Yesterday I showed houses in Glen Ellyn and Lombard to buyers looking for an older house on a large lot. The price differences between Glen Ellyn and Lombard were obvious. The houses we looked at in the $400K to $450K range had much more updating in Lombard than in Glen Ellyn.
The median sale price for houses in Lombard with lots between 0.25 and 1 acre during the past year was $260K while the median for the same houses in Glen Ellyn was $418K!* Both towns for houses on larger lots had similar price drops with the median sale prices dropping 8.7% in Lombard and 9.1% in Glen Ellyn.
One would expect that on average houses on lots 0.25 to 1 acre would sell for more than houses on less than 0.25 acres. For both towns the median sale price was slightly higher for houses on the smaller lots ($273K for Lombard and $428K for Glen Ellyn).
A larger percent of houses in Glen Ellyn are also on larger lots (51%) than in Lombard (33%).
*Based on Midwest Real Estate Data LLC (MRED) Data.
ABOUT THE AUTHOR
Fran Bailey shows, previews and tracks downtown Chicago homes for sale giving her the insights needed to help her clients negotiate the best price and terms. Fran has been quoted in numerous Chicago and national publications. To schedule showings of listings regardless of broker or to contact Fran email her at fran.bailey@bairdwarner.com or call 773.793.4516. Learn More
Fran Bailey, Realtor
