Are you in the market to buy a home and looking for a deal? In this video, we’re counting down the top 10 western suburbs from least to most competitive. We will look at:
⏰ Who has the highest market time
🔺 Biggest inventory surpluses
✃ Who’s cutting prices
💵 How much over asking competitive listings are getting
🏡 Naperville, Downers Grove, Burr Ridge, Hinsdale, and more!
Eric Andersen, B.A., M.Div.
Owner/Designated Managing Broker, Eric Andersen Homes
📲 Text/Call: 708.674.6725
📩 Email: eric@eandersenhomes.com
🌎 https://www.ericandersenhomes.com
Did you enjoy this video or find it helpful? If so, be sure to 𝐋𝐈𝐊𝐄, 𝐒𝐇𝐀𝐑𝐄, & 𝐒𝐔𝐁𝐒𝐂𝐑𝐈𝐁𝐄 to my YouTube Channel.
Want to know what your home is worth?
https://www.ericandersenhomes.com/go/home-value/
Looking for homes for sale? Search the entire MLS 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/contact/
I have a number of awards and designations, including:
⭐️ Gold, Diamond, & Platinum Sales Award (Mainstreet Organization of REALTORS®)
⭐️ 20 under 40 (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®)
⭐️ Accredited Buyer’s Representative (ABR®)
Transcript:
Are you in the market to buy a home and looking for a deal? In this video, we’ll look at where you will (and won’t) find one. I’m Eric with Eric Andersen Homes, and we’re counting down the top 10 western suburbs from least to most competitive. We’ll look at who has the highest market time, the lowest inventory, who’s cutting prices, and which areas are getting the highest percent over asking price.
Coming in at number ten is Lemont. Median market time is twenty days, and inventory is at a whopping two point eight months supply. For reference, a six months supply is considered a balanced market, with anything below five favoring the seller. So a two point eight months supply isn’t exactly a buyers’ market, but it’s the market that has the highest supply of listings in the western suburbs. Price changes aren’t happening often, with only two over the past week. Lemont isn’t seeing as many competitive listings as some of the other western suburbs, but the ones that did get multiple offers went for an average of 5.69% over asking price, and the home on Bluff Road went a whopping 20% over asking price.
Burr Ridge’s homes currently have a median market time of twenty days, just like Lemont. However, they have a slightly lower supply, at 2.6 months, and there has only been one price change in the past week. Looking at twenty of Burr Ridge’s recent competitive, new listings, they went for an average of 5.28% over asking price, with some going as low as a half percent over on the low end, and one home going more than 22% over asking price on the high end.
Oak Brook is a sneakily deceptive market when it comes to competition. On the one hand, they have a 2.6 months supply of homes, which is considerable in this market, with a median market time of 17 days. They have had four price changes over the past week, which is the second greatest number we’ll see in this video. One was for a very small townhome, and the other three had an average price of point 1.5 million dollars. But what makes Oak Brook sneakily competitive is how much their competitive listings have sold over asking.Oak Brook doesn’t get competitive often, but when it does, watch out. The average percent over asking price is by far the highest of any in the western suburbs, at plus 13.6%. Most markets are in the five to six percent over asking price range. Not only did Oak Brook more than double that, they also have the home that went for an insane 42% over asking price. That distinction goes to 3 Shelburne, which sold for two million dollars despite only asking one point three.
Median market time in Hinsdale is eighteen days, so one day higher than Oak Brook, but they have less inventory, at a two point three months supply, and they’ve only seen one price reduction over the past week.Hinsdale’s competitive listings have been getting your typical six percent above asking price, with 207 Ravine getting an amazing fifteen percent over asking price. Ravine sold for one point one five, and they were asking just shy of one million. That came to about one hundred fifty thousand dollars over asking price.
Our sixth most competitive western suburb market is Downers Grove, with a median market time of only eight days and a one point four months supply. And yet, Downers saw the second highest number or price reductions on their listings of any of these markets, at seven. Three of those were very small homes or condos, one was a tear down, and three were straight up overpriced. Still, many homes in Downers went to multiple offers. The good news is that they aren’t going for thirteen percent over asking like in Oak Brook, but are going for a more modest, five point four three percent over asking, on average. Still, competition can get fierce, as it did at 710 Prairie Avenue, which sold for one hundred thousand dollars over asking price. They had an asking price of eight hundred thousand and sold for nine.
Naperville falls right in the middle of the pack with their homes selling in a median of eight days. Inventory is currently at a one point two months supply, and they had the most price reductions of our western suburbs over the past week at ten. As high as that sounds, Naperville is a very large market, so for a market that’s several times bigger than the others, you’d expect to find a higher number of price reductions there. All ten of those were badly overpriced. But if being a large market caused Naperville to see a higher number or price reductions, they also saw a higher number of homes get multiple offers. Some went for a significant premium, and others went for a more modest increase. On average, Naperville’s competitive listings are getting north of forty two thousand dollars or almost six percent. Some only got a few thousand over, and 9S341 Skylane got more than two hundred twenty thousand dollars over asking price, which was nearly twenty percent.
In Willowbrook, median market time is nine days. Inventory is sitting at a one point one months supply, and three homes cut their price over the past week.Willowbrook is another market that doesn’t get overwhelmed with competitive listings, but when they get one, watch out. The average percent over asking in Willowbrook is eight point three six percent—that’s third highest on our list—and a home on 67th street went upward of twenty percent over asking price.
Median market time in Westmont is only eight days. They currently have a one point one months supply of inventory, and three homes reduced their price over the past week. Westmont’s competitive listings are currently coming in at six point seven for percent over asking price, and a home on Revere commanded a massive twenty three percent over asking price, which came to about eighty one thousand dollars. The moral of the story? When it comes to competitive, new listings, asking price is often more like, ‘opening bid.’
Our second most competitive market in the western suburbs is Darien. They are sitting at a point eight months supply, have a median market time of only eight days, and only one home reduced their price in the past week. In Darien, you can expect to pay a similar premium for a competitive, new listing as you would in Westmont, about six point six two percent over asking price, on average. They didn’t have anything go twenty three percent over asking like in Westmont, but 6709 Trenton in Darien managed a respectable twelve percent over asking, or sixty thousand dollars.
Of all the markets in the western suburbs, Lisle has the lowest median market time of seven days. They have a point nine months supply, and only had one price reduction over the past week. With Lisle being the most competitive of the western suburbs, you’d expect their homes to get the highest amount over asking price. And while they didn’t top Oak Brook’s thirteen point six percent over asking price, they came in second place at nine point two percent over asking price, on average, for competitive new listings. Like many of these other markets, they had one home go just north of twenty percent over asking. In Lisle, that was 904 Wood Court, which sold for nearly one hundred thousand dollars over asking price.
Markets aren’t rational and just because buyers acted a certain way in the past doesn’t mean they’ll do the same in the future. Still, when you’re in a competitive market, it’s helpful to see what other buyers have been doing, and certain definite patterns have emerged. Six of the ten markets we looked at saw their competitive listings sell in that five to six percent over asking range. Most markets saw one home that went about twenty percent over asking price, and in general, we’re seeing low market time and few price changes. That’s what you’d expect in a market like this where inventory is very low. For help with buying or selling a home in the western suburbs, reach out anytime. I’m Eric with Eric Andersen Homes, a family-owned brokerage where we treat our clients like family.