Market Update 3rd Quarter, 2020

Dated: October 27 2020

Views: 114

For most industries, 2020 has been anything but typical. In the real estate industry, and particularly in our Elmhurst market, the market has been quite unusual. The spring market “sprung” late, and we have experienced an active market straight through to the fall.

After the initial panic and confusion following the COVID-19 pandemic, the summer market in Elmhurst took off, in both average sales price and number of contracts written. Our 3rd quarter market was busier than it typically is.

Similarly, the wider Chicago market saw a 10% increase in median sales price, and we saw a 9.5% increase in median sales price in Elmhurst.

As always, we like to keep an eye on inventory, as it typically informs us of where pricing is going. Currently, Elmhurst’s inventory is at 4.5 months, down from its 3-year peak of 5.6 months in the summer of 2019.

With average sales price climbing and inventory decreasing, we are anticipating a healthy winter leading into a swift spring market.

Yet another factor to consider this year is the election. In past years, we’ve seen a post-election “surge” in activity. Here are some articles on that trend and what to expect this time around:

Regardless of the results, stay in touch with your local LW Reedy agents to see what, if any, effect the election is having in our local market.

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

Latest Blog Posts

Home Care 101: Holiday Decorating Tips

With families across the world managing the pandemic, this holiday season is going to look a little different. A touch of holiday cheer can help us celebrate the holidays, near or far. Here are a

Read More

And the Turkey Trots On ... Virtually

Every year LW Reedy proudly sponsors and participates in the Dan Gibbons Turkey Trot, an Elmhurst Thanksgiving tradition. We enjoy the crowds, the celebration, the generosity, the exercise, and yes,

Read More

The View from 101 York: November 2020

Our November View from 101 York is typically filled with tree lightings and other holiday events. While most of the events below are virtual, we are pleased to provide information about these ways

Read More

The View from 101 York: October 2020

This month our View from 101 York, which typically contains a list of events in Elmhurst and the surrounding areas, continues to provide information about both in-person and virtual activities. In

Read More