This is one in a series of community profiles and a look at how the real estate market is holding up in the community.

Glen Ellyn, Illinois is an affluent suburb of about 27,000 people near the center of Dupage county, in Chicago’s western suburbs. Glen Ellyn was once known as a resort town, back in the late 1800s, when a hotel was built alongside picturesque Lake Ellyn. The hotel is long gone and Glen Ellyn is no longer a get away destination, but the town has retained its charm. The tree lined streets of its down town area showcase stately older homes, while the south end of town has more subdivisions built in the sixties and seventies. The downtown business district includes shops and dining as well as the Glen Theatre. The nationally recognized community college, College of Dupage (C.O.D.)  is in Glen Ellyn as well as Glenbard West and Glenbard South high schools.

The Glen Ellyn real estate market includes some condos and starter homes, as well as homes priced well over the one million dollar range. The median priced home in August 2009 was $305,000, reflecting the fact that most of the sales activity is now in the lower price ranges. The average listing price last month was $498,000. The median sale price has decreased by about 16% from last year, and home sales are off about 17% year over year.

Glen Ellyn mortgage financing has traditionally been made up of conventional and jumbo mortgages. Over the last two years as home prices have come down and the FHA loan limit has been increased to $410,000, FHA loans are now make up a big portion of the loans closed in Glen Ellyn. Glen Ellyn mortgage rates are made up of a combination of conventional mortgage loans and Glen Ellyn FHA loans, and though there aren’t currently a lot of sales in the upper price ranges, Glen Ellyn jumbo mortgage loans are still a significant part of the market. Glen Ellyn home loans are readily available, and as a Glen Ellyn area mortgage lender, I can help you find the financing package that best meets your needs.

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