A Multiple Listing search for Elmhurst, IL, homes, today, shows that even though the number of homes sold is still down, the home prices are beginning to climb. The information was based on 1st quarter numbers for 2006-2008.
The bar graph above shows that although the number of homes sold are down about 22%, the last two years are nearly the same. This could suggest that the demand for homes in Elmhurst is stabilizing.
The graph above shows the prices in Elmhurst have increased just over $4,300 in the 1st quarter of 2008 over 2007. Compare that to 2006 and see that the prices are only down about $3,400 from where the values were three years ago. As a percentage the difference is quite minimal at about 0.6% (six tenths of one percent).
The information shows that even though the national media is talking about doom and gloom, the Elmhurst real estate market is already showing signs of stabilizing sales and increasing prices. If the 2008 demand stays around the 2007 numbers or increases over the course of the year we may see more increases in home values.
If you would like to receive an accurate valuation of your home, or would like to buy soon contact your Elmhurst Realtor.
This information was obtained from the Multiple Listing Service of Northern Illinois and is considered to be accurate, but not guaranteed. The search included only detached single family homes.