Elmhurst Home Sales Jump 9 Percent Over Last Year

The 24 detached, single-family homes sold in Elmhurst during February 2013 represented a 9 percent increase over February 2012, when 22 homes were sold, according to the Mainstreet Organization of Realtors (MORe).

There were 35 homes sold in Elmhurst during January.

While home sales were up, the median price of homes sold in February was up even higher in Elmhurst. The median price increased nearly 43 percent, from $282,500 in February 2012 to $403,750 this year.

Burr Ridge had the largest percent increase, with 11 homes sold, a 175 percent increase from February 2012. Wheaton saw the second largest percent increase in DuPage County.

Downers Grove had the smallest percent change, with a 4.8 percent increase in February over 2012.

Overall across the Chicago suburbs, sales of single-family detached homes rose 33 percent in February over the same month in 2012, according to MORe. 

MORe predicts March will be another month of local housing market growth, as the number of detached homes under contract in February was 50 percent higher than in February 2012.

“In many cases the cost of buying a home today is cheaper than renting,” said Tonya Corder, president of MORe and managing broker of Keller Williams Preferred Realty in Orland Park. “When you factor in affordable home prices and historically low interest rates, today’s market represents a ‘perfect storm’ of conditions that may not exist again in our lifetimes.”

585,000

317,500

273,750

257,500

282,322

286,000

403,750

282,500

366,000

275,000

1,135,000

448,750

319,250

215,000

385,000

382,000

265,000

282,000

236,500

226,975

Source: Mainstreet Organization of Realtors