2021 ended much the way it started. It was a great year to sell a home in Elmhurst, but frustrating for buyers. Q4 showed a decline in listings by 24% year-over-year while contracted and closed homes were also down 13%. At the end of December there were 35% fewer homes available than the same time last year, representing long-term lows for inventory. As a result, Elmhurst remained a seller's market with short market times (less than 2 weeks from listing to contract generally) and narrow price discounts (less than 3%). Prices moved higher throughout Elmhurst, except for the Northeast (North of Lake St. between Hwy. 290 and Rte. 83).
We see a seller’s market remaining in Elmhurst for 2022, but price growth should moderate as mortgage rates rise from historical lows; however, this dynamic will continue to create affordability challenges. Limited Elmhurst home availability will be an ongoing issue, especially early in the year as buyers try to lock in lower interest rates. We expect supply and demand to normalize in the back part of the year.