Looking at the local market over the past 12 months, the indicators suggest continued rising prices (some areas more than others), some increase in average days on market (but not everywhere) and a mixed bag when it comes to monthly supply. For all of the data mentioned in this article, we are looking specifically at single family homes with rolling 12-month data unless indicated otherwise.
Chicago Area
Looking at the Chicagoland MLS as a whole, the median sales price is up 3.2% year over year with a median sales price of $325,000. Though the monthly supply is also down 5.3% year over year (1.8 month supply total, indicating a strong sellers' market), the average days on market per listing has increased 7.5% to an average of 43 days.
Hinsdale
Zooming in on local markets, Hinsdale is outperforming the market in increased percentages in all three categories:
- Median sales price: up 13.1% year over year with the median sales price at $1,300,000
- Average days on market: up 43.6% year over year and an average of 69 days on market
- Monthly supply of inventory: up 21.1% to 2.4 monthly supply
Clarendon Hills
Clarendon Hills is telling us a slightly different story:
- Median sales price: increase of 4.8% year over year to $750,000
- Average days on market: down 8% to 46 days
- Monthly supply of inventory: down 25% to 1.5 monthly supply…Interestingly, inventory was down 45% in Q1-2024 versus Q1-2023.
Other local areas....
Oak Brook
- Median sales price +31.7% year over year, equaling $1,185,000
- Average days on market down 28.8% to an average of 74 days
- Monthly supply of inventory down 19.4% to 2.5 total (Q1 down 28.2%, 2.8 total)
Burr Ridge
- Median sales price +1.8% year over year, equaling $865,000
- Average days on market down 19.8% to 69 days
- Monthly supply of inventory down 3.7% to 2.5 total (Q1 up 11.5%, 2.9 total)
Western Springs
- Median sales price up 0.4% year over year, equaling $725,000
- Average days on market up 18.8% to an average of 38 days
- Monthly supply of inventory up 6.7% to 1.6 total (Q1 +18.2% over last year, though still below 1.6)
If you’d like to see a robust report on the state of the market at a national level, you can view the April 2024 Compass National Real Estate Insights report here. >>
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ICYMI: The real estate industry has been in the headlines recently. While a Realtor’s VALUE to a buyer and seller remains the same, there may be some shifts in how we conduct business coming in the year ahead, yet to be determined. That being said, we’ve surveyed dozens of our local agent colleagues about the state of the industry and what’s next. We’ve published our report findings and you can request your copy here.>>