Is Downers Grove, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Downers Grove is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Downers Grove has remained a Seller's Market.

Key Takeaway

Downers Grove is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Downers Grove, IL

How much do homes in Downers Grove, IL cost?

Median Sold Price

$436,300

$235/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$26,300(+6.4%)

Key Takeaway

Homes in Downers Grove have sold for 6.4% more than they did a year ago.

Summary: The median home sold price in Downers Grove was $436,300 in May 2024, up 6.4% from last year, and the median price per square foot was $235.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $130K$165K
+26.9%
2 $195K$215.5K
+10.5%
3 $395K$415.9K
+5.3%
4 $516K$611.2K
+18.5%
5+ $823.5K$812.4K
-1.3%

Summary: Downers Grove housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 26.9%, 2 bedroom homes increased by 10.5%, 3 bedroom homes increased by 5.3%, 4 bedroom homes increased by 18.5%, and 5+ bedroom homes decreased by 1.3%.

Median Sold Price Compared To Nearby Cities

Darien
+16.9%
Downers Grove
+6.4%
Woodridge
+1.6%
Lisle
0.4%
Westmont
-2.1%

Housing Supply in Downers Grove, IL

How many homes are available in Downers Grove, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
216249+15.3%

Summary: The Downers Grove real estate market had 249 homes for sale in May 2024, a 15.3% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 109
-10.0%
2 4145
+9.8%
3 7484
+13.5%
4 6784
+25.4%
5+ 2427
+12.5%

Summary: The Downers Grove housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 10%, 2 bedroom homes increased by 9.8%, 3 bedroom homes increased by 13.5%, 4 bedroom homes increased by 25.4%, and 5+ bedroom homes increased by 12.5%.

Number of Homes Sold

Apr 2024May 2024CHANGE
6578+20.0%

Asking Price vs. Sold Price

24 Homes Were Sold
Under Asking

9 Homes Were Sold
At Asking

45 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Downers Grove, you could pay more than the asking price. 57.7% of homes here sold above asking price last month.

Summary: A total of 78 homes were sold or pending in Downers Grove in May 2024, up by 20.0% month-over-month. Of the 78 sold homes, 31% were sold under asking, 12% were sold at asking, and 58% were sold over asking.

Days on Market for Downers Grove, IL

How long does it take to sell a home in Downers Grove, IL?

Average Sale Time

May 2023May 2024CHANGE
14 Days16 Days+16.8%

Summary: Homes in Downers Grove had an average of 16 days on market in May 2024, up by 16.8% compared to last year.

Breakdown of Home Sale Times

68 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Downers Grove are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 78 homes were sold in Downers Grove; 87% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

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