Market Update 3rd Quarter, 2020

Dated: October 27 2020

Views: 149

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

Market Update 1st Quarter, 2021

The spring market did NOT disappoint. Based on an unusually active winter market, low inventory, low interest rates, and positive signs of an economy re-opening, we anticipated a swift, if not full

Read More

The View from 101 York Special Edition: Summer 2021

We are welcoming the first signs of summer here from our view here at 101 York. And as we do, we're expanding our April monthly view post for a special summer events edition. Check out these fun

Read More

Peach convertibles, silver dollar coins, and seventy years ...

We wonder … did the Old Pro, when driving down York in his flashy peach Lincoln convertible, dream that someday the real estate agency he founded in 1951 would be run by one of his grandsons?

Read More

Around Town: April 6 Election

It's almost election time! We've gathered some resources to help you learn about the candidates running for mayor, alderman, school board, and more. Let's get out there and vote April 6!Early

Read More