to go under contract.  La Grange remains a very challenging market for buyers.

Lombard - Lower activity generally in July, but homes under contract increased from last month.  Inventory continued to fall from already very low levels.  Sale prices are higher (especially from last year), but relative price per sq. ft. recently leveled off.  Homes were sold around full asking price and took a little over a week to go under contract (extending from extremely fast days to contract).

Oak Brook - Lower activity generally in July, but new listings increased from last month.  Inventory is up some from low levels (remains ~40% below last year).  Overall sale prices were up (due to mix of larger homes sold), but relative pricing on a price per sq. ft. basis was down meaningfully for the month.  Home discounts to list widened (~90% of ask) as days to contract also increased some (still below two weeks).

Western Springs - Mixed activity in July with new listings up but homes under contract and closed homes declining.  Inventory is up significantly on a percentage basis (still very low) from extremely low levels.  Sale prices were down, but higher year-over-year on a relative price per sq. ft. basis.  Homes were sold at full asking price or above and took only a few days to go under contract.

Wheaton - Lower activity in July compared to last month and last year.  Inventory is increasing relatively quickly from low levels (remains 20%+ below last year).  Prices were mostly higher with the decline in closed sale prices from last month driven by a smaller home mix. Homes were sold around full asking price and took under a week to go under contract (consistent with prior month / year).

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