Is It a Good Time to Move?… Local Market Update: January 2019

  • Mike McCurry
  • 01/14/19
With the new year, comes new #homegoals for some. Perhaps a growing family has you contemplating a home with more space or in a new school district. Or, maybe you’re going through a period of adjustment as your youngest has flown the coop leaving you wondering if it’s time to downsize. Sometimes the decision to move is an emotional one, rooted in the season of life you and your family are experiencing. Other times, the decision to move is one based on logic and economics.

If you’re wondering, “is now a good time to move?” – I recommend first taking a look at what the local market has been telling us the last two years…

State of the Market: A look back at 2017 & 2018

In Clarendon Hills…

A number of single-family homes sold:
  • 136 in 2017 v. 117 in 2018
Median sold price:
  • $619,950 in 2017 v. $600,000 in 2018
Average sale price:
  • $707,728 in 2017 v. $689,342 in 2018
Maximum price sold:
  • $1,760,000 in 2017 v. $1,717,500 in 2018
Total volume sold:
  • $96,386,976 in 2017 v. $80,653,019 in 2018
There are currently 27 homes listed for sale in Clarendon Hills.

In Hinsdale…

A number of single-family homes sold:
  • 305 in 2017 v. 305 in 2018
Median sold price:
  • $950,000 in 2017 v. $974,000 in 2018
Average sale price:
  • $1,127,614 in 2017 v. $1,133,155 in 2018
Maximum price sold:
  • $4,300,000 in 2017 v. $3,795,000 in 2018
Total volume sold:
  • $343,922,289 in 2017 v. $345,612,370 in 2018
There are currently 144 homes listed for sale in Hinsdale.

In Western Springs…

A number of single-family homes sold:
  • 196 in 2017 v. 199 in 2018
Median sold price:
  • $601,550 in 2017 v. $600,000 in 2018
Average sale price:
  • $665,372 in 2017 v. $689,751 in 2018
Maximum price sold:
  • $1,668,000 in 2017 v. $1,925,000 in 2018
Total volume sold:
  • $130,412,990 in 2017 v. $137,412,990 in 2018
There are currently 42 homes listed for sale in Western Springs.

In Westmont…

A number of single-family homes sold:
  • 187 in 2017 v. 214 in 2018
Median sold price:
  • $290,000 in 2017 v. $311,500 in 2018
Average sale price:
  • $322,769 in 2017 v. $338,725 in 2018
Maximum price sold:
  • $789,000 in 2017 v. $742,500 in 2018
Total volume sold:
  • $60,357,819 in 2017 v. $72,487,240 in 2018
There are currently 37 homes listed for sale in Westmont.

In Oak Brook…

A number of single-family homes sold:
  • 102 in 2017 v. 90 in 2018
Median sold price:
  • $809,500 in 2017 v. $840,000 in 2018
Average sale price:
  • $978,279 in 2017 v. $920,852 in 2018
Maximum price sold:
  • $2,737,500 in 2017 v. $2,350,000 in 2018
Total volume sold:
  • $99,784,495 in 2017 v. $82,876,718 in 2018
There are currently 67 homes listed for sale in Oak Brook.

In Willowbrook…

A number of single-family homes sold:
  • 92 in 2017 v. 80 in 2018
Median sold price:
  • $417,500 in 2017 v. $438,250 in 2018
Average sale price:
  • $460,204 in 2017 v. $431,397 in 2018
Maximum price sold:
  • $1,310,000 in 2017 v. $845,000 in 2018
Total volume sold:
  • $42,338,731 in 2017 v. $34,511,791 in 2018
There are currently 33 homes listed for sale in Willowbrook.

In Burr Ridge…

A number of single-family homes sold:
  • 155 in 2017 v. 136 in 2018
Median sold price:
  • $695,000 in 2017 v. $650,000 in 2018
Average sale price:
  • $832,130 in 2017 v. $796,844 in 2018
Maximum price sold:
  • $2,700,000 in 2017 v. $3,356,000 in 2018
Total volume sold:
  • $128,980,176 in 2017 v. $108,370,780 in 2018
There are currently 93 homes listed for sale in Burr Ridge.
 
It’s also worth mentioning that there were some unique new opportunities for marketing properties beginning in 2018. Realtors established a network through the multiple listing service (MLS) to keep some listings private where the owner did not want to be on public websites, like Realtor.com and Zillow. Please contact me if you’re interested in knowing more about these properties or how to privately market your home.
 

So, What Do This Information and the Current Economy Tell Us?—2019 Predictions

At a recent residential housing and economic forecast session at the National Association of Realtors® (NAR) 2018 conference and expo, Lawrence Yun, chief economist at NAR provided his housing forecast and predictions.

According to Yun, on a national level, we should expect existing home sales to stabilize and price growth to continue. “Home price appreciation will slow down – the days of easy price gains are coming to an end – but prices will continue to rise,” said Yun.

Another large consideration for buyers and sellers alike: is interest rates. With interest rates relatively low but with the likelihood of future increases, this is a good time for buyers to purchase a home.
 

Is Opportunity Knocking at Your Door?

I would be honored to help you #makemeaningfulmoves.
Call us or complete the form online to request a complimentary, no-obligation pre-listing consultation.
 

Work With Us

Mike believes that people are at the heart of every real estate transaction. That’s why his approach to buying and selling always starts with developing a real relationship with his clients.

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