Wondering how the Hinsdale real estate market is doing? Here’s your February, 2022 update.
For more on the current Hinsdale real estate market, download my free, February 2022 report here: https://bit.ly/HindaleMarketReport.
Link to 320 E 4th: https://www.ericandersenhomes.com/homes-for-sale-details/320-E-4TH-STREET-HINSDALE-IL-60521/11186666/34/
Eric Andersen, B.A., M.Div.
Owner/Designated Managing Broker, Eric Andersen Homes
📲 Text/Call: 708.674.6725
📩 Email: eric@eandersenhomes.com
🌎 www.ericandersenhomes.com
Looking for homes for sale? Search the entire MLS right here on my website: https://www.ericandersenhomes.com/homes-for-sale/
Or, better yet, contact me directly for help with buying or selling a home: https://www.ericandersenhomes.com/sell-your-house/
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My name is Eric and I own an independent real estate brokerage in Chicago, Illinois. I specialize in helping out-of-state newcomers find the perfect home here in Burr Ridge and the western suburbs. When I’m not selling homes, I love spending time with my wife and 6 children, serving my congregations (I’m an ordained Lutheran pastor and serve Zion, Summit & Immanuel, Hodgkins), exercising, and making Neapolitan pizza from scratch and baking it in my Ooni wood-fired oven. Despite being a Chicago native, I’m a St. Louis Blues & Nashville Predators fan. I’m currently reading the biography of John Adams by David McCullough and How to Be Perfect by Michael Schur.
I have a number of awards and designations, including:
⭐️ Top 3 REALTOR® in Brookfield, IL (2021)
⭐️ 20 under 40, class of 2021 (Mainstreet Organization of REALTORS®)
⭐️ Gold 2020 Top 3% Sales Award (Mainstreet Organization of REALTORS®)
⭐️ Endorsed Local Provider (RamseyTrusted)
⭐️ Best of Zillow
⭐️ Pricing Strategy Advisor (National Association of REALTORS®)
⭐️ Certified Staging Consultant (Mainstreet Organization of REALTORS®)
Transcript:
Inventory is desperately need in Hinsdale. I’m Eric with Eric Andersen Homes, and this is your February, 2022 Hinsdale real estate market update. The supply of homes is very low in Hinsdale right now. Inventory decreased in January by sixty-one percent, and closings are down by thirty-one percent. The drop in sales isn’t because the market’s slow, it’s because there are very few homes available for sale. The strength of the market for sellers in Hinsdale is reflected in both market time and sale price. Market time has dropped by fifty-six percent, a strong indication of demand, and prices have risen by sixteen percent to a median sale price of one million, forty-five thousand dollars. During the month of February, from February 1st to the 21st when I recorded this video, only eight single-family homes had sold in Hinsdale. There is currently only a 2.6 months’ supply of homes for sale in Hinsdale, a decrease in 62% over the past year, and this is an indication of a strong seller’s market. Months’ supply is an important metric to consider in real estate, as it indicates whether or not the market is tilted toward the seller or buyer or if it’s balanced. A balanced market is one in which there’s about a 5-6 months’ supply of homes for sale. Anything below 4 favors the seller, and 7 and above favors the buyer. Again, in Hinsdale, there’s only a 2.6 months’ supply, which makes for ideal selling conditions. As of this recording on February 21, there were only 35 single-family homes actively for sale in Hinsdale. The price range on those is about three hundred-fifty thousand on the low end to almost five point six million on the high end. The median asking price is one point three, and average asking price is one point six eight. With average market time of those listings at one hundred sixty three days, some of those homes are definitely going to have to sell at a discount from list if they’re going to sell at all. Why do I say this? Because the average market time, as we noted at the beginning, is currently only seventy seven days. Anything that’s been on the market for longer than two months, then, is likely overpriced. There are exceptions, but, as always, the exception proves the rule. When it comes to overpriced listings, the seller is either going to have to make improvements to justify their price, or else drop the price. The most expensive home in the market in Hinsdale currently is 320 E 4th St (you can find a link to that below in the comments so you can take a look). It has six bedrooms, six full baths, two half baths, a four car garage, and it’s almost twelve thousand square feet with an asking price of five million, five hundred ninety-five thousand dollars. It’s been on the market for 187 days as of this recording, but I don’t necessarily think this home is overpriced. Yes, it’s been on the market for over seventy seven days, but the pool of buyers for a property like this is much smaller than average, and so finding the right buyer for high-end, luxury listings like this can take some time. It’s a gorgeous home, from the stately red brick exterior to the gorgeously landscaped lot, which is just shy of an acre. The craftsmanship and character of the home are exquisite, and I would urge you to have a look. If you need help selling your home in Hinsdale or if you’re interested in buying one, reach out to me anytime. I’m Eric with Eric Andersen Homes here to remove the headache from real estate and provide expert guidance for your next purchase or sale.