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 October 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

$451,664

$241/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$38,314(+9.3%)

Key Takeaway

Homes in Downers Grove have sold for 9.3% more than they did a year ago.

Summary: The median home sold price in Downers Grove was $451,664 in October 2024, up 9.3% from last year, and the median price per square foot was $241.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $138.2K$180.2K
+30.4%
2 $198K$235K
+18.7%
3 $399.5K$429K
+7.4%
4 $560K$629.5K
+12.4%
5+ $887K$825K
-7.0%

Summary: Downers Grove housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 30.4%, 2 bedroom homes increased by 18.7%, 3 bedroom homes increased by 7.4%, 4 bedroom homes increased by 12.4%, and 5+ bedroom homes decreased by 7%.

Median Sold Price Compared To Nearby Cities

Darien
+18.0%
Westmont
+12.2%
Downers Grove
+9.3%
Woodridge
+7.1%
Lisle
-2.4%

Housing Supply in Downers Grove, IL

How many homes are available in Downers Grove, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
193221+14.5%

Summary: The Downers Grove real estate market had 221 homes for sale in October 2024, a 14.5% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 711
+57.1%
2 4061
+52.5%
3 6770
+4.5%
4 6263
+1.6%
5+ 1716
-5.9%

Summary: The Downers Grove housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 57.1%, 2 bedroom homes increased by 52.5%, 3 bedroom homes increased by 4.5%, 4 bedroom homes increased by 1.6%, and 5+ bedroom homes decreased by 5.9%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
5154+5.9%

Asking Price vs. Sold Price

29 Homes Were Sold
Under Asking

9 Homes Were Sold
At Asking

16 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Downers Grove, you may be able to get a good deal. 53.7% of homes here sold below asking price last month.

Summary: A total of 54 homes were sold or pending in Downers Grove in October 2024, up by 5.9% month-over-month. Of the 54 sold homes, 54% were sold under asking, 17% were sold at asking, and 30% 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

Oct 2023Oct 2024CHANGE
23 Days20 Days-12.1%

Summary: Homes in Downers Grove had an average of 20 days on market in Oct 2024, down by 12.1% compared to last year.

Breakdown of Home Sale Times

38 Homes Were Sold
Under 30 Days

15 Homes Were Sold
In 30 - 90 Days

1 Home Was 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 October 2024, 54 homes were sold in Downers Grove; 70% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 2% 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 16 Days Ago

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