Is Elkin, NC a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Elkin is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Elkin, NC

How much do homes in Elkin, NC cost?

Median Sold Price

$219,450

$149/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

-$7,800(-3.4%)

Key Takeaway

Homes in Elkin have sold for 3.4% less than they did a year ago.

Summary: The median home sold price in Elkin was $219,450 in May 2024, down 3.4% from last year, and the median price per square foot was $149.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 -$172K
N/A
2 $160.5K$172K
+7.2%
3 $246K$260K
+5.7%
4 $285.5K$288K
+0.9%
5+ $355K$311K
-12.4%

Summary: Elkin 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 7.2%, 3 bedroom homes increased by 5.7%, 4 bedroom homes increased by 0.9%, and 5+ bedroom homes decreased by 12.4%.

Median Sold Price Compared To Nearby Cities

Elkin Township
0.0%
Elkin
-3.4%
Jonesville
-11.5%
North Knobs Township
-19.5%

Housing Supply in Elkin, NC

How many homes are available in Elkin, NC?

Number of Homes For Sale

Apr 2024May 2024CHANGE
3235+9.4%

Summary: The Elkin real estate market had 35 homes for sale in May 2024, a 9.4% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 22
0.0%
2 88
0.0%
3 1519
+26.7%
4 76
-14.3%
5+ 00
0.0%

Summary: The Elkin 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 remained the same, 3 bedroom homes increased by 26.7%, 4 bedroom homes decreased by 14.3%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
97-22.2%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Elkin, you may be able to get a good deal. 42.9% of homes here sold below asking price last month.

Summary: A total of 7 homes were sold or pending in Elkin in May 2024, down by 22.2% month-over-month. Of the 7 sold homes, 43% were sold under asking, 14% were sold at asking, and 43% were sold over asking.

Days on Market for Elkin, NC

How long does it take to sell a home in Elkin, NC?

Average Sale Time

May 2023May 2024CHANGE
50 Days12 Days-76.1%

Summary: Homes in Elkin had an average of 12 days on market in May 2024, down by 76.1% compared to last year.

Breakdown of Home Sale Times

6 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 Elkin are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 7 homes were sold in Elkin; 86% of homes were sold within 30 days, 14% 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 9 Days Ago

Newest Listings in Elkin, NC

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