Hinsdale Real Estate Guide (Q3 2023)

Q2 2022 Q3 2023

HINSDALE HINSDALE LOCAL REAL LOCAL REAL ESTATE GUIDE ESTATE GUIDE

METHODOLOGY Overview of Terms and Hinsdale 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 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

NORTHWEST (Rte. 83 to N. York Rd. / N. Garfield St. and Ogden Ave. to W. Chicago Ave.)

CENTRAL WEST (Rte. 83 to S. Garfield St. and W. Chicago Ave. to W. 55th St.)

NORTHEAST (Hwy. 294 to N. York Rd. / N. Garfield St. and Ogden Ave. to E. Chicago Ave.)

CENTRAL EAST Hwy. 294 to S. Garfield St. and E. Chicago Ave. to E. 55th St.

SOUTH (South of 55th 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 Hinsdale. 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” Continues into the Fall with Very Low Home Inventory

Closed Homes (Q3)

Lower Activity

New Home Listings (Q3)

11%

Contracted Homes (Q3)

Fewer Available Homes

Home Inventory (September)

28%

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

Short Market Times

List to Contract Days (Q3)

A couple weeks or less across price ranges and submarkets; Central East and <$500K longer

Narrow Price Discounts

Sale Price Discounts (Q3)

Most homes selling at a small discount to asking price; <$500K and $2M+ have more negotiability

Flattening Sale Prices

Sale Price / Price Per Sq. Ft. (Q3)

Relative sale price growth slowing with significant variability; below last summer’s highs

39%

30%

3

NEW LISTINGS

By Price Range

Rolling Last 12 Months (YoY%)

 Listings declined over 10% in Q3 with declines across price ranges, except $1M – $2M  July and September both down 15% with August up 5% year-over-year  Homes priced $1.5– $2M doubled in the quarter

<$500K

$500K – $999K

$1M – $1.49M

$1.5M – $1.99M

$2M – $2.99M

$3M+

400

 Continued softness in new listings across most price ranges limiting home availability 300

Jul. – Sept. (YoY%) '23

'22

%

<$500K

2

12

-83%

$500K - $999K

22

35

-37%

$1M - $1.49M

25

22

14%

$1.5M - $1.99M

32

16

100%

$2M - $2.99M

6

11

-45%

$3M+

6

8

-25%

200

100

0

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

Price Range

110 (-35%) 84 (-35%) 83 (+24%) 47 (-13%) 21 (-32%) 15 (-50%) 4

By Submarket

Rolling Last 12 Months (YoY%)

 Only the North submarkets were higher during the quarter (other areas down 35%+ for new listings)  All Hinsdale areas continuing to show declines over the last 12 months  Central West was the only remaining submarket with 100+ new listings for the last 12 months until this quarter

Jul. – Sept. (YoY%)

Northwest

Northeast

Central East

South

Central West

300 250 200

'23

'22

%

Northwest

28

19

47%

Northeast

20

18

11%

Central West

18

29

-38%

Central East

12

19

-37%

South

4

9

-56%

150 93 (-36%) 84 (-11%) 67 (-9%) 58 (-29%)

100 50

28 (-36%) 0

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

Submarket

5

CONTRACTED HOMES

By Price Range

Rolling Last 12 Months (YoY%)

 Contracted homes were down almost 40% in Q3 across price ranges; only homes priced $3M+ avoided a decline (flat)  No contracts for homes <$500K during the quarter (often below land value); homes priced $2M – $3M still higher over the last 12 months

<$500K

$500K – $999K

$1M – $1.49M

$1.5M – $1.99M

$2M – $2.99M

$3M+

200

 Contract activity is constrained with fewer listings and low inventory 150

Jul. – Sept. (YoY%) '23

'22

%

<$500K

0

3

-100%

$500K - $999K

10

24

-58%

$1M - $1.49M

9

10

-10%

$1.5M - $1.99M

9

12

-25%

$2M - $2.99M

4

6

-33%

$3M+

4

4

0%

100 78 (-38%) 57 (-42%)

50

0

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

Price Range

30 (+3%) 29 (-41%) 11 (-50%) 10 (-52%)

6

By Submarket

Rolling Last 12 Months (YoY%)

 Contract activity was lower across all submarkets, except the Northeast  Central West chart-topping increases began in 2019 and continued to mid-2021 before large declines  South Hinsdale has consistently lower contracted home activity over time (also fewer listings and closings)

Northwest

Northeast

Central East

South

Central West

200

150

Jul. – Sept. (YoY%) 100

Submarket

'23

'22

%

Northwest

7

11

-36%

Northeast

9

6

50%

Central West

10

17

-41%

42 (-46%) 40 (-15%) 32 (-47%)

Central East

5

13

-62%

14 (-52%)

South

3

6

-50%

72 (-33%)

0

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

50

7

CLOSED HOMES

By Price Range

Rolling Last 12 Months (YoY%)

 Closed homes were down 30% for the quarter; homes priced $1.5M – $3M showed increases  Very difficult to close on a home for under $500K (averaging a little over one home per month) given land value in Hinsdale  Closed homes likely to see continued declines with limited contracts and low availability

<$500K

$500K – $999K

$1M – $1.49M

$1.5M – $1.99M

$2M – $2.99M

$3M+

250

200

Jul. – Sept. (YoY%)

150

'23

'22

%

<$500K

2

3

-33%

$500K - $999K

17

33

-48%

$1M - $1.49M

12

24

-50%

$1.5M - $1.99M

12

10

20%

$2M - $2.99M

12

8

50%

$3M+

4

6

-33%

100 82 (-41%) 50

0

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

Price Range

54 (-51%) 34 (-41%) 31 (-11%) 16 (-41%) 8 (-62%)

8

By Submarket

Rolling Last 12 Months (YoY%)

 Closed activity was mostly lower in Q3 across Hinsdale submarkets; Northeast was higher (two homes) and South flat  Northwest decline was the largest during the quarter and last 12 months  South Hinsdale is less than half of any other area over the last 12 months

Northwest

Northeast

Central East

South

Central West

200

150

Jul. – Sept. (YoY%) 100

Submarket

'23

'22

%

Northwest

10

19

-47%

Northeast

10

8

25%

Central West

21

31

-32%

42 (-53%) 41 (-27%) 36 (-49%)

Central East

9

14

-36%

16 (-50%)

South

5

5

0%

74 (-37%)

0

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

50

9

HOME INVENTORY

By Price Range

Sept. Quarter End (YoY%)

 Available homes declined almost 30% on already very low inventory  Overall home inventory is down 75% from September 2020  Limited inventory expected to continue driving “seller’s market” conditions

<$500K

$500K – $999K

$1M – $1.49M

$1.5M – $1.99M

$2M – $2.99M

$3M+

125

100

Sept. Trends (Relative%) 75 75% 50%

27%

8% 16%

8% 10% 18% 22%

27%

10% 16% 19% 22%

30% 8%

26% 7%

22% 2%

'21

'22

'23

25%

35%

0%

10%

33% 9%

'19

'20

<$500K $1M – $1.49M $2M – $2.99M

12% 7% 16%

28%

50

24%

$500K – $999K $1.5M – $1.99M $3M+

25

0

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

100%

5% 7% 15%

14 (+8%) 12 (-20%) 11 (-39%) 8 (-27%) 4 (-43%) 1 (-80%) 10

By Submarket

Sept. Quarter End (YoY%)

 Home inventory is down materially across submarkets; Northwest was higher with more listings and fewer contracts / closings  Central West is currently a much smaller proportion of available homes than usual

Sept. Trends (Relative%) 100%

8% 22%

9% 27%

13% 22%

10% 21%

26%

22% 18% 24%

31%

29%

12% 20%

18% 23%

'19 Northwest

'20 '21 Northeast

'22

Central East

South

75% 50% 25% 0%

20% 25%

7% 23% 16% 16% 39%

'23 Central West

Northeast

Central East

South

Central West

100

75

50

25

0

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

 Low inventory expected to persist over the coming months

Northwest

17 (+21%) 10 (-23%) 7 (-61%) 7 (-36%) 3 (-50%) 11

CONTRACT TIME

By Price Range

Rolling Last 12 Months (YoY%)

 Days between listing date and contract signing varied by price range, but were slightly higher overall from a low day count  Homes priced $500K – $2M went under contract in 10 days or less in Q2 whereas other ranges were 3 weeks or more  Overall contract times remain short, but days are increasing

<$500K

$500K – $999K

$1M – $1.49M

$1.5M – $1.99M

$2M – $2.99M

$3M+

350 300 250

Jul. – Sept. (YoY%)

200 '23

'22

%

<$500K

69

27

156%

$500K - $999K

5

7

-29%

$1M - $1.49M

9

6

50%

$1.5M - $1.99M

10

13

-23%

$2M - $2.99M

22

40

-45%

$3M+

23

11

109%

150 100 50 0

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

Price Range

65 (+150%) 24 (-47%) 22 (+57%) 12 (+9%) 10 (-17%) 8 (+14%) 12

By Submarket

Rolling Last 12 Months (YoY%)

 Contract times were mixed in Q3 with Central East taking the longest  Central East and South are taking 3x longer to contract compared to other areas during the last 12 months  Only the North submarkets remain lower over the last 12 months

Northwest

Northeast

Central East

South

Central West

200

150

Jul. – Sept. (YoY%) '23

'22

%

Northwest

5

6

-17%

Northeast

11

7

57%

Central West

5

6

-17%

Central East

32

37

-14%

South

17

13

31%

100

50

0

36 (+125%) 33 (+14%)

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

Submarket

11 (-8%) 10 (-29%) 10 (+25%) 13

PRICE DISCOUNTS

By Price Range  Closed price discounts were flat overall in the quarter; under $500K sold at a significant discount on only two transactions  Homes priced $500K – $2M are still selling for full asking price or a slight premium  Price discounts expected to remain narrow generally due to limited home availability

Rolling Last 12 Months (YoY%) <$500K

$500K – $999K

$1M – $1.49M

$1.5M – $1.99M

$2M – $2.99M

$3M+ 100% (+1%) 98% (-2%) 98% (0%) 96% (0%)

100% 95%

93% (-1%)

Jul. – Sept. (YoY%)

90%

'23

'22

%

<$500K

84%

84%

0%

$500K - $999K

100%

99%

1%

$1M - $1.49M

100%

98%

2%

$1.5M - $1.99M

101%

100%

1%

$2M - $2.99M

95%

97%

-2%

$3M+

92%

93%

-2%

85% 80% 75% 70%

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

Price Range

89% (-5%)

14

By Submarket

Rolling Last 12 Months (YoY%)

 Slightly narrowing discounts in most submarkets reflects some negotiability but competitive market conditions  South area saw homes sell above list price during the quarter (also the case in Q2)  Buyers and sellers often meeting at 2% – 3% or tighter discount to the original asking price (situation dependent)

Jul. – Sept. (YoY%)

Northwest

Northeast

Central East

South

Central West

99% (+2%) 99% (+1%) 98% (-1%) 97% (-1%)

100%

95%

93% (-2%)

90%

'23

'22

%

Northwest

99%

98%

2%

Northeast

97%

97%

0%

Central West

98%

100%

-2%

Central East

96%

95%

1%

South

103%

98%

5%

85%

80%

75%

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

Submarket

15

PRICE PER SQ. FT.

By Price Range

Rolling Last 12 Months (YoY%) <$500K

$500K – $999K

$1M – $1.49M

$1.5M – $1.99M

$2M – $2.99M

$3M+

 Homes priced $1M – $1.5M and above $2M saw the largest price increases for the quarter

$700

 Relative pricing has been supported by limited home inventory and buyer demand

$600

Jul. – Sept. (YoY%)

$500

Price Range

'23

'22

%

<$500K

$231

$273

-15%

$500K - $999K

$314

$301

4%

$1M - $1.49M

$314

$286

10%

$1.5M - $1.99M

$338

$341

-1%

$2M - $2.99M

$360

$309

17%

$3M+

$529

$470

13%

$529 (+22%)

$361 (+5%) $355 (+3%) $318 (+11%) $288 (+2%) $239 (-16%)

$400 $300 $200 $100

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

 Relative prices often increase with absolute prices, which was generally the case in Q3 (and is the case over the last 12 months); most ranges seeing some increases

16

By Submarket

Rolling Last 12 Months (YoY%)

 Hinsdale submarkets experienced mixed price per sq. ft. growth in Q3 (3 areas increased / 2 areas decreased)

Northwest

Northeast

Central East

South

Central West

 South moved 35% higher for the quarter (after a large uptick in Q1 and then drop in Q2) as Hinsdale Meadows finishes

$400

 Last 12 months range of ~$70 per sq. ft. has widened after a historically narrow period

$350

$349 (+14%) $337 (+4%)

$300

$314 (0%) $311 (+11%) $282 (-6%)

Submarket

'23

'22

%

Northwest

$356

$290

23%

Northeast

$316

$337

-6%

Central West

$365

$335

9%

Central East

$311

$341

-9%

South

$291

$216

35%

$250

$200

$150

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

Jul. – Sept. (YoY%)

17

CLOSED SALE PRICES

By Submarket  Overall sale prices were up meaningfully across Hinsdale, except the Northwest

Rolling Last 12 Months (YoY%)

 Despite the decline in Q3, Northwest has increased the most over the last 12 months  Central East remains the highest price area

$2.5M

 Closed sale prices should be reviewed with price per sq. ft. to gauge overall trends

$2.3M

Northwest

Northeast

Central East

South

Central West

$2.0M

Jul. – Sept. (YoY%)

$1.8M $1.5M

Submarket

'23

'22

%

Northwest

$913K

$1.0M

-9%

$1.3M

Northeast

$1.5M

$950K

56%

$1.0M

Central West

$1.6M

$1.3M

24%

Central East

$2.1M

$1.9M

12%

South

$1.6M

$955K

65%

$1.5 M (-3%) $1.3 M (+14%) $1.3 M (+10%) $1.2 M (+22%) $1.0 M (+1%)

$0.8M

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

$0.5M

18

CLOSED SALE VOLUME

By Submarket  Overall sale volume declined nearly 20% for the quarter and more than 40% over the last 12 months

Rolling Last 12 Months (YoY%)

 South Hinsdale saw a bounce (nearly doubled) after a very low quarter last year  Central West is the largest sale volume area (50%+ bigger than any other submarket)

Northwest

Northeast

Central East

South

Central West

$175M $150M $125M

Jul. – Sept. (YoY%)

$100M Submarket

'23

'22

%

Northwest

$14M

$20M

-30%

Northeast

$12M

$9M

40%

$50M

Central West

$38M

$45M

-15%

$25M

Central East

$18M

$32M

-42%

South

$9M

$4M

99%

$75M

$101 M (-34%) $66 M (-50%) $61 M (-44%) $42M (-24%) $22 M (-42%)

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

$0M

19

COMPARING HOME TYPES Analyzing Hinsdale Home Types for Q3 2023

Home Type

Single Family

Town Houses

Condos

New Listings

93

11%

5

44%

4

81%

Contracted Homes

36

39%

5

25%

4

71%

Closed Homes

59

30%

7

0%

8

60%

Home Inventory

50

28%

1

75%

3

67%

Contract Time

11 days

10%

12 days

8%

6 days

20%

Price Discounts

98%

0%

95%

0%

107%

7%

Price per Sq. Ft.

$327

2%

$274

6%

$263

18%

Closed Sale Price

$1.4M

25%

$800K

135%

$525K

2% 20

COMPARING SUBURBS Analyzing Western Suburb Markets

Suburb

Median Price

Q3 YoY%

Price / Sq. Ft.

Q3 YoY% Contract Days Q3 YoY%

Burr Ridge

$895K

5%

$245

9%

9

-53%

Clarendon Hills

$750K

16%

$318

25%

10

-17%

Downers Grove

$513K

12%

$252

5%

7

17%

Elmhurst

$511K

-16%

$299

2%

7

-36%

Glen Ellyn

$550K

16%

$281

10%

4

-43%

Hinsdale

$1.4M

25%

$327

2%

11

10%

La Grange

$618K

-1%

$303

4%

4

-33%

Oak Brook

$1.2M

43%

$248

12%

9

-57%

Western Springs

$803K

20%

$304

-2%

8

33%

21

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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.

Hinsdale Office One Grant Square #201 Hinsdale, IL 60521