Downers Grove Real Estate Guide (Q4 2024)

Q4 2024

DOWNERS GROVE LOCAL REAL ESTATE GUIDE

METHODOLOGY Overview of Terms and Downers Grove Submarkets CLOSED: closed transaction reflecting the final sales price (does not include any seller credits) CONTRACTED: contingent or pending transaction reflecting the latest asking price

NORTH (North of Ogden Ave.)

CONTRACT TIME: number of days between the first list date and the contracted date (does not include time from contract to close) HOME INVENTORY: number of homes currently available for sale MEDIAN: middle value of a given dataset (all report values are medians, which are less impacted by outliers than averages) PRICE DISCOUNTS: percentage difference between the initial list and recorded sale price

CENTRAL WEST

CENTRAL EAST

(Ogden Ave. to 55th St. /

(Ogden Ave. to 55th St. / East of Main Street

West of Main Street )

SOUTHWEST (South of 55th St. / West of Main St.)

SOUTHEAST (South of 55th St. / East of Main St.)

PRICE PER SQ. FT: ratio of the median price to the median sq. footage of a closed transaction as a relative price measure Note: All figures represent detached single-family homes unless otherwise specified. Price range data based on the village of Downers Grove. Submarket figures based on the approximate areas identified on map above and may not include every home within village limits.

2

MARKET SUMMARY “Seller’s Market” Remains with Mixed Market Activity and Low Inventory

Closed Homes (Q4)

Mixed Activity

New Home Listings (Q4)

6%

Contracted Homes (Q4)

Fewer Available Homes

Home Inventory (December)

19%

“Seller’s market” with 15+ year low of available homes this time of year

Short Market Times

List to Contract Days (Q4)

Market times increased to nearly 2 weeks overall; homes priced over $700K were shorter

Limited Price Discounts

Sale Price Discounts (Q4)

Homes often selling at a small discount to asking price; homes above $700K full price or more

Strong Sale Prices

Sale Price / Price Per Sq. Ft. (Q4)

Relative prices were higher overall, but certain submarkets and homes over $1M softening some

7%

3%

3

NEW LISTINGS

By Price Range

Rolling Last 12 Months (YoY%)

 New listings decreased more than 5% in Q4; homes priced $400K – $700K was the only range higher

<$400K $700K – $999K

 October increased ~20%, but November and December each fell over 20%  Listing activity expected to pick up with seasonal trends following year-end decline

$400K – $699K $1M+

800 700 600 500

Oct. – Dec. (YoY%)

400 Price Range

'24

'23

%

300

<$400K

24

30

-20%

200

$400K - $699K

66

53

25%

$700K - $999K

7

16

-56%

$1M+

23

28

-18%

380 (+11%)

144 (-22%) 110 (-6%) 97 (-11%)

0

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24

100

4

By Submarket

Rolling Last 12 Months (YoY%)

 Q4 experienced mostly lower listing activity across submarkets (only Central East up)  Central East showed strong increases over the last 12 months after another positive quarter; Southwest down nearly 30% during the same timeframe  North submarket is slightly positive during the last 12 months (declined in Q4)

North Southwest

Central West Southeast

Central East

400 350 300 250

Oct. – Dec. (YoY%)

200 Submarket

'24

'23

%

150

North

11

13

-15%

100

Central West

15

27

-44%

Central East

26

21

24%

Southwest

24

33

-27%

Southeast

16

21

-24%

149 (+26%) 137 (-29%) 128 (-9%) 99 (-12%) 99 (+1%)

0

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24

50

5

CONTRACTED HOMES

By Price Range

Rolling Last 12 Months (YoY%)

 Contracted homes were down over 5% during the quarter; only homes priced $400K – $700K were higher (consistent with listings)

<$400K $700K – $999K

 October and November experienced 15%+ fewer contracts, but December contract activity increased nearly 25%

450

 Contract activity may start the year soft with prior listing declines and low inventory

375

$400K – $699K $1M+

300

Oct. – Dec. (YoY%)

279 (+9%)

225 '24

'23

%

<$400K

15

24

-38%

$400K - $699K

53

40

33%

$700K - $999K

6

13

-54%

$1M+

6

9

-33%

150 106 (-33%) 70 (+6%) 49 (-9%)

75 0

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24

Price Range

6

By Submarket

Rolling Last 12 Months (YoY%)

 Downers Grove submarkets were mostly lower during the quarter; North increased, but only showed 1 more contract

North Southwest

 Continued recovery in the North moved this area higher over the last 12 months; Central East is up slightly (all others down)

200

 Southwest submarket is lower by over 20% during the last 12 months after another down quarter

150

Central West Southeast

Central East

Oct. – Dec. (YoY%)

97 (-22%) 93 (+1%) 85 (-15%) 79 (-14%) 72 (+14%)

100 '24

'23

%

North

10

9

11%

Central West

11

17

-35%

Central East

14

15

-7%

Southwest

16

18

-11%

Southeast

14

20

-30%

50

0

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24

Submarket

7

CLOSED HOMES

By Price Range

Rolling Last 12 Months (YoY%)

 Closed homes increased 3% in Q4 driven by homes priced $400K – $700K; significant decline in homes under $400K

<$400K $700K – $999K

 November saw a 30% increase in closings, but October and December were each down nearly 10%

450

 Closings will continue to be limited until more home inventory is available

375

$400K – $699K $1M+

300

Oct. – Dec. (YoY%)

277 (+7%) 225

'24

'23

%

<$400K

22

33

-33%

$400K - $699K

58

43

35%

$700K - $999K

10

11

-9%

$1M+

13

13

0%

150 106 (-33%) 72 (+7%) 50 (-17%)

75 0

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24

Price Range

8

By Submarket

Rolling Last 12 Months (YoY%)

 Downers Grove submarkets were mixed during the quarter (3 lower / 2 higher); Central East saw a 50%+ increase in Q4  Central and Southern submarkets have converged over the last 12 months into a close range (i.e., similar number of closings)

North Southwest

Central West Southeast

Central East

200

 North is now the only area up over the last 12 months 150

Oct. – Dec. (YoY%)

93 (-26%) 91 (-4%) 89 (-15%) 85 (-3%) 70 (+8%)

100 '24

'23

%

North

14

11

27%

Central West

15

19

-21%

Central East

25

16

56%

Southwest

21

26

-19%

Southeast

15

18

-17%

50

0

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24

Submarket

9

HOME INVENTORY

By Price Range

Dec. Quarter End (YoY%)

 Available homes declined nearly 20% in Q4; homes priced $400K – $700K were flat

<$400K $700K – $999K

 Overall inventory is down by 70%+ from December 2019; only 2 available homes priced $700K – $1M at year end  Scarce inventory expected to continue driving “seller’s market” conditions

Dec. Trends (Relative%)

$400K – $699K $1M+

175 150 125 100

75%

12% 25%

16% 16%

14% 19%

50%

37%

42%

36%

26%

26%

31%

'20 '21 <$400K $700K – $999K

'22

25% 0%

34% 17%

38% 4%

34%

42%

15%

17%

'23 '24 $400K – $699K $1M+

75 50 25 0

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24

100%

22 (0%) 20 (-9%) 9 (-10%) 2 (-82%) 10

By Submarket

Dec. Quarter End (YoY%)

 Home inventory is down meaningfully, but Central East showed an increase from this time last year

North Southwest

 Available homes are more concentrated in the Central and Southwest submarkets  North area has seen the largest decline over the last few years (down over 90% from December 2019)

Dec. Trends (Relative%)

75% 50% 25% 0%

Central East

90 75 60 45

17% 18% 19% 28% 18%

'20

North Southwest

11% 27%

21%

11% 37%

20%

23% 16%

23% 19%

26% 14%

17% 22% 13%

11% 29%

30

37% 18% 5%

'21 '22 '23 '24 Central West Central East Southeast

15

14 (+56%) 11 (-45%)

0

7 (-42%) 4 (-33%) 2 (-71%)

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24

100%

Central West Southeast

11

CONTRACT TIME

By Price Range

Rolling Last 12 Months (YoY%)

 Days between listing date and contract signing are generally low, but showed an increase across price ranges

<$400K $700K – $999K

 Low contract times showing large percentage moves with small changes  Expect contract times to remain short with very limited home availability

$400K – $699K $1M+

200 175 150 125

Oct. – Dec. (YoY%)

100 Price Range

'24

'23

%

75

<$400K

22

12

83%

50

$400K - $699K

14

8

75%

$700K - $999K

7

5

40%

$1M+

9

7

29%

0

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24

25

12 (+71%) 9 (-36%) 7 (+40%) 6 (-14%) 12

By Submarket

Rolling Last 12 Months (YoY%)

 Downers Grove submarkets mostly showed day count increases; Southeast declined a few days  Central areas showed large increases in Q4 and are the only submarkets with more days over the last 12 months  Homes on the market for more than 2 weeks could be overpriced or have other factors impacting time / interest

Oct. – Dec. (YoY%)

North Southwest

Central West Southeast

Central East

125

100

75

'24

'23

%

North

14

13

8%

Central West

40

5

700%

Central East

17

8

113%

Southwest

13

10

30%

Southeast

9

12

-25%

50

25

0

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24

Submarket

10 (+43%) 9 (+13%) 7 (-13%) 6 (-40%) 5 (-50%) 13

PRICE DISCOUNTS

By Price Range

Rolling Last 12 Months (YoY%)

 Price discounts were limited overall during the quarter; however, homes priced above $700K often sold at full ask or above  Homes below $400K had the most negotiability in Q4 and were the only price range under ask during the last 12 months

<$400K $700K – $999K

$400K – $699K $1M+ 100% (0%) 100% (0%) 100% (+1%) 98% (+1%)

100%

 Price discounts expected to remain narrow with limited home inventory 95%

Oct. – Dec. (YoY%) 90% '24

'23

%

<$400K

96%

97%

-2%

$400K - $699K

98%

99%

-1%

$700K - $999K

102%

98%

4%

$1M+

100%

100%

0%

85%

80%

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24

Price Range

14

By Submarket

Rolling Last 12 Months (YoY%)

 All submarkets sold at a small discount in Q4 after most areas saw full asking price last year at this time  Downers Grove areas generally sold for full price over the last 12 months, except North saw a small discount  Q4 tends to be a timeframe with more negotiability given seasonal trends

Oct. – Dec. (YoY%)

North Southwest

Central West Southeast

Central East

105% 100% (0%) 100%(0%) 100% (0%) 100%(+1%) 99% (+1%)

100%

95%

'24

'23

%

North

96%

96%

0%

Central West

97%

100%

-3%

Central East

98%

100%

-3%

Southwest

99%

98%

1%

Southeast

98%

100%

-2%

90%

85%

80%

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24

Submarket

15

PRICE PER SQ. FT.

By Price Range

Rolling Last 12 Months (YoY%)

 Price per sq. ft. increased over 7% in the quarter, but varied meaningfully; homes priced $700K – $1M saw significant gains (price range with the least inventory)

<$400K $700K – $999K

 Although homes $1M+ slipped in Q4, all price ranges are higher over the last 12 months

$350

 Relative prices have continued to grow and remain near or are setting new highs

$300

Oct. – Dec. (YoY%)

$400K – $699K $1M+

$313 (+3%) $273 (+7%) $259 (+11%) $246(+1%)

$250

'24

'23

%

<$400K

$284

$250

14%

$400K - $699K

$254

$242

5%

$700K - $999K

$313

$217

44%

$1M+

$305

$357

-15%

$200

$150

$100

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24

Price Range

16

By Submarket

Rolling Last 12 Months (YoY%)

 Relative price growth was more mixed across Downers Grove submarkets (3 areas up / 2 areas down)  Central submarkets continue to have the highest relative prices (Central West recently moved above $300 per sq. ft.)  Soft quarter in the Southeast pushed this submarket lower over the last 12 months

North Southwest

Central West Southeast

Central East

$325 $311 (+9%)

$300 $275

$276 (+3%) $260 (+16%) $255 (+9%) $236 (-3%)

$250

Oct. – Dec. (YoY%)

$225 $200

'24

'23

%

North

$273

$207

32%

Central West

$320

$346

-8%

Central East

$295

$282

5%

Southwest

$270

$233

16%

Southeast

$213

$228

-7%

$175 $150 $125 $100

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24

Submarket

17

CLOSED SALE PRICES

By Submarket  Closed sale prices were mixed in Q4, but slightly higher overall led by increases in the Central East and Southern submarkets  Central areas are lower over the last 12 months even with the large Central East increase in the quarter  Closed sale prices increased (not as much as relative prices) and saw a lot of variability

Rolling Last 12 Months (YoY%) North Southwest

Central West Southeast

Central East

$700 K $630 K (-3%) $600 K $500 K

Oct. – Dec. (YoY%)

$580K (+9%) $515 K (+11%) $480 K (+12%) $470 K (-3%)

$400 K '24

'23

%

North

$545K

$585K

-7%

Central West

$500K

$690K

-28%

Central East

$620K

$401K

55%

Southwest

$478K

$443K

8%

Southeast

$480K

$430K

12%

$300 K $200 K $100 K

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24

Submarket

18

CLOSED SALE VOLUME

By Submarket  Overall closed sale volume for single-family houses was up more than 5% for the quarter but down almost 5% over the last 12 months

Rolling Last 12 Months (YoY%) North Southwest

Central West Southeast

Central East

 North and Southeast are higher over the last 12 months; Central East more than doubled closed sale volume in Q4

$125M

 Central West continues to have the highest volume (even with the soft quarter)

$100M

Oct. – Dec. (YoY%)

$75M

$70 M (-17%)

$50M

$56 M (-6%) $53 M (-13%) $46 M (+3%) $40 M (+15%)

'24

'23

%

North

$8M

$6M

34%

Central West

$11M

$17M

-38%

Central East

$17M

$8M

105%

Southwest

$11M

$13M

-12%

Southeast

$8M

$9M

-15%

$25M

$0M

'08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24

Submarket

19

COMPARING HOME TYPES Analyzing Downers Grove Home Types for Q4 2024

Home Type

Single-Family Houses

Town Houses

Condos

New Listings

120

6%

14

0%

39

26%

Contracted Homes

80

7%

11

0%

29

7%

Closed Homes

103

3%

16

14%

37

3%

Home Inventory

53

19%

4

100%

12

100%

Contract Time

13 days

30%

6 days

40%

14 days

56%

Price Discounts

98%

1%

100%

2%

98%

1%

Price per Sq. Ft.

$273

7%

$239

13%

$220

10%

Closed Sale Price

$491K

2%

$355K

2%

$197K

1% 20

COMPARING SUBURBS Analyzing Western Suburb Markets

Suburb

Median Price

Q4 YoY%

Price / Sq. Ft.

Q4 YoY% Contract Days Q4 YoY%

Clarendon Hills

$699K

36%

$280

-14%

9

-64%

Downers Grove

$491K

2%

$273

7%

13

30%

Elmhurst

$585K

6%

$306

5%

10

-23%

Glen Ellyn

$611K

6%

$284

6%

9

-10%

Hinsdale

$1.5M

11%

$327

5%

10

-71%

Lisle

$480K

17%

$230

6%

9

29%

Naperville (60540)

$600K

-6%

$276

13%

7

-50%

Western Springs

$881K

17%

$365

10%

5

25%

Westmont

$417K

12%

$239

12%

7

-30%

Wheaton

$510K

1%

$267

11%

8

60%

21

Compass is a licensed real estate broker and abides by federal, state and local equal housing opportunity laws. All material presented herein is intended for informational purposes only, is compiled from sources deemed reliable but is subject to errors, omissions, and changes without notice. Sources include Midwest Real Estate Data LLC. This is not intended to solicit property already listed. Closed Volume based on MLS market share, including off-market sales, from 1/1/24-12/31/24. #1 Compass Team in DuPage based on MLS Market Share, including off-market sales, all property types, from 1/1/24-12/31/24.

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