Market Analysis - Downers Grove , lL 60515

Downers Grove is located approximately 22 miles southwest of the Chicago "Loop" in suburban DuPage County. As of the 2000 census, the village had a total population of 48,724. A 2003 population estimate for Downers Grove saw the population rise to 48,869.

The village is bordered by Lombard to the north, Oakbrook, & Westmont to the east, Darien to the east and south, and Woodridge & Lisle to the west.

Downers Grove offers a unique collection of homes that range from over 100 years of age,to homes of each generation. The last large scale housing developments ended in the 1980s, As of recently Downers Grove had one of the highest teardown/new construction rates in DuPage County, with small older homes demolished and replaced with much larger new houses.

According to the Northern Illinois MLS the median sales price in Downers Grove in the twelve months ending November 28, 2008 for detached homes was $375,000.00 with 204 days on the market, with 351 sales.

Median prices have decreased -7.86% , sales volume has decreased -18.18% and marketing times have increased +43.66% over the previous twelve months.

In the twelve months ending November 28, 2007 the median for a detached home was $407,000.00 with 142 days on the market, with 429 sales.

There are currently 416 active listings of detached homes in Downers Grove. At the current level of absorption of 14.22 sales per month this represents a 29.25 month supply of inventory. This is an oversupply. Housing prices are expected to continue declining until this inventory of surplus homes (excess supply) is reduced to more typical levels.