Western Springs Real Estate Market Overview (2014-2024)
The Western Springs real estate market has experienced a significant transformation over the last decade, with both the median sales price and inventory levels (measured by months of supply) showing clear trends. Let’s dive into the data and examine the key changes.
Market Performance Highlights
Median Sales Price Growth:
In 2014, the median sales price of single-family homes in Western Springs was approximately $550,000.
By 2024, the median sales price had risen to $800,000, reflecting a 45.45% increase over ten years.
The market experienced steady growth with year-over-year increases averaging around 4-5% annually.
Inventory (Months of Supply):
In 2014, the months of supply for homes was 4.5 months, signaling a balanced market.
Over the decade, the inventory steadily decreased, reaching 2.0 months in 2024, indicating a tight seller's market.
The largest decline occurred between 2014 and 2015, with an 11.11% drop in the months of supply.
Yearly Breakdown and Insights
As seen from the data, the consistent growth in sales prices coincides with the drop in housing supply, creating favorable conditions for sellers. The reduction in inventory is likely contributing to the rising prices, as fewer homes on the market increase competition among buyers.
Percent Difference in Median Sales Price (2014-2024)
The median sales price in Western Springs increased by approximately 45.45% over the past ten years, reflecting a strong and resilient market. The decrease in months of supply by over 55.56% points to a growing demand for homes, with fewer listings available each year.
Conclusion
The Western Springs real estate market is a clear example of how low inventory levels can drive up home prices. With median sales prices nearing $800,000 and inventory remaining tight, buyers face a competitive market, while sellers are positioned to capitalize on the high demand.
This upward trend suggests that Western Springs remains a desirable location for homeowners, with strong growth potential continuing into the future. As long as inventory remains limited, we can expect the median sales price to keep climbing.
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