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Western Chicago Suburbs Real Estate Update (August 2022)

Western Chicago Suburbs Real Estate Update (August 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 August generally, but closed homes higher after more contracts in the prior month.  Inventory was flat versus last month, but home supply moved higher as buyer demand moderates.  Sale prices were significantly lower on an absolute and relative price per sq. ft. basis.  Homes were sold slightly below asking price and days to contract extended.

Downers Grove - Mostly lower activity in August, but flat contracts and more closed homes compared to last month.  Inventory reversed course and declined from last month with higher closings and lower listings.  Sale prices were mostly flat, but lower compared to prior month on a per sq. ft. basis.  Homes were sold at full asking price and took under a week to go under contract.

Elmhurst - Lower activity in August generally, except homes under contract increased from prior month.  Home inventory reversed course and declined from last month and remains much lower than last year.  Prices lowered (in part driven by mix of smaller homes) compared to July.  Discounts to asking price returned to the market and days to contract moved higher from low levels.

Glen Ellyn - Lower activity in August compared to last month and last year.  Home inventory reversed course and declined from last month and remains much lower than last year.  Sale prices were down from last month; however, relative prices on a per sq. ft. basis were higher.  Homes sold near asking price and took a little over a week to go under contract.

Hinsdale - Lower activity in August generally, except homes under contract increased from the prior month. Home inventory reversed course and declined from last month and remains much lower than last year.  Sale prices were up (due to a larger home mix), but lower on a relative per sq. ft. basis from July.  Homes were sold near asking price and took a little over a week to go under contract.

La Grange – Mixed August activity with more listings, flat contracts, and lower closed homes than last month.  Home inventory flattened but remains significantly lower than prior year.  Sale prices were generally lower with a meaningful price per sq. ft. decline compared to July.  Homes still sold above asking price and took only a week to go under contract. 

Lombard - Lower activity generally in August, but closed homes increased with higher home contracts last month.  Inventory moved higher from very low levels with the decline in homes under contract this month.  Sale prices declined slightly, but homes were still sold at full asking price.  Contract time lowered a little and remains around a week.

Oak Brook - Mixed activity in August with fewer listings, but more houses under contract and closed homes versus last month driving lower inventory.  Sale prices were down on an absolute and relative price per sq. ft. basis for the month and year-over-year.  Discounts to list price narrowed even though homes took longer time to go under contract compared to last month.

Western Springs - Mixed activity in August with new listings down, contracts up significantly and home closings flat.  Home inventory reversed course and declined given the growth in homes under contract.  Sale prices were up (mostly driven by a larger home mix) and relative price per sq. ft. also increased.  Homes were sold at full asking price and took a little over a week to go under contract.

Wheaton - Lower activity generally in August, but homes under contract increased from last month.  Inventory reversed course and declined given the growth in homes under contract.  Closed prices were higher although relative price per sq. ft. was lower compared to July.  Homes sold at a slight discount to list price and days to contract extended to nearly two weeks.

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