Chicagoland home prices were up a moderate 3.2% in 2018. But @properties identified a number of neighborhoods and towns that outperformed the market. One of those towns is Elmhurst, a western suburb where the average sales price was up 5.6% and median price was up 6.5% year over year.
Jim Barcelona, VP of Brokerage Services at @properties, said that the community’s location and proximity to the city have made it very desirable for homebuyers. Residents have easy access to expressways and the commuter train line, a lively downtown business district and great schools, positioning Elmhurst as a highly sought-after area. “That, coupled with a new construction boom, has really put Elmhurst on the map,” he said.
The wave of new construction has driven price growth in Elmhurst, making the neighborhood a standout among other DuPage county suburbs. Elmhurst saw three times the number of new homes sold in 2018 versus neighboring Hinsdale. Barcelona noted that buyers see a value play in Elmhurst, where new homes cost hundreds of thousands of dollars less than in Hinsdale, even though the two towns offer similar locations and amenities.
Elmhurst is indicative of a greater trend in Chicagoland’s residential real estate market: towns and neighborhoods with similar infrastructure to more established, adjacent areas are seeing strong price appreciation. And homebuilders are targeting these areas for new construction thanks to lower land prices. These market conditions are presenting opportunities for both buyers and sellers, so be sure to consult your @properties broker for more insights and market info.