Is Elk Grove Village, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Elk Grove Village is a seller's market

Buyer's
Market

Difference Since April 2023

Since last year, Elk Grove Village has remained a Seller's Market.

Key Takeaway

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

Housing Prices in Elk Grove Village, IL

How much do homes in Elk Grove Village, IL cost?

Median Sold Price

$339,500

$219/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$23,700(+7.5%)

Key Takeaway

Homes in Elk Grove Village have sold for 7.5% more than they did a year ago.

Summary: The median home sold price in Elk Grove Village was $339,500 in April 2024, up 7.5% from last year, and the median price per square foot was $219.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $140K$158.5K
+13.3%
2 $217K$243K
+12.0%
3 $328.9K$357.5K
+8.7%
4 $400K$415K
+3.8%
5+ $462K$473.5K
+2.5%

Summary: Elk Grove Village housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.3%, 2 bedroom homes increased by 12%, 3 bedroom homes increased by 8.7%, 4 bedroom homes increased by 3.8%, and 5+ bedroom homes increased by 2.5%.

Median Sold Price Compared To Nearby Cities

Elk Grove Township
+13.4%
Addison Township
+7.7%
Elk Grove Village
+7.5%
Wood Dale
+4.4%
Itasca
+4.1%

Housing Supply in Elk Grove Village, IL

How many homes are available in Elk Grove Village, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
7289+23.6%

Summary: The Elk Grove Village real estate market had 89 homes for sale in April 2024, a 23.6% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 34
+33.3%
2 1831
+72.2%
3 3333
0.0%
4 1315
+15.4%
5+ 56
+20.0%

Summary: The Elk Grove Village housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 72.2%, 3 bedroom homes remained the same, 4 bedroom homes increased by 15.4%, and 5+ bedroom homes increased by 20%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
2431+29.2%

Asking Price vs. Sold Price

11 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

18 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Elk Grove Village, you could pay more than the asking price. 58.1% of homes here sold above asking price last month.

Summary: A total of 31 homes were sold or pending in Elk Grove Village in April 2024, up by 29.2% month-over-month. Of the 31 sold homes, 35% were sold under asking, 6% were sold at asking, and 58% were sold over asking.

Days on Market for Elk Grove Village, IL

How long does it take to sell a home in Elk Grove Village, IL?

Average Sale Time

Apr 2023Apr 2024CHANGE
25 Days8 Days-65.3%

Summary: Homes in Elk Grove Village had an average of 8 days on market in Apr 2024, down by 65.3% compared to last year.

Breakdown of Home Sale Times

30 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During April 2024, 31 homes were sold in Elk Grove Village; 97% of homes were sold within 30 days, 3% of homes were sold within 30 to 90 days, and 0% 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

Newest Listings in Elk Grove Village, IL

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