With 2018 in the books, we’d like to take a look at how the Elmhurst market performed as well as look to what experts are predicting about the 2019 market. 2018 was another year of strong gains for real estate in Elmhurst. The average sales price in Elmhurst rose by 5.3% to rest at $519,000 while the median sales price rose by 6.7% to $426,900.
2018 saw houses still selling at a very fast pace. The average home went under contract in 43 days.
Housing supply increased from 3.8 months in January of 2018 to 4.7 months in December 2018, which is potentially good news as much of 2017 saw inventory below the 4-month level. While an increased months supply benefits sellers as it indicates less competition, ultimately the nationwide low inventory has been blamed for holding back the industry as a whole. We’ll be closely monitoring inventory in 2019. Generally speaking, 4-6 months of inventory is considered a balanced, healthy market. A market with more options is considered more enticing to buyers who have avoided purchasing homes due to lack of choices.
As always, we expect to learn a lot about the overall health of the 2019 market in the first few months. The Chicago “Spring Market” typically starts in February with March seeing the most foot-traffic every year. That foot traffic leads to a busy March, April and May where we traditionally see around 40+% of the overall contracts written for the year. Many Realtors point to the Super Bowl as the unofficial start the spring market. With the big game just two weeks away, we are already experiencing a spike in open house attendance and showing requests at LW Reedy.
With all that in mind, we anticipate another strong year for Elmhurst real estate despite many experts predicting a flat or even a down market for greater Chicagoland.
- According to a November 2018 Chicago Agent Magazine article, many experts are wary of rising interest rates and larger national economic factors.
- A November 2018 Crain’s Chicago Business article details Realtor.com’s forecast suggesting that Chicago will end up towards the bottom of the top 100 metropolitan markets in growth for both median price and homes sold locally.
- A Chicago Agent Magazine article describes the impact of the overall economy on the Chicagoland real estate market.
While many experts predict a down or flat year for Chicago-area real estate on the whole, it appears that Elmhurst’s numerous attractive selling points will insulate Elmhurst from a potential greater Chicagoland slump. As always the bedrock of Elmhurst, strong schools, easy access to downtown Chicago and O’Hare, a great park system and a thriving downtown, will continue to attract buyers in all price ranges.
To learn more about how the changing housing market will impact you and your family, contact an L.W. Reedy agent today.