Market Update: 3rd Quarter, 2021

Dated: October 26 2021

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Over the last 70 years in the real estate business, we at LW Reedy have grown accustomed to seasonal shifts in the real estate market. From a fast spring market to a cooling summer market, as people take a break from their real estate searches for summer fun, to a steady but calmer fall market and a pause during the holidays, we have years of experience helping our clients navigate traditional market shifts.

Like so many other industries, our post-Covid market has kept us on our toes, adjusting to an anything-but-typical pace. After a busy 2020/21 winter market and blistering 2021 spring market, our local Elmhurst market saw a slight seasonal adjustment.

Both market time(list date to contract date) and percentage of closed price to list price (last list price) indicated the “red hot” market had cooled just a bit.

We saw market time tic up slightly and percentage of closed price to list price drop slightly. Despite that, we’re still very much in an active market. September experienced a 13% increase over last year for Elmhurst homes under contract.

Even with a slight market slow down, we are still seeing an extreme shortage in inventory, both locally and throughout the great Chicagoland area. That points to another active winter market and a strong spring market.  

Buying or selling a home can be overwhelming, especially during an atypical market. The right Realtor can help you achieve your goals and navigate a complicated market. 

As always, if you are thinking of buying or selling, contact your favorite LW Reedy Agent to help guide your decisions.

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