What’s Driving Higher Price Growth in Chicago's Elmhurst Suburb?
A number of different neighborhoods and towns in the Chicago area appear to be outperforming the rest when it comes to higher price growth. While home prices across the area were up about 3.2-percent in 2018, the western suburb of Elmhurst experienced an average sales price that was up 5.6-percent. Its median price was up 6.5-percent, year-over-year.
Some credit that to its location. Residents of Elmhurst enjoy easy access to the commuter train line and to expressways. Elmhurst also offers high-performing schools and a vibrant downtown business district.
Even with higher price growth than other communities, Elmhurst still offers more value to incoming buyers. Homes in the area often cost considerably less than in other nearby communities.
Lower land prices also lead to new construction, and there’s a lot of it going on right now in Elmhurst. The opportunity currently presents itself for both home buyers and sellers in Elmhurst.