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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Elgin Township is a seller's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

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

Housing Prices in Elgin Township, IL

How much do homes in Elgin Township, IL cost?

Median Sold Price

$329,574

$188/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$34,724(+11.8%)

Key Takeaway

Homes in Elgin Township have sold for 11.8% more than they did a year ago.

Summary: The median home sold price in Elgin Township was $329,574 in October 2024, up 11.8% from last year, and the median price per square foot was $188.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $152.5K$155.7K
+2.1%
2 $234.5K$257K
+9.6%
3 $299.1K$324.5K
+8.5%
4 $420K$469.9K
+11.9%
5+ $524.3K$574.6K
+9.6%

Summary: Elgin Township housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.1%, 2 bedroom homes increased by 9.6%, 3 bedroom homes increased by 8.5%, 4 bedroom homes increased by 11.9%, and 5+ bedroom homes increased by 9.6%.

Median Sold Price Compared To Nearby Cities

Elgin
+12.1%
Elgin Township
+11.8%
Hanover Township
+10.5%
Bartlett
+8.7%
South Elgin
+4.0%

Housing Supply in Elgin Township, IL

How many homes are available in Elgin Township, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
439496+13.0%

Summary: The Elgin Township real estate market had 496 homes for sale in October 2024, a 13.0% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 64
-33.3%
2 95122
+28.4%
3 160174
+8.8%
4 127147
+15.7%
5+ 5149
-3.9%

Summary: The Elgin Township 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 8.8%, 4 bedroom homes increased by 15.7%, and 5+ bedroom homes decreased by 3.9%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
110127+15.5%

Asking Price vs. Sold Price

46 Homes Were Sold
Under Asking

27 Homes Were Sold
At Asking

54 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Elgin Township, you could pay more than the asking price. 42.5% of homes here sold above asking price last month.

Summary: A total of 127 homes were sold or pending in Elgin Township in October 2024, up by 15.5% month-over-month. Of the 127 sold homes, 36% were sold under asking, 21% were sold at asking, and 43% were sold over asking.

Days on Market for Elgin Township, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
22 Days16 Days-28.8%

Summary: Homes in Elgin Township had an average of 16 days on market in Oct 2024, down by 28.8% compared to last year.

Breakdown of Home Sale Times

108 Homes Were Sold
Under 30 Days

16 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 Township are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 127 homes were sold in Elgin Township; 85% of homes were sold within 30 days, 13% 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 16 Days Ago

Newest Listings in Elgin Township, IL

Nearby Markets to Elgin Township, IL

What housing markets are near Elgin Township, IL?