This is one in a series of community profiles and a look at how the real estate market is holding up in the community.
Elmhurst Illinois is a city of about 45,000 people located at the Eastern border of Dupage county, in Chicagoâs western suburbs. Elmhurst prides itself as the Tree Town, and is home to Elmhurst College and Elmhurst Memorial Hospital and the Lizzardo Museum of Lapidary Arts. Elmhurst is an affluent area with a median household income of over $100,000 and an average home price of over $400,000. Elmhurst is more of a bedroom community than an employment center, and most of itâs residents work in Chicago or in other suburbs. There is a thriving downtown, and restaurants range from fast food to white linen fine dining.
The Elmhurst real estate market ranges from some condos and starter homes, to homes priced well over the one million dollar range. The median priced home in July 2009 was $310,000. The average listing price is over $500,000, which shows that most of the sales activity is in the lower end of the market. Home prices have decreased by about 11% from last year, and the number of homes sold has decreased by about 38% from last year.
Elmhurst mortgage financing has traditionally been made up of conventional and jumbo mortgages. This has changed over the last two years as home prices have come down and the FHA loan limit has been increased to $410,000. Now Elmhurst mortgage rates are made up of a combination of conventional mortgage loans and Elmhurst FHA loans. There are still a lot of homes priced in the upper ranges, but with a lack of financing for Elmhurst jumbo mortgage loans, there hasnât been much turnover in the higher priced homes. Elmhurst home loans are readily available, and as an Elmhurst area mortgage lender, I can help you find the financing package that is best for you.