Single Family Detached Homes Currently on Market
- 488 Homes actively on the Market
- Mean List Price is $614,044, the Median is $479,900
- List Prices Range from $244,900-$2,100,000
- Average Market Time for Active Listings is 172 days
- 57 Contingent Homes and 9 Pending
Single Family Detached Homes Sold in the Last TWO Months
- 19 Closed homes
- Only 7 of the 19 sold for over $500,000
- Mean Sold Price is $530,605, the Median is $454,000
- Market Time for Solds is 141 days
- Sold Prices Ranged from $255,000-$1,375,000
- Average Markdown from List to Sold Price is 6.64%
Elmhurst's home inventory has stabilized since last month, but there are still about a hundred homes more than last year. The mean sold price returned to about where it was 2 months ago and the median sold price also returned and gained an additional $14,000. The average markdown from list price to sold price is 6.64% which is well over one percent more than a month ago. Homes will remain on the market for about 4.5 months on average which is about 1 months less than the market time from last month. Even though the homes are selling faster and for more money than last month, the average list prices are dropping and the differential between list and sold prices is greater as well. You can take advantage on the buy side of the deal, which works to your advantage if you are buying an upgrade or similarly priced home. If you are buying a down grade or not at all, I suggest waiting unless you absolutely must sell.
Buyers still have many homes to look at and can anticipate about 6.64% markdown from the list price to determine the approximate purchase price. A home listed at $500,000 will sell on average for about $468,000. Buy, buy, buy! If you have money to invest consider buying a rental property. Locking your rate in is a good idea. If the rates rise, you keep the locked rate. If the rates drop, you can take advantage of the lower rate.
Information was obtained from the local Multiple Listing Service and is deemed accurate but not guaranteed.