It is hard to believe that we are already well into the Fall season, but the recent change in weather is certainly a reminder! As I sat down to reflect on the current state of the real estate market, I was struck by the progress and shifts I’ve seen over the past year. Our real estate community has put in a lot of work – along with great collaboration with buyers and sellers – and I am excited for what is to come. Below are recent data points for sales in our area, as well as predictions for the upcoming months.
According to Infosparks, there have been shifts in home sale prices and available inventory in surrounding towns. From September 30, 2020, to September 30, 2021:
Hinsdale: average sales price currently $1,084,000 (+11% year over year), monthly supply of inventory is currently 3.9 (-58.5% year over year)
Clarendon Hills: average sales price currently $646,000 (+15.7% year over year), monthly supply of inventory is currently 2.5 (-53.7% year over year)
Burr Ridge: average sales price currently $779,000 (+19% year over year), monthly supply of inventory is currently 6.2 (-50.4% year over year)
Oak Brook: average sales price currently $737,000 (+17% year over year), monthly supply of inventory is currently 6.8 (-43.8% year over year)
Western Springs: average sales price currently $758,000 (+14.5% year over year), monthly supply of inventory is currently 2.0 (-50% year over year)
Consistently we are seeing an increase in average sales prices and a significant decline year-over-year in monthly inventory. From my perspective, I see the market as very optimistic for both buyers and sellers. Sellers have a greater opportunity for return on their home investments, and buyers can anticipate relatively low interest rates. This trend is expected to continue for the Spring/Summer 2022 market as well.
Anecdotally, I’m seeing a lot of new neighbors coming into the area from Chicago much earlier in their family life cycle than I’ve seen in the past. Not even five years ago, we would typically see families with school-aged children begin moving out into the Western suburbs for highly desired school districts. Now, I’m seeing young families with infants – or even newlyweds without children – moving out of Chicago and into the suburbs. This migration is creating high local demand for $1M+ properties in our safe neighborhoods.
For sellers, this shift in buyer demand offers unprecedented opportunity to yield a high return on home improvements made prior to listing. Take Loretta for example. Earlier this year, we helped Loretta prepare her beautiful luxury home in Oak Brook for listing. After some time on the market with another agent, Loretta wasn’t successful in selling. When she called us, we recommended some updates to the home that would get her the price she wanted and help her sell quickly. It worked – hear her story here.
I am excited by the opportunities the current market presents, and look forward to supporting all of my clients as they make meaningful moves. It will be interesting to see how the market evolves and changes in the coming months, but there is a lot to anticipate as it unfolds!