Elmhurst real estate news & market updates

Featured Listing

Featured Listing

For Sale: $989,000

More Information

Feb 2017 Housing Market, Chicago's Tech Boom

Elmhurst Market Statistics for February

Prior 12 months property sales decreased from 613 in 2016 to 580 in 2017.  January 2016 property sales vs January 2017 property sales decreased from 29 to 24 homes sold. Prior 12 months average sales price increased 7.9%, from $499,426 in 2016 to $538,713 in 2017.  The January Average Sales Price increased 6.5%, from $454,162 in January 2016 to $483,570 in January 2017. The January 2016 vs. January 2017 median price increased 27.3% from $330,000 to $420,000. The January Average Days on Market (DOM) increased from 129 in January 2016 to 150 in January 2017.

 

The January 2017 MSI of 5.98 months was at its highest level compared with January of 2016. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. Remember, 5.5 months is considered a “balanced” market by most.

 

The Selling Price vs Listing Price reveals the average amount that Sellers are agreeing to come down from their list price. The lower the ratio is below 100%, the more of a Buyer's market exists; a ratio at or above 100% indicates more of a Seller's market. The January 2017 Selling Price vs. List Price of 93.5% increased .4% from 93.1% in January of last year.


Chicago’s tech boom great news for Elmhurst market


Good news for Elmhurst's housing market: Chicago has been named THE top city in the U.S. poised for tech boom. Why does this benefit the Elmhurst market? Located only 15 miles from the city and right on the Metra line, Elmhurst makes the perfect hometown for people in the tech job market who want to live in the suburbs.

According to RIS Media, cities with jobs in growing fields draw incoming residents in drove, with tech being the current in-demand industry.

Chicago was ranked number one in cities likely to experience large growth in the tech job sector, according to the survey, conducted by Modis, an IT staffing services provider. In fact, Chicago is more likely to attract young professionals who have worked in technology for five years or less than any other city. This is even better news for the Elmhurst market, as young professionals are the most likely to move to the suburbs to raise a family.

The survey ranks the top five markets for technology jobs as:

  1. Chicago
  2. Houston
  3. Boston
  4. Denver
  5. Philadelphia

Elmhurst offers easy access to the city via train or car and our vibrant downtown and excellent school system make it a natural landing place for people who live in the city. 

The Best Homes Sell Fast!


 

Smart sellers understand that a proactive selling strategy can go a long way in getting their home sold quickly, and for top dollar. Here are three tips for today’s sellers:

  • Make your home shine. Buyers like to envision a home they can move right into. Clean carpets, fresh paint, and a nicely landscaped yard can go a long way to make perspective buyers feel at home.
     
  • Anticipate the selling season. Many sellers wait for the market to pick up before they place their home for sale, but smart sellers anticipate these seasonal adjustments and list their homes early in the sales cycle. Give yourself the best opportunity by placing your home on the market before everyone else does!
     
  • Price your home right. Markets change, so don't be influenced by last year's selling activity and home prices. We will evaluate your home based on the most recent sales data and price it to sell for the most money in the shortest amount of time.


Whether you're looking to sell today or are thinking of selling tomorrow, please feel free to call and ask for an analysis of our recent market activity. We would be more than happy answer any questions you might have.