Market Update 3rd Quarter, 2020

Dated: October 27 2020

Views: 166

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

LW Reedy Elmhurst Preschool Guide 2022-23

It's hard to believe that it's time to start thinking about the 2022-23 school year! Many Elmhurst preschools have already started collecting registration forms, arranging tours, and building

Read More

Market Update: 3rd Quarter, 2021

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

Read More

View from 101 York: October 2021

From Thankgiving Day runners turkey trotting past to holiday lights bringing holiday cheer, we see it all from our View at 101 York.  Check out these engaging November events. Food, Drink

Read More

View from 101 York September 2021

This fall welcomes live music, theatre, art, and more to Elmhurst, Chicago, and the surrounding areas. Check out what we've discovered from our View at 101 York.  Fall FestivalsBerwyn

Read More