Is Elgin, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Elgin is a seller's market

Buyer's
Market

Difference Since April 2023

Since last year, Elgin has remained a Seller's Market.

Key Takeaway

Elgin is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Elgin, IL

How much do homes in Elgin, IL cost?

Median Sold Price

$308,313

$181/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$38,072(+14.1%)

Key Takeaway

Homes in Elgin have sold for 14.1% more than they did a year ago.

Summary: The median home sold price in Elgin was $308,313 in April 2024, up 14.1% from last year, and the median price per square foot was $181.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $135K$153.7K
+13.9%
2 $217.3K$245K
+12.7%
3 $275K$301.1K
+9.5%
4 $395.5K$446.6K
+12.9%
5+ $458.2K$544.9K
+18.9%

Summary: Elgin housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.9%, 2 bedroom homes increased by 12.7%, 3 bedroom homes increased by 9.5%, 4 bedroom homes increased by 12.9%, and 5+ bedroom homes increased by 18.9%.

Median Sold Price Compared To Nearby Cities

South Elgin
+19.8%
Elgin Township
+15.1%
Elgin
+14.1%
Sleepy Hollow
+11.0%
West Dundee
-0.7%

Housing Supply in Elgin, IL

How many homes are available in Elgin, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
362411+13.5%

Summary: The Elgin real estate market had 411 homes for sale in April 2024, a 13.5% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 89
+12.5%
2 7993
+17.7%
3 106119
+12.3%
4 123139
+13.0%
5+ 4651
+10.9%

Summary: The Elgin housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 12.5%, 2 bedroom homes increased by 17.7%, 3 bedroom homes increased by 12.3%, 4 bedroom homes increased by 13%, and 5+ bedroom homes increased by 10.9%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
9195+4.4%

Asking Price vs. Sold Price

23 Homes Were Sold
Under Asking

19 Homes Were Sold
At Asking

53 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Elgin, you could pay more than the asking price. 55.8% of homes here sold above asking price last month.

Summary: A total of 95 homes were sold or pending in Elgin in April 2024, up by 4.4% month-over-month. Of the 95 sold homes, 24% were sold under asking, 20% were sold at asking, and 56% were sold over asking.

Days on Market for Elgin, IL

How long does it take to sell a home in Elgin, IL?

Average Sale Time

Apr 2023Apr 2024CHANGE
25 Days19 Days-24.5%

Summary: Homes in Elgin had an average of 19 days on market in Apr 2024, down by 24.5% compared to last year.

Breakdown of Home Sale Times

75 Homes Were Sold
Under 30 Days

16 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Elgin are selling fast, if you're buying plan to act quickly.

Summary: During April 2024, 95 homes were sold in Elgin; 79% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 11 Days Ago

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