Lombard Real Estate Guide (Q4 2023)

Q4 2023

LOMBARD

LOCAL REAL ESTATE GUIDE

LOMBARD OVERALL “Seller’s Market” Continues into the New Year with Very Low Home Inventory

Lower Activity

New Home Listings (Q4)

3%

Contracted Homes (Q4)

Fewer Available Homes

Home Inventory (December)

36%

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

Short Market Times

List to Contract Days (Q4)

Homes going under contract quickly around one week or less in many cases

Limited Price Discounts

Sale Price Discounts (Q4)

Homes consistently sold at or close to full asking price across submarkets

Strong Prices

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

Higher prices from Q4 last year, but below late summer / early fall highs

2%

Closed Homes (Q4)

15%

2

LOMBARD SUBMARKETS Defining the Lombard Submarkets

1.

1 North

North Ave. to St. Charles Rd. and Rte. 53 to Grace Ave.

22. West

St. Charles Rd. to Roosevelt Rd. and Hwy. 355 to Main St.

3 Central

St. Charles Rd. to Roosevelt Rd. and Main St. to Grace Ave. / Fairview Ave

4 East

North Ave. to Roosevelt Rd. and Grace Ave. / Fairview Ave. to Villa Park

5.

5 South

South of Roosevelt Rd. to Butterfield Rd.

1

2

Note: Submarket figures based on the approximate areas identified on map above and do not include every home within village limits.

4 3

5

3

1

NORTH LOMBARD Submarket Overall – Q4 2023

24

20

10

New Listings

Under Contract

Closed Homes

Prior

23% Year

Prior

50% Year

20% Year

Prior

Available Homes Prior

9% Year

7 $325K

$236

99%

Sale Price

Price / Sq. Ft.

% List Price

10% Prior Year

1% Year

Prior

14% Year

Prior

Days to Contract

53% Prior Year

North Lombard experienced broad declines in activity driving down inventory and increasing prices meaningfully. Homes sold near asking price in about a week.

4

Submarket Home Types – Q4 2023

Home Type

Single Family Single Family

Houses Town House

Condos Condo

New Listings

20

13%

-

4

43%

Under Contract

16

20%

-

4

33%

Closed Homes

10

41%

-

1

80%

Available Homes

10

11%

-

-

Sale Price

$336K

9%

-

$142K

7%

Price / Sq. Ft.

$239

8%

-

$158

15%

% List Price

99%

1%

-

103%

3%

14 days

13%

-

1 days

83%

.

Days to Contract

Note: Home types may not sum or match North Lombard overall due to prior year activity for a given home type (even though there may be no activity in 2023).

5

2

WEST LOMBARD Submarket Overall – Q4 2023

17

19

4

New Listings

Under Contract

Closed Homes

Prior

21% Year

Prior

36% Year

6% Year

Prior

Available Homes Prior

43% Year

7 $288K

$198

100%

Sale Price

Price / Sq. Ft.

% List Price

12% Prior Year

2% Year

Prior

8% Year

Prior

Days to Contract

22% Prior Year

West Lombard saw contract and closing growth outpace new listings, which limited inventory to a handful of homes. Prices increased significantly as homes sold at full price in about a week.

6

Submarket Home Types – Q4 2023

Home Type

Single Family Single Family

Houses Town House

Condos Condo

New Listings

17

13%

-

2

33%

Under Contract

15

36%

-

2

33%

Closed Homes

15

15%

-

4

300%

Available Homes

4

43%

-

-

Sale Price

$310K

13%

-

$167K

10%

Price / Sq. Ft.

$213

25%

-

$183

1%

% List Price

100%

2%

-

101%

4%

Days to Contract

11 days

38%

-

5 days

44%

.

Note: Home types may not sum or match West Lombard overall due to prior year activity for a given home type (even though there may be no activity in 2023).

7

3

CENTRAL LOMBARD Submarket Overall – Q4 2023

7

6

1

New Listings

Under Contract

Closed Homes

Prior

36% Year

Prior

53% Year

63% Year

Prior

Available Homes Prior

86% Year

7 $378K

$256

99%

Sale Price

Price / Sq. Ft.

% List Price

22% Prior Year

0% Year

Prior

15% Year

Prior

Days to Contract

13% Prior Year

Central Lombard experienced broad declines in activity driving inventory to extreme lows and increasing prices meaningfully. Homes sold near asking price in about a week.

8

Analyzing Home Types – Q4 2023

Home Type

Single Family Single Family

Houses Town House

Condos Condo

New Listings

6

60%

-

-

Under Contract

7

22%

-

-

Closed Homes

8

47%

-

-

Available Homes

1

86%

-

-

Sale Price

$378K

14%

-

-

Price / Sq. Ft.

$256

20%

-

-

% List Price

99%

0%

-

-

Days to Contract

7 days

56%

-

-

.

Note: Home types may not sum or match Central Lombard overall due to prior year activity for a given home type (even though there may be no activity in 2023).

9

4

EAST LOMBARD Submarket Overall – Q4 2023

30

23

7

New Listings

Under Contract

Closed Homes

Prior

21% Year

Prior

40% Year

3% Year

Prior

Available Homes Prior

42% Year

8 $329K

$208

97%

Sale Price

Price / Sq. Ft.

% List Price

2% Prior Year

0% Year

Prior

5% Year

Prior

Days to Contract

43% Prior Year

East Lombard experienced broad declines in activity driving down inventory and increasing prices (but less so than other areas). Homes sold at a small discount to ask in a little over a week.

10

Submarket Home Types – Q4 2023

Home Type

Single Family Single Family

Houses Town House

Condos Condo

New Listings

19

12%

6

25%

5

17%

Under Contract

15

17%

4

50%

4

33%

Closed Homes

11

50%

4

33%

3

50%

Available Homes

3

67%

3

200%

1

50%

Sale Price

$350K

3%

$295K

9%

$285K

4%

Price / Sq. Ft.

$208

2%

$220

15%

$207

9%

% List Price

95%

2%

98%

2%

100%

5%

13 days

0%

4 days

77%

16 days

30%

.

Days to Contract

11

5

SOUTH LOMBARD Submarket Overall – Q4 2023

49

36

13

New Listings

Under Contract

Closed Homes

Available Homes

Prior

16% Year

Prior

5% Year

Prior

28% Year

7% Year

Prior

4 $210K

$192

100%

Sale Price

Price / Sq. Ft.

% List Price

Days to Contract

29% Prior Year

2% Year

Prior

60% Prior Year

Prior

14% Year

South Lombard experienced mixed activity with listings and contracts increasing amongst other declines. Prices moved much higher as homes sold for full price in under a week.

12

Submarket Home Types – Q4 2023

Home Type

Single Family Single Family

Houses Town House

Condos Condo

New Listings

16

11%

11

267%

22

12%

Under Contract

13

86%

5

150%

18

18%

Closed Homes

9

18%

5

0%

25

0%

Available Homes

5

44%

3

200%

5

38%

Sale Price

$385K

13%

$339K

11%

$170K

10%

Price / Sq. Ft.

$218

11%

$214

4%

$182

26%

% List Price

98%

0%

99%

1%

100%

2%

Days to Contract

6 days

76%

9 days

50%

4 days

60%

.

13

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. Top Compass team ranking in DuPage County based on MRED BrokerMetrics for closed transaction volume (including MLS-verified off-market) dates 1/1/23 – 12/31/23 across all residential property types.

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