Is Hoffman Estates, 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, Hoffman Estates has remained a Seller's Market.
Housing Prices in Hoffman Estates, IL
How much do homes in Hoffman Estates, IL cost?
Median Sold Price
$355,000
$202/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Hoffman Estates was $355,000 in May 2024, up 8.6% from last year, and the median price per square foot was $202.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $117K | $130K | +11.1% |
2 Bedrooms | $177.6K | $209K | +17.7% |
3 Bedrooms | $322K | $350K | +8.7% |
4 Bedrooms | $442.5K | $460K | +4.0% |
5+ Bedrooms | $484.5K | $527K | +8.8% |
Summary: Hoffman Estates housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.1%, 2 bedroom homes increased by 17.7%, 3 bedroom homes increased by 8.7%, 4 bedroom homes increased by 4%, and 5+ bedroom homes increased by 8.8%.
Median Sold Price Compared To Nearby Cities
Streamwood | $260K | $295K | +13.5% |
Schaumburg Township | $274.9K | $308.8K | +12.3% |
South Barrington | $957.5K | $1.0M | +10.1% |
Hoffman Estates | $327K | $355K | +8.6% |
Barrington Township | $654.1K | $676.7K | +3.5% |
Housing Supply in Hoffman Estates, IL
How many homes are available in Hoffman Estates, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
146 | 167 | +14.4% |
Summary: The Hoffman Estates real estate market had 167 homes for sale in May 2024, a 14.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 13 | 12 | -7.7% |
2 Bedrooms | 35 | 33 | -5.7% |
3 Bedrooms | 50 | 59 | +18.0% |
4 Bedrooms | 39 | 46 | +17.9% |
5+ Bedrooms | 9 | 17 | +88.9% |
Summary: The Hoffman Estates housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 7.7%, 2 bedroom homes decreased by 5.7%, 3 bedroom homes increased by 18%, 4 bedroom homes increased by 17.9%, and 5+ bedroom homes increased by 88.9%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
58 | 55 | -5.2% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
12 Homes Were Sold
At Asking
29 Homes Were Sold
Over Asking
Summary: A total of 55 homes were sold or pending in Hoffman Estates in May 2024, down by 5.2% month-over-month. Of the 55 sold homes, 25% were sold under asking, 22% were sold at asking, and 53% were sold over asking.
Days on Market for Hoffman Estates, IL
How long does it take to sell a home in Hoffman Estates, IL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
11 Days | 16 Days | +40.0% |
Summary: Homes in Hoffman Estates had an average of 16 days on market in May 2024, up by 40% compared to last year.
Breakdown of Home Sale Times
44 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 55 homes were sold in Hoffman Estates; 80% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.