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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Downers Grove Township is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Downers Grove Township, IL

How much do homes in Downers Grove Township, IL cost?

Median Sold Price

$430,474

$229/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$29,554(+7.4%)

Key Takeaway

Homes in Downers Grove Township have sold for 7.4% more than they did a year ago.

Summary: The median home sold price in Downers Grove Township was $430,474 in May 2024, up 7.4% from last year, and the median price per square foot was $229.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $126K$142K
+12.7%
2 $234.5K$254.2K
+8.4%
3 $380K$410K
+7.9%
4 $611.5K$634.6K
+3.8%
5+ $1.1M$1.2M
+10.1%

Summary: Downers Grove Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.7%, 2 bedroom homes increased by 8.4%, 3 bedroom homes increased by 7.9%, 4 bedroom homes increased by 3.8%, and 5+ bedroom homes increased by 10.1%.

Median Sold Price Compared To Nearby Cities

Darien
+16.9%
Downers Grove Township
+7.4%
Clarendon Hills
+4.3%
Willowbrook
+3.5%
Burr Ridge
-2.7%

Housing Supply in Downers Grove Township, IL

How many homes are available in Downers Grove Township, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
598663+10.9%

Summary: The Downers Grove Township real estate market had 663 homes for sale in May 2024, a 10.9% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 1921
+10.5%
2 118136
+15.3%
3 181204
+12.7%
4 189203
+7.4%
5+ 9199
+8.8%

Summary: The Downers Grove Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 10.5%, 2 bedroom homes increased by 15.3%, 3 bedroom homes increased by 12.7%, 4 bedroom homes increased by 7.4%, and 5+ bedroom homes increased by 8.8%.

Number of Homes Sold

Apr 2024May 2024CHANGE
187196+4.8%

Asking Price vs. Sold Price

67 Homes Were Sold
Under Asking

28 Homes Were Sold
At Asking

101 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Downers Grove Township, you could pay more than the asking price. 51.5% of homes here sold above asking price last month.

Summary: A total of 196 homes were sold or pending in Downers Grove Township in May 2024, up by 4.8% month-over-month. Of the 196 sold homes, 34% were sold under asking, 14% were sold at asking, and 52% were sold over asking.

Days on Market for Downers Grove Township, IL

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

Average Sale Time

May 2023May 2024CHANGE
17 Days15 Days-10.2%

Summary: Homes in Downers Grove Township had an average of 15 days on market in May 2024, down by 10.2% compared to last year.

Breakdown of Home Sale Times

176 Homes Were Sold
Under 30 Days

14 Homes Were Sold
In 30 - 90 Days

6 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 196 homes were sold in Downers Grove Township; 90% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 3% 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 3 Days Ago

Newest Listings in Downers Grove Township, IL

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