Glen Ellyn Real Estate Market Prices, Trends and Forecast

Nestled just west of Chicago, Glen Ellyn boasts a charming, small-town feel paired with proximity to big-city amenities. This ideal balance, combined with scenic beauty, historic character, and excellent schools, makes Glen Ellyn one of the most sought-after places to live in DuPage County. However, as with many real estate markets in 2024, Glen Ellyn’s housing sector is experiencing unique pressures and opportunities shaped by evolving buyer demand, tight inventory, and price growth. Here, we explore the latest trends and prices in the Glen Ellyn real estate market and take a closer look at what the forecast holds for early 2025.

One of the most notable aspects of the Glen Ellyn market is the increase in median sold prices over the past year. As of September 2024, the median sold price for a home in Glen Ellyn is $487,500, which translates to about $253 per square foot. This represents a significant 9.6% year-over-year increase, highlighting the continued demand for homes in the area. Buyers in Glen Ellyn are willing to pay a premium for their ideal homes, contributing to the steady rise in property values.

The number of homes available in Glen Ellyn remains limited. In September 2024, 112 homes were on the market, marking a slight increase of 6.7% compared to the previous year. Although inventory has grown modestly, it still doesn’t meet the high demand, resulting in intense buyer competition. This tight supply is a primary factor keeping Glen Ellyn in a seller’s market.

The total number of homes sold has decreased significantly. In September 2024, only 28 homes were sold, a drop of 34.9% from the previous year. This decrease in sales volume reflects the limited inventory, as many prospective buyers are finding it challenging to secure properties amidst strong competition.

For buyers in Glen Ellyn, bidding wars have become more common. Half of all homes sold in the past month went above the asking price, a clear indicator of the market's competitive nature. Buyers often need to act quickly and decisively, sometimes bidding over the list price to secure a property. This trend reinforces Glen Ellyn’s status as a seller’s market, where well-positioned properties can attract multiple offers and result in final sale prices above initial expectations.

Homes in Glen Ellyn are selling faster than they did a year ago. The average time a property spent on the market in September 2024 was just 13 days, a 38.1% decrease from the previous year. This rapid turnover reflects the strong demand, as motivated buyers are quick to make offers on desirable properties. For sellers, this means that their homes are not only likely to sell quickly but also may receive competitive offers soon after listing.

As we look toward the future, the Glen Ellyn real estate market is likely to maintain its seller-friendly conditions, at least in the short term. The strong demand, coupled with limited inventory, suggests that home prices may continue to rise, albeit at a more gradual pace. For buyers, the high competition and quick sales mean that it’s essential to be prepared to make swift, strong offers. 

However, should inventory levels begin to rise or interest rates shift, the market may gradually ease. For now, Glen Ellyn remains a competitive and desirable area, with robust pricing trends and plenty of demand shaping its outlook.

In September 2024, Illinois saw 10,700 completed sales of single-family homes, townhomes, and condos. Despite a dip in closed sales—down 6.7% from September of the previous year—property values in the state continued to climb. Single-family home prices rose by 8% year-over-year, underscoring the ongoing demand within the market. This price increase is largely fueled by the competitive nature of a low-inventory market, as potential buyers face limited choices.

However, Illinois did experience a slight boost in available homes, with the number of single-family properties for sale growing by 5% over September 2023. Despite this rise, inventory remains historically low, sustaining pressure on pricing and competition among buyers. Meanwhile, the time a single-family home typically spends on the market held steady compared to last year, suggesting consistent buyer interest.

In terms of affordability, September 2024 showed a slight improvement in the ability to purchase single-family homes across Illinois, though affordability challenges remain across the state. This subtle shift may offer a modest reprieve for some buyers as they navigate a market that remains dynamic and competitive yet slightly more accessible than in recent months.

DuPage County’s real estate market showed a boost in activity this September, with 1,004 new property listings—a noticeable increase from the 900 listings in August. This uptick in available homes suggests growing seller confidence and may provide potential buyers with more options as they navigate an otherwise competitive market.

Understanding these market dynamics is crucial for anyone considering buying, selling, or investing in Glen Ellyn. As 2024 wraps up and we enter 2025, the landscape in Glen Ellyn is competitive. Knowledge of current trends and a readiness to act can make a significant difference, especially with the guidance of a trusted real estate expert.

If you’re looking to enter the Glen Ellyn real estate market, you’ll benefit from expert guidance tailored to this competitive and desirable area. Real estate expert Deb Ritter is here to help you navigate the unique dynamics of Glen Ellyn’s housing market, ensuring you make the most informed decisions at every step. Deb offers unparalleled support for those looking to make a move in Glen Ellyn, IL. Whether you’re searching for your dream home, selling a property, or seeking a sound investment, connect with Deb Ritter to explore the possibilities in Glen Ellyn today.