DuPage County Housing Market Trends
College of DuPage
Overview of the DuPage County Real Estate Market
In this blog, I will briefly cover the latest real estate market statistics for DuPage County Illinois. We will be looking at data for Single family homes, condos, townhomes, and apartments. We will go over the overall market, as well as some more town specific data.
As of April 2024, DuPage County is still in a Seller’s market. This means that there is lower housing supply, and/or the demand for housing is greater than the supply. This gives sellers an upper hand in negotiations, because many listings will have offers from multiple buyers. There is 1.2 month of inventory, meaning it would take 1.2 months for all of the current supply to be bought given the current sales pace. The list to sold price % means that listings end up selling for 101.3% of their list price. The median sold price increased 6.22% since March up to $410,000.
Predictions for the Future
As of May 16, the average 30 year fixed mortgage rate is 7.02% which is moderately lower than the 52 week high of 7.79%. As inflation slowly eases, the Federal Open Market Committee is still expected to lower the federal funds target rate at least once by the end of the year. The cutting of rates should lower mortgage rates and cause more activity in the real estate market. Think about this: People do not want to buy homes now because the mortgage rate is high, and for the same reason people do not want to sell homes. Most seller’s have a lower rate than 7% on their current home. If they sell, they will need a new home and must get a high mortgage rate unless they can pay in cash.
Sold Properties in April
This is a 3 year graph for the number of sold residential properties in DuPage County. 920 properties sold April 2024 which is an increase from April 2023 where the number was 827. Historically, volume is lowest January and February and maxes out in June, so we can expect to see an increasing amount of properties being sold in the next few months.
Woodridge, Illinois Market Overview
Woodridge, which is in DuPage County is having similar trends to the overall county besides the lower inventory. The lower inventory may be one of the reasons that the list to sold price is 1% greater than the overall county. Houses sold for 2.3% higher than their list price in April in Woodridge. The median days on market is slightly longer than the county.
Westmont, Illinois Market Overview
Westmont is the opposite of Woodridge. It had a larger inventory than the county, and more than a month more inventory than Woodridge. The list to sold price%, market time, and sold price is very similar to Woodridge and DuPage. Overall, it is still a strong seller’s market in Westmont.
Wrapping up
Just like most counties in northern Illinois, it is a seller’s market in DuPage. We are hopeful for a more balanced market in the future to allow first time homebuyers the opportunity to purchase. Locations, Inc. will keep you updated on the housing market in Illinois as well as trends with mortgage rates.
Reach out to us with any questions you might have about buying, selling, investing, or general questions!
