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 November 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

$378,331

$185/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$18,334(+5.1%)

Key Takeaway

Homes in Algonquin have sold for 5.1% more than they did a year ago.

Summary: The median home sold price in Algonquin was $378,331 in November 2024, up 5.1% from last year, and the median price per square foot was $185.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $133K$186.4K
+40.2%
2 $307.9K$297.9K
-3.3%
3 $321K$340K
+5.9%
4 $435K$469.5K
+7.9%
5+ $482.5K$550K
+14.0%

Summary: Algonquin housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 40.2%, 2 bedroom homes decreased by 3.3%, 3 bedroom homes increased by 5.9%, 4 bedroom homes increased by 7.9%, and 5+ bedroom homes increased by 14%.

Median Sold Price Compared To Nearby Cities

Dundee Township
+10.6%
Algonquin Township
+8.1%
Carpentersville
+6.8%
Algonquin
+5.1%
Lake in the Hills
+4.6%

Housing Supply in Algonquin, IL

How many homes are available in Algonquin, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
145141-2.8%

Summary: The Algonquin real estate market had 141 homes for sale in November 2024, a 2.8% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 22
0.0%
2 3430
-11.8%
3 5556
+1.8%
4 4237
-11.9%
5+ 1216
+33.3%

Summary: The Algonquin housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 11.8%, 3 bedroom homes increased by 1.8%, 4 bedroom homes decreased by 11.9%, and 5+ bedroom homes increased by 33.3%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
4143+4.9%

Asking Price vs. Sold Price

18 Homes Were Sold
Under Asking

9 Homes Were Sold
At Asking

16 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. 41.9% of homes here sold below asking price last month.

Summary: A total of 43 homes were sold or pending in Algonquin in November 2024, up by 4.9% month-over-month. Of the 43 sold homes, 42% were sold under asking, 21% were sold at asking, and 37% 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

Nov 2023Nov 2024CHANGE
21 Days17 Days-17.6%

Summary: Homes in Algonquin had an average of 17 days on market in Nov 2024, down by 17.6% compared to last year.

Breakdown of Home Sale Times

35 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

0 Homes Were 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 November 2024, 43 homes were sold in Algonquin; 81% of homes were sold within 30 days, 19% 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 17 Days Ago

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