Elmhurst Real Estate Market Conditions – August 2020

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Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market continues to see good market conditions despite the low inventory. Single family home sales increased more than 72% and inventory decreased more than 48% in August.

Elmhurst Market Times

Single family home market times decreased in August. Homes were on the market for an average of 87 days compared to 121 days last year at the same time, a 28.1% decrease. The average time a condo/townhome stayed on the market was 82 days compared to last year when it was 52 days, an increase of 57.7%.

Elmhurst Real Estate Market Conditions - August 2020 market times

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 3.4 month supply at the end of August, a 48.5% decrease compared to last year at this time when the months supply was 6.6 months. The supply of condos and townhomes increased 27.3% in August with 5.6 months supply this year compared to last year when the months supply was 4.4.

Elmhurst Real Estate Market Conditions - August 2020 months supply

Elmhurst Homes For Sale

At the end of August there were 184 single family homes for sale in Elmhurst, a decrease of 39.7% from last year when there were 305 homes for sale. The number of condos and townhomes for sale increased 6.8% in August with 47 for sale this year compared to last year when there were 44 for sale.

Elmhurst Real Estate Market Conditions - August 2020 homes for sale

Elmhurst New Listings

August single family home new listings decreased slightly with 120 new listings compared to 121 last year at the same time, a 0.8% decrease. Condo and townhome new listings increased with 26 new listings compared to 17 last year at the same time, a 52.9% increase.

Elmhurst Real Estate Market Conditions - August 2020 new listings

Elmhurst Real Estate Closings

The number of single family home sales increased with 58 closings this August compared to 51 last year, a 72.5% increase. Condo and townhome closings increased 63.6% with 18 closings this August, compared to the same time last year when there were 11 closings.

Elmhurst Real Estate Market Conditions - August 2020 closed sales

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Sari Levy

Sari Levy is Managing Broker of Lucid Realty.

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