Today's Elmhurst Real Estate Market

By
Real Estate Agent with ADT Security Services

Single Family Detached Homes Currently on Market

  • 492 Homes actively on the Market
  • Mean List Price is $630,660, the Median is $499,000
  • List Prices Range from $249,900-$2,100,000
  • Average Market Time for Active Listings is 162 days
  • 63 Contingent Homes and 7 Pending

Single Family Detached Homes Sold in the Last TWO Months

  • 31 Closed homes
  • 12 of the 31 sold for over $500,000
  • Mean Sold Price is $472,879, the Median is $375,000
  • Market Time for Solds is 182 days
  • Sold Prices Ranged from $240,000-$975,000
  • Average Markdown from List to Sold Price is 5.46%

Elmhurst's home inventory keeps growing and has increased by another 35 homes since last month.  That is over a 7.5% increase!  The mean sold price dropped significantly by about $61,000 and the median solds dropped by $65,000 as well.  The average markdown from list price to sold price is hovering around 5.5%.  Homes will remain on the market for about 6 months on average which is about 1 1/2 months less than the market time from just a month ago. Even though the homes are selling faster, they are selling for less.  I will repeat this again.  If you don't have to sell right now, don't sell.  Think about renting your home as an option.

Buyers have even more homes to look at and can anticipate about 5.5% markdown from the list price to determine the approximate purchase price.  A home listed at $500,000 will sell on average for about $472,000.   This is an excellent time to buy!  The interest rates continue to be low, but have begun to creep up a bit.  If you can lock your rate in for 60 or 90 days it would be a good idea.  If the rates go up, you have the locked rate.  If the rates go down, you can take advantage of the lower rate. 

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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