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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Algonquin is a seller's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

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

Housing Prices in Algonquin, IL

How much do homes in Algonquin, IL cost?

Median Sold Price

$383,875

$184/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$25,116(+7.0%)

Key Takeaway

Homes in Algonquin have sold for 7% more than they did a year ago.

Summary: The median home sold price in Algonquin was $383,875 in October 2024, up 7% from last year, and the median price per square foot was $184.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $133K$186.4K
+40.2%
2 $307.9K$304K
-1.3%
3 $320K$339.9K
+6.2%
4 $432.7K$465K
+7.5%
5+ $425K$550K
+29.4%

Summary: Algonquin housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 40.2%, 2 bedroom homes decreased by 1.3%, 3 bedroom homes increased by 6.2%, 4 bedroom homes increased by 7.5%, and 5+ bedroom homes increased by 29.4%.

Median Sold Price Compared To Nearby Cities

Dundee Township
+9.8%
Algonquin Township
+7.9%
Carpentersville
+7.4%
Algonquin
+7.0%
Lake in the Hills
+4.0%

Housing Supply in Algonquin, IL

How many homes are available in Algonquin, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
127156+22.8%

Summary: The Algonquin real estate market had 156 homes for sale in October 2024, a 22.8% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 12
+100.0%
2 3539
+11.4%
3 4158
+41.5%
4 4144
+7.3%
5+ 913
+44.4%

Summary: The Algonquin housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 11.4%, 3 bedroom homes increased by 41.5%, 4 bedroom homes increased by 7.3%, and 5+ bedroom homes increased by 44.4%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
3639+8.3%

Asking Price vs. Sold Price

17 Homes Were Sold
Under Asking

10 Homes Were Sold
At Asking

12 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Algonquin, you may be able to get a good deal. 43.6% of homes here sold below asking price last month.

Summary: A total of 39 homes were sold or pending in Algonquin in October 2024, up by 8.3% month-over-month. Of the 39 sold homes, 44% were sold under asking, 26% were sold at asking, and 31% were sold over asking.

Days on Market for Algonquin, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
21 Days19 Days-9.6%

Summary: Homes in Algonquin had an average of 19 days on market in Oct 2024, down by 9.6% compared to last year.

Breakdown of Home Sale Times

33 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 39 homes were sold in Algonquin; 85% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 3% 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 16 Days Ago

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