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 October 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

$325,000

$187/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$35,000(+12.1%)

Key Takeaway

Homes in Elgin have sold for 12.1% more than they did a year ago.

Summary: The median home sold price in Elgin was $325,000 in October 2024, up 12.1% from last year, and the median price per square foot was $187.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $146.2K$155.7K
+6.5%
2 $228.2K$260K
+13.9%
3 $289.7K$315.1K
+8.8%
4 $425K$467.7K
+10.1%
5+ $520K$577.4K
+11.0%

Summary: Elgin housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.5%, 2 bedroom homes increased by 13.9%, 3 bedroom homes increased by 8.8%, 4 bedroom homes increased by 10.1%, and 5+ bedroom homes increased by 11%.

Median Sold Price Compared To Nearby Cities

West Dundee
+29.6%
Sleepy Hollow
+13.1%
Elgin
+12.1%
Elgin Township
+11.8%
South Elgin
+4.0%

Housing Supply in Elgin, IL

How many homes are available in Elgin, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
350399+14.0%

Summary: The Elgin real estate market had 399 homes for sale in October 2024, a 14.0% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 64
-33.3%
2 7495
+28.4%
3 110122
+10.9%
4 110131
+19.1%
5+ 5047
-6.0%

Summary: The Elgin housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes increased by 28.4%, 3 bedroom homes increased by 10.9%, 4 bedroom homes increased by 19.1%, and 5+ bedroom homes decreased by 6%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
8997+9.0%

Asking Price vs. Sold Price

35 Homes Were Sold
Under Asking

21 Homes Were Sold
At Asking

41 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. 42.3% of homes here sold above asking price last month.

Summary: A total of 97 homes were sold or pending in Elgin in October 2024, up by 9.0% month-over-month. Of the 97 sold homes, 36% were sold under asking, 22% were sold at asking, and 42% 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

Oct 2023Oct 2024CHANGE
21 Days17 Days-18.6%

Summary: Homes in Elgin had an average of 17 days on market in Oct 2024, down by 18.6% compared to last year.

Breakdown of Home Sale Times

81 Homes Were Sold
Under 30 Days

13 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 October 2024, 97 homes were sold in Elgin; 84% 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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