Here we are at the end of July 2024! For those who are watching the market conditions, wondering when it’s the right time to buy or sell or invest in real estate…we’re getting a lot of questions, the main ones being: What’s happening with pricing and inventory in the local market? And, how does it compare to this time last year?
Halfway through 2024, area home prices are reflecting a large jump from this same time period in 2023.
For example, the average sales price for single family homes in Hinsdale are up a robust 21% year over year ($1,579,401). Over the past six months the appreciation is higher, at 25.1%, with an average sales price of $1,588,906.
Other towns seeing double-digit year-over-year appreciation include Oak Brook (14.8% with an average sales price of $1,381,481) and Western Springs (12.9% with an average sales price of $947,140).
Clarendon Hills saw an increase of 6.6% year-over-year ($933,262 average sales price), Elmhurst saw 5.0% ($751,491) and La Grange came in with 1.8% appreciation ($686,042).
Interestingly, Hinsdale is the only community listed above that saw a year-over-year increase in inventory, with monthly supply of inventory (MSI) topping out at 2.6 months, an increase of nearly 24% from July 2023.
How does Hinsdale’s MSI compare to some other nearby towns? Here’s the data:
- Clarendon Hills (down 42.9% year-over-year, currently 1.2 monthly supply)
- Elmhurst (down 28.6% YOY, 1.5 MSI)
- Oak Brook (down 21.3% YOY, 3.7 MSI)
- La Grange (down 14.3% YOY, 1.2 MSI)
- Western Springs (down 6.3%, 1.5 MSI)
Interested in learning more? Curious what the current value of your home is?
Let’s talk!
(630) 447-9393