Median Sales Price for Homes in Elmhurst Up 46 Percent Over Last Year

The 39 single, detached homes sold in Elmhurst during November 2013 represented a 25.8 percent increase from November 2012, when 31 homes were sold, according to the Mainstreet Organization of Realtors (MORe).

There were 45 homes sold in Elmhurst during October. 

Meanwhile, the median home sales price increased in Elmhurst during November. The median price went up 46 percent, to $459,900 from $315,000 in November 2012, according to the statistics.

Among the 59 Patch communities surveyed, the number of homes sold decreased 2.6 percent, on par with the 2.4 percent drop seen across the estimated 200 Chicago suburbs MORe tracks. 

The median sales price of homes sold in Patch communities increased 5 percent from November 2012 to 2013. MORe reports that the number of homes under contract to close in 2014 actually increased 12.5 percent.

“We should continue to see a very solid housing market in 2014,” said Michael Parent, president of MORe and vice president of operations for Burnet Title’s Chicago Region. “The gradual, sustainable increase of home prices in the Chicago suburban market is an especially positive trend. Rising values will allow more people to regain equity in their homes, helping to increase inventory, cut down on the number of future distressed properties and get the market moving. It’s truly a win for everyone—both buyers and sellers.”

Top Performers

• Largest percentage increase in homes sold: Channahon (233 percent)
• Largest percentage increase in median sales price: Forest Park (90.7 percent)
• Most homes sold in November 2013: Naperville (95)
• Highest median sales price in November 2013: Hinsdale ($902,000)