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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Elk Grove Township is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Elk Grove Township, IL

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

Median Sold Price

$346,660

$213/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$36,570(+11.8%)

Key Takeaway

Homes in Elk Grove Township have sold for 11.8% more than they did a year ago.

Summary: The median home sold price in Elk Grove Township was $346,660 in May 2024, up 11.8% from last year, and the median price per square foot was $213.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $130K$152.5K
+17.3%
2 $194.7K$230K
+18.1%
3 $345K$378.7K
+9.8%
4 $445K$463K
+4.0%
5+ $462K$555K
+20.1%

Summary: Elk Grove Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.3%, 2 bedroom homes increased by 18.1%, 3 bedroom homes increased by 9.8%, 4 bedroom homes increased by 4%, and 5+ bedroom homes increased by 20.1%.

Median Sold Price Compared To Nearby Cities

Elk Grove Township
+11.8%
Itasca
+7.4%
Mount Prospect
+6.3%
Elk Grove Village
+6.0%
Wood Dale
+5.5%

Housing Supply in Elk Grove Township, IL

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

Number of Homes For Sale

Apr 2024May 2024CHANGE
213242+13.6%

Summary: The Elk Grove Township real estate market had 242 homes for sale in May 2024, a 13.6% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 1819
+5.6%
2 7176
+7.0%
3 7392
+26.0%
4 3743
+16.2%
5+ 1412
-14.3%

Summary: The Elk Grove Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 5.6%, 2 bedroom homes increased by 7%, 3 bedroom homes increased by 26%, 4 bedroom homes increased by 16.2%, and 5+ bedroom homes decreased by 14.3%.

Number of Homes Sold

Apr 2024May 2024CHANGE
8574-12.9%

Asking Price vs. Sold Price

22 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

46 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Elk Grove Township, you could pay more than the asking price. 62.2% of homes here sold above asking price last month.

Summary: A total of 74 homes were sold or pending in Elk Grove Township in May 2024, down by 12.9% month-over-month. Of the 74 sold homes, 30% were sold under asking, 8% were sold at asking, and 62% were sold over asking.

Days on Market for Elk Grove Township, IL

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

Average Sale Time

May 2023May 2024CHANGE
10 Days12 Days+24.1%

Summary: Homes in Elk Grove Township had an average of 12 days on market in May 2024, up by 24.1% compared to last year.

Breakdown of Home Sale Times

65 Homes Were Sold
Under 30 Days

9 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 74 homes were sold in Elk Grove Township; 88% of homes were sold within 30 days, 12% 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 1 Day Ago

Newest Listings in Elk Grove Township, IL

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