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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Elgin is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Elgin, IL

How much do homes in Elgin, IL cost?

Median Sold Price

$314,933

$182/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$44,583(+16.5%)

Key Takeaway

Homes in Elgin have sold for 16.5% more than they did a year ago.

Summary: The median home sold price in Elgin was $314,933 in May 2024, up 16.5% from last year, and the median price per square foot was $182.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $133.5K$155K
+16.1%
2 $217.5K$255K
+17.2%
3 $275.7K$305.4K
+10.8%
4 $384K$465.8K
+21.3%
5+ $484.9K$545K
+12.4%

Summary: Elgin housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.1%, 2 bedroom homes increased by 17.2%, 3 bedroom homes increased by 10.8%, 4 bedroom homes increased by 21.3%, and 5+ bedroom homes increased by 12.4%.

Median Sold Price Compared To Nearby Cities

South Elgin
+19.4%
Elgin Township
+18.4%
Elgin
+16.5%
Sleepy Hollow
+11.4%
West Dundee
-4.8%

Housing Supply in Elgin, IL

How many homes are available in Elgin, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
414436+5.3%

Summary: The Elgin real estate market had 436 homes for sale in May 2024, a 5.3% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 119
-18.2%
2 9691
-5.2%
3 116129
+11.2%
4 140145
+3.6%
5+ 5162
+21.6%

Summary: The Elgin housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 18.2%, 2 bedroom homes decreased by 5.2%, 3 bedroom homes increased by 11.2%, 4 bedroom homes increased by 3.6%, and 5+ bedroom homes increased by 21.6%.

Number of Homes Sold

Apr 2024May 2024CHANGE
110121+10.0%

Asking Price vs. Sold Price

29 Homes Were Sold
Under Asking

22 Homes Were Sold
At Asking

70 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Elgin, you could pay more than the asking price. 57.9% of homes here sold above asking price last month.

Summary: A total of 121 homes were sold or pending in Elgin in May 2024, up by 10.0% month-over-month. Of the 121 sold homes, 24% were sold under asking, 18% were sold at asking, and 58% were sold over asking.

Days on Market for Elgin, IL

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

Average Sale Time

May 2023May 2024CHANGE
27 Days17 Days-36.5%

Summary: Homes in Elgin had an average of 17 days on market in May 2024, down by 36.5% compared to last year.

Breakdown of Home Sale Times

101 Homes Were Sold
Under 30 Days

17 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 121 homes were sold in Elgin; 83% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 2% 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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