A Picture of Today's Elmhurst Real Estate Market

By
Real Estate Agent with ADT Security Services

Single Family Detached Homes Currently on Market

  • 420 Homes on the Market
  • Mean List Price is $639,586, the Median is $500,000
  • List Prices Range from $209,900-$2,500,000
  • Average Market Time for Active Listings is 248 days
  • 47 Contingent Homes and 7 Pending

Single Family Detached Homes Sold in the Last TWO Months

  • 12 Closed homes
  • 4 of the 12 sold for over $500,000
  • Mean Sold Price is $486,916, the Median is $325,000
  • Market Time for Solds is 221 days
  • Sold Prices Ranged from $150,000-$1,162,500
  • Average Markdown from List to Sold Price is 7.4%

Elmhurst's home inventory has dropped slightly since about this time last year which is good news for sellers.  Unfortunately, it has not affected the market at this time.  If the inventory stays lower, sellers should see shorter market times and increasing home prices. 

Under current conditions, sellers should expect homes to be on the market for an average of 7-8 months.  Sellers should be prepared to give up about 7.4% of your list price (on average) in negotiation and may get initial offers of as much as 15% off of list price.  DO NOT take this personally.  Always give a counter offer. 

Buyers can take advantage of excellent interest rates.  Buyers still have plenty to look at and should anticipate the 7.4% markdown in the list price to determine the approximate purchase price.  As an example:  A home listed at $500,000 will sell on average for about $463,000. 

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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