Is South Elgin, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing South Elgin is a neutral's market

Buyer's
Market

Difference Since September 2023

At the same time last year, South Elgin was a Seller's Market.

Key Takeaway

South Elgin is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in South Elgin, IL

How much do homes in South Elgin, IL cost?

Median Sold Price

$363,695

$196/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$19,945(+5.8%)

Key Takeaway

Homes in South Elgin have sold for 5.8% more than they did a year ago.

Summary: The median home sold price in South Elgin was $363,695 in September 2024, up 5.8% from last year, and the median price per square foot was $196.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $296.5K-
N/A
2 $225K$246.5K
+9.6%
3 $330K$350.1K
+6.1%
4 $520K$562.5K
+8.2%
5+ $535.9K$570.2K
+6.4%

Summary: South Elgin housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 9.6%, 3 bedroom homes increased by 6.1%, 4 bedroom homes increased by 8.2%, and 5+ bedroom homes increased by 6.4%.

Median Sold Price Compared To Nearby Cities

Elgin Township
+11.9%
Elgin
+11.5%
Bartlett
+9.4%
South Elgin
+5.8%
Saint Charles Township
0.0%

Housing Supply in South Elgin, IL

How many homes are available in South Elgin, IL?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
116109-6.0%

Summary: The South Elgin real estate market had 109 homes for sale in September 2024, a 6.0% decrease compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 00
0.0%
2 2423
-4.2%
3 4848
0.0%
4 3634
-5.6%
5+ 84
-50.0%

Summary: The South Elgin housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 4.2%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 5.6%, and 5+ bedroom homes decreased by 50%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
4418-59.1%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

13 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in South Elgin, you could pay more than the asking price. 72.2% of homes here sold above asking price last month.

Summary: A total of 18 homes were sold or pending in South Elgin in September 2024, down by 59.1% month-over-month. Of the 18 sold homes, 17% were sold under asking, 11% were sold at asking, and 72% were sold over asking.

Days on Market for South Elgin, IL

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

Average Sale Time

Sep 2023Sep 2024CHANGE
25 Days10 Days-58.6%

Summary: Homes in South Elgin had an average of 10 days on market in Sep 2024, down by 58.6% compared to last year.

Breakdown of Home Sale Times

16 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in South Elgin are selling fast, if you're buying plan to act quickly.

Summary: During September 2024, 18 homes were sold in South Elgin; 89% of homes were sold within 30 days, 11% 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 Sep 1, 2024

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