The 2016 housing market in Elmhurst showed continued steady, healthy growth, extending the stable improvements we’ve seen over the past 3 years and consistent within national MLS data.
Average sales prices continued on a steady rise, which tells us that we have a strong Elmhurst market, a place people want to buy homes and live. Elmhurst’s average sales price increased 9.2% from $459,300 to $498,947 over the previous year, which was a significant amount higher than 3.8% achieved by the MLS as a whole.
The number of closed sales in Elmhurst is down 5% compared to 2015, which is consistent with the national housing market. While there is a slight decrease, the number of closed sales per 12-month period has been steady at around 700 for the past 3 years, which indicates a stable market.
The Months Supply of Homes for Sale and Average Market Time data indicate strong demand for homes in Elmhurst.
As we wrap up a strong and healthy housing market in Elmhurst in 2016, we look toward the coming year. What can homeowners expect in 2017? Here is what some of our favorite experts foresee:
- Illinois Association of Realtors shares predictions from Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois: “Supply continues to be a problem, but prices of both regular and foreclosed properties increased, and the forecasts suggest that these trends will continue into the first quarter of 2017.”
- According to the Realtor.com 2017 forecast, “the 2017 housing market will be a year of slowing, yet moderate growth, set against the backdrop of a changing composition of home buyers and a post-election interest rate jump that could potentially price some first-timers out of the market. Inventory is currently down an average of 11 percent in the top 100 metros in the U.S. The conditions that are limiting home supply are not expected to change in 2017. Median age of inventory is currently 68 days in the top 100 metros, which is 14 percent – or 11 days – faster than U.S. overall.”
- Realtor.com predicts moderate growth in sales and average sales price for the Chicago Metro area.
- According to Crain’s Chicago Business, “Baby boomers heading into their sixties and millennials in their late twenties and early thirties are the “bookend generations, who together can make a big difference in how Chicago’s housing recovery goes this year,” said Jonathan Smoke, the chief economist for RealtorDOTcom, after speaking at a recent Chicago Association of Realtors market outlook event.”
What do we think? Well, despite some modest reports for the real estate industry in Chicagoland, Elmhurst continues to see healthy appreciation, which we expect to continue in 2017. Elmhurst’s unique blend of strong schools and parks, vibrant downtown and accessibility to O’Hare Airport and Chicago continue to attract buyers of all ages and needs and that should continue in 2017. Be sure to subscribe to our blog and follow us on Facebook to receive our quarterly market updates.