Western Chicago Suburbs Real Estate Update (September 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 September generally, but a significant increase in homes under contract from a low number last month and prior year. Inventory was lower but change in home supply was mixed. Sale prices moved higher on an absolute and relative price per sq. ft. basis. Home discounts to list widened as homes went under contract is just under two weeks.
Downers Grove - Mostly lower activity in September, but new listings increased compared to last month. As a result, home inventory and supply increased from the prior month. Sale prices were higher driven by mix of larger / updated homes given price per sq. ft. declined meaningfully from August. Homes were sold at a slight discount to ask and days to contract increased from the prior month.
Elmhurst - Lower activity in September generally, except closed home were flat given higher contracts in the prior month. Home inventory and supply increased slightly with listings declining less than contracts and closings. Sale prices declined overall but moved higher again on a per sq. ft. basis. Homes sold near asking price and days to contract matched August.
Glen Ellyn – Mostly lower activity in September, despite a significant increase in listing from prior month. Home inventory was flat given declines in contracts and closings but remains much lower than last year. Sale prices were up slightly despite relative prices on a per sq. ft. basis were down meaningfully from August. Discounts widened as days to contract increased from the prior month.
Hinsdale - Lower activity in September generally, except a modest increase in listings from prior month. Home inventory moved higher but remains much lower than last year. Although sale prices are up year-over-year they declined from August. Home sale discounts widened meaningfully as days to contract extended to nearly three weeks.
La Grange – Mixed September with listings flat, contracts down and closed homes up from last month. Home inventory and supply finally increased but remains significantly lower than prior year. Sale prices were higher making the per sq. ft. decline in August seem like an outlier. Homes still sold near price with contract times starting to extend.
Lombard - Lower activity September compared to prior month and last year. Available homes were generally flat with offsetting declines in listings and contracts, but home supply increased as buyer demand softened. Sale prices increased slightly but declined on a per sq. ft. basis meaningfully versus August. Homes still selling near list price with contract time under a week.
Oak Brook – Mostly lower activity in September, except listings increased slightly compared to prior month. Inventory declined slightly, but home supply increased as buyer demand softened. Sale prices were up marginally as relative price per sq. ft. declined slightly. Discounts to list price widened considerably as days to contract extended to nearly a month.
Western Springs – Lower activity in September generally, except closings were up significantly consistent with higher contracts last month. Home inventory and supply both declined. Sale prices are down meaningfully as lower price per sq. ft. was compounded by a small home mix. Homes sold near asking price and went under contract quickly in under a week.
Wheaton - Lower activity September compared to prior month and last year. Inventory continued to decline and home supply remains at very lower levels. Closed prices were higher due a larger home mix relative price per sq. ft. was declined compared to August. Homes sold at a slight discount to list price and days to contract extended to nearly two weeks.
