Local Market Update: August 2019

  • Mike McCurry
  • 08/7/19
As the warm weather continues and the kids head back to school, the movement of local real estate is continuing at a respectable rate. Demand remains high, as it did in spring and early summer. And, the amount of homes for sale in the area has remained steady in order to meet that demand.
 
As a broker with 29 years of experience, I tend to evaluate the market frequently and on a very localized level. Looking at the number of homes sold and number of homes on the market, average sale price, median sold price, maximum sold price, and total volume sold generally gives me and my clients solid insight as to what’s happening in the community.

State of the Market: What’s Happening Locally…& How It Compares to 2018:

In Clarendon Hills…

There are currently 74 homes listed for sale in Clarendon Hills.

So far this year (1/1/19-7/26/19), 69 homes have sold in Clarendon Hills. The average sales price of homes sold so far this year in Clarendon Hills is $665,879.
 
A number of single-family homes sold in 2018:
  • 117
Median sold price in 2018:
  • $600,000
Average sale price in 2018:
  • $689,342
Maximum price sold in 2018:
  • $1,717,500
Total volume sold in 2018:
  • $80,653,019

In Hinsdale…

There are currently 278 homes listed for sale in Hinsdale.
 
So far this year (1/1/19-7/26/19), 169 homes have sold in Hinsdale. The average sales price of homes sold so far this year in Hinsdale is $1,149,318.
 
A number of single-family homes sold in 2018:
  • 305
Median sold price in 2018:
  • $974,000
Average sale price in 2018:
  • $1,133,155
Maximum price sold in 2018:
  • $3,795,000
Total volume sold in 2018:
  • $345,612,370

In Western Springs…

There are currently 84 homes listed for sale in Western Springs.

So far this year (1/1/19-7/26/19), 132 homes have sold in Western Springs. The average sales price of homes sold so far this year in Western Springs is $702,737.
 
A number of single-family homes sold in 2018:
  • 199
Median sold price in 2018:
  • $600,000
Average sale price in 2018:
  • $689,751
Maximum price sold in 2018:
  • $1,925,000
Total volume sold in 2018:
  • $137,412,990

In Westmont…

There are currently 71 homes listed for sale in Westmont.
 
So far this year (1/1/19-7/26/19), 124 homes have sold in Westmont. The average sales price of homes sold so far this year in Westmont is $349,941.
 
A number of single-family homes sold in 2018:
  • 214
Median sold price in 2018:
  • $311,500
Average sale price in 2018:
  • $338,725
Maximum price sold in 2018:
  • $742,500
Total volume sold in 2018:
  • $72,487,240

In Oak Brook…

There are currently 105 homes listed for sale in Oak Brook.

So far this year (1/1/19-7/26/19), 35 homes have sold in Oak Brook. The average sales price of homes sold so far this year in Oak Brook is $808,182.
 
A number of single-family homes sold in 2018:
  • 90
Median sold price in 2018:
  • $840,000
Average sale price in 2018:
  • $920,852
Maximum price sold in 2018:
  • $2,350,000
Total volume sold in 2018:
  • $82,876,718

In Willowbrook…

There are currently 64 homes listed for sale in Willowbrook.
 
So far this year (1/1/19-7/26/19), 37 homes have sold in Willowbrook. The average sales price of homes sold so far this year in Willowbrook is $530,795.
 
A number of single-family homes sold in 2018:
  • 80
Median sold price in 2018:
  • $438,250
Average sale price in 2018:
  • $431,397
Maximum price sold in 2018:
  • $845,000
Total volume sold in 2018:
  • $34,511,791

In Burr Ridge…

There are currently 158 homes listed for sale in Burr Ridge.

So far this year (1/1/19-7/26/19), 82 homes have sold in Burr Ridge. The average sales price of homes sold so far this year in Burr Ridge is $777,582.
 
A number of single-family homes sold in 2018:
  • 136
Median sold price in 2018:
  • $650,000
Average sale price in 2018:
  • $796,844
Maximum price sold in 2018:
  • $3,356,000
Total volume sold in 2018:
  • $108,370,780

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

Of the towns we evaluated, only Westmont and Western Springs have increased the year-to-date average sale price. Most towns are experiencing a decline in sales price and the inventory has been steadily rising. For buyers, that is good news especially since they have more inventory to choose from. Interest rates recently moved lower than we’ve seen in 30 months, giving more buying power for buyers and hope for sellers that these favorable interest rates will help cause more sales in this late summer, early fall market.
 

Ready to Take Advantage of This Favorable Market?

I would be honored to help you make a meaningful move.

Call us or complete the form online to request a complimentary, no-obligation pre-listing consultation.
 
 

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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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