Is Elmwood Park, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Elmwood Park has remained a Seller's Market.
Housing Prices in Elmwood Park, IL
How much do homes in Elmwood Park, IL cost?
Median Sold Price
$354,266
$208/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Elmwood Park was $354,266 in May 2024, up 12.5% from last year, and the median price per square foot was $208.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $110K | $130K | +18.2% |
2 Bedrooms | $200K | $221.2K | +10.6% |
3 Bedrooms | $331K | $379.9K | +14.8% |
4 Bedrooms | $375K | $420.9K | +12.3% |
5+ Bedrooms | $495K | $510K | +3.0% |
Summary: Elmwood Park housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 18.2%, 2 bedroom homes increased by 10.6%, 3 bedroom homes increased by 14.8%, 4 bedroom homes increased by 12.3%, and 5+ bedroom homes increased by 3%.
Median Sold Price Compared To Nearby Cities
River Forest Township | $488.5K | $550K | +12.6% |
River Forest | $488.5K | $550K | +12.6% |
Elmwood Park | $315K | $354.2K | +12.5% |
Leyden Township | $283.4K | $308.6K | +8.9% |
River Grove | $260K | $275K | +5.8% |
Housing Supply in Elmwood Park, IL
How many homes are available in Elmwood Park, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
88 | 103 | +17.0% |
Summary: The Elmwood Park real estate market had 103 homes for sale in May 2024, a 17.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 13 | 14 | +7.7% |
2 Bedrooms | 15 | 23 | +53.3% |
3 Bedrooms | 30 | 30 | 0.0% |
4 Bedrooms | 24 | 30 | +25.0% |
5+ Bedrooms | 6 | 6 | 0.0% |
Summary: The Elmwood Park housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 7.7%, 2 bedroom homes increased by 53.3%, 3 bedroom homes remained the same, 4 bedroom homes increased by 25%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
31 | 21 | -32.3% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Summary: A total of 21 homes were sold or pending in Elmwood Park in May 2024, down by 32.3% month-over-month. Of the 21 sold homes, 48% were sold under asking, 19% were sold at asking, and 33% were sold over asking.
Days on Market for Elmwood Park, IL
How long does it take to sell a home in Elmwood Park, IL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
18 Days | 15 Days | -16.0% |
Summary: Homes in Elmwood Park had an average of 15 days on market in May 2024, down by 16% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 21 homes were sold in Elmwood Park; 86% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.