Today's Elmhurst Real Estate Market

By
Real Estate Agent with ADT Security Services

Single Family Detached Homes Currently on Market

  • 457 Homes on the Market
  • Mean List Price is $644,380, the Median is $529,000
  • List Prices Range from $250,000-$2,100,000
  • Average Market Time for Active Listings is 159 days
  • 78 Contingent Homes and 11 Pending

Single Family Detached Homes Sold in the Last TWO Months

  • 21 Closed homes
  • 8 of the 21 sold for over $500,000
  • Mean Sold Price is $534,213, the Median is $440,000
  • Market Time for Solds is 224 days
  • Sold Prices Ranged from $262,500-$970,500
  • Average Markdown from List to Sold Price is 5.48%

Elmhurst continues to have an excessive inventory of homes on the market which has increased yet by another 17 homes since my last report.  The mean sold price increased significantly by about $48,000 while the median came up only $3,000 since my last review. 

As a seller expect to give up about 5.5% of your list price in negotiation which is the average markdown.  If you try to be firm in negotiation, expect the buyer to go elsewhere.  Homes will remian on the market for about 7.5 months on average.  Over-pricing will only cost you more market time and more money.  Have you thought about what it costs per month to keep your house?  If you don't have to sell, don't sell.

Buyers have a few more to look at and and should calculate the 5.5% markdown from the list price to determine the approximate purchase price.  A home listed at $534,000 will sell on average for about $505,000.  Some of the more desperate sellers that have been on the market the longest may be willing to part with their homes for even less.  This is an excellent time to buy, and interest rates are still at historical lows. 

Information was obtained from the local Multiple Listing Service and is deemed accurate but not guaranteed.

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Richard Parr

Home Security Specialist - Greater New Orleans, Louisiana
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