Is Elgin, 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, Elgin has remained a Seller's Market.
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
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
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $133.5K | $155K | +16.1% |
2 Bedrooms | $217.5K | $255K | +17.2% |
3 Bedrooms | $275.7K | $305.4K | +10.8% |
4 Bedrooms | $384K | $465.8K | +21.3% |
5+ Bedrooms | $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 | $304K | $363.1K | +19.4% |
Elgin Township | $270K | $319.8K | +18.4% |
Elgin | $270.3K | $314.9K | +16.5% |
Sleepy Hollow | $408.5K | $454.9K | +11.4% |
West Dundee | $367.5K | $350K | -4.8% |
Housing Supply in Elgin, IL
How many homes are available in Elgin, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
414 | 436 | +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
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 11 | 9 | -18.2% |
2 Bedrooms | 96 | 91 | -5.2% |
3 Bedrooms | 116 | 129 | +11.2% |
4 Bedrooms | 140 | 145 | +3.6% |
5+ Bedrooms | 51 | 62 | +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 2024 | May 2024 | CHANGE |
---|---|---|
110 | 121 | +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
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 2023 | May 2024 | CHANGE |
---|---|---|
27 Days | 17 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
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.