Is Elmhurst, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Elmhurst is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Elmhurst, IL

How much do homes in Elmhurst, IL cost?

Median Sold Price

$529,975

$301/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$5,419(+1.0%)

Key Takeaway

Homes in Elmhurst have sold for 1% more than they did a year ago.

Summary: The median home sold price in Elmhurst was $529,975 in May 2024, up 1% from last year, and the median price per square foot was $301.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $139.9K$167K
+19.3%
2 $285.1K$315K
+10.5%
3 $419K$460K
+9.8%
4 $856.5K$940K
+9.7%
5+ $1.0M$1.0M
0.5%

Summary: Elmhurst housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 19.3%, 2 bedroom homes increased by 10.5%, 3 bedroom homes increased by 9.8%, 4 bedroom homes increased by 9.7%, and 5+ bedroom homes increased by 0.5%.

Median Sold Price Compared To Nearby Cities

Northlake
+16.0%
Villa Park
+5.5%
York Township
+3.6%
Elmhurst
+1.0%
Berkeley
-4.6%

Housing Supply in Elmhurst, IL

How many homes are available in Elmhurst, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
147170+15.6%

Summary: The Elmhurst real estate market had 170 homes for sale in May 2024, a 15.6% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 12
+100.0%
2 1217
+41.7%
3 4757
+21.3%
4 6769
+3.0%
5+ 2025
+25.0%

Summary: The Elmhurst housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 41.7%, 3 bedroom homes increased by 21.3%, 4 bedroom homes increased by 3%, and 5+ bedroom homes increased by 25%.

Number of Homes Sold

Apr 2024May 2024CHANGE
4439-11.4%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

19 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Elmhurst, you could pay more than the asking price. 48.7% of homes here sold above asking price last month.

Summary: A total of 39 homes were sold or pending in Elmhurst in May 2024, down by 11.4% month-over-month. Of the 39 sold homes, 41% were sold under asking, 10% were sold at asking, and 49% were sold over asking.

Days on Market for Elmhurst, IL

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

Average Sale Time

May 2023May 2024CHANGE
31 Days16 Days-48.9%

Summary: Homes in Elmhurst had an average of 16 days on market in May 2024, down by 48.9% compared to last year.

Breakdown of Home Sale Times

32 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 39 homes were sold in Elmhurst; 82% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 0% 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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