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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Elwood is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Elwood, IL

How much do homes in Elwood, IL cost?

Median Sold Price

$315,000

$174/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$65,000(+26.0%)

Key Takeaway

Homes in Elwood have sold for 26% more than they did a year ago.

Summary: The median home sold price in Elwood was $315,000 in May 2024, up 26% from last year, and the median price per square foot was $174.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 --
N/A
2 $230K$265.7K
+15.6%
3 $257.5K$341K
+32.4%
4 $360K$417.5K
+16.0%
5+ $425K$377K
-11.3%

Summary: Elwood housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 15.6%, 3 bedroom homes increased by 32.4%, 4 bedroom homes increased by 16%, and 5+ bedroom homes decreased by 11.3%.

Median Sold Price Compared To Nearby Cities

Elwood
+26.0%
Jackson Township
+9.7%
Channahon
+9.1%
Channahon Township
+5.3%
Wilmington Township
+3.6%

Housing Supply in Elwood, IL

How many homes are available in Elwood, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
1214+16.7%

Summary: The Elwood real estate market had 14 homes for sale in May 2024, a 16.7% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 41
-75.0%
3 511
+120.0%
4 21
-50.0%
5+ 11
0.0%

Summary: The Elwood housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 75%, 3 bedroom homes increased by 120%, 4 bedroom homes decreased by 50%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
63-50.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

0 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Elwood, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.

Summary: A total of 3 homes were sold or pending in Elwood in May 2024, down by 50.0% month-over-month. Of the 3 sold homes, 33% were sold under asking, 0% were sold at asking, and 67% were sold over asking.

Days on Market for Elwood, IL

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

Average Sale Time

May 2023May 2024CHANGE
18 Days16 Days-12.7%

Summary: Homes in Elwood had an average of 16 days on market in May 2024, down by 12.7% compared to last year.

Breakdown of Home Sale Times

2 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 Elwood are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 3 homes were sold in Elwood; 67% of homes were sold within 30 days, 33% 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

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