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 November 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

$330,192

$189/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$30,214(+10.1%)

Key Takeaway

Homes in Elgin Township have sold for 10.1% more than they did a year ago.

Summary: The median home sold price in Elgin Township was $330,192 in November 2024, up 10.1% from last year, and the median price per square foot was $189.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $155K$155K
0.0%
2 $235K$260K
+10.7%
3 $300.5K$324.8K
+8.1%
4 $424.5K$480.4K
+13.2%
5+ $525K$575.1K
+9.6%

Summary: Elgin Township housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 10.7%, 3 bedroom homes increased by 8.1%, 4 bedroom homes increased by 13.2%, and 5+ bedroom homes increased by 9.6%.

Median Sold Price Compared To Nearby Cities

Elgin
+12.2%
Elgin Township
+10.1%
Bartlett
+9.6%
Hanover Township
+9.4%
South Elgin
+4.1%

Housing Supply in Elgin Township, IL

How many homes are available in Elgin Township, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
475461-2.9%

Summary: The Elgin Township real estate market had 461 homes for sale in November 2024, a 2.9% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 45
+25.0%
2 114115
+0.9%
3 168171
+1.8%
4 136125
-8.1%
5+ 5345
-15.1%

Summary: The Elgin Township housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes increased by 0.9%, 3 bedroom homes increased by 1.8%, 4 bedroom homes decreased by 8.1%, and 5+ bedroom homes decreased by 15.1%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
143124-13.3%

Asking Price vs. Sold Price

47 Homes Were Sold
Under Asking

33 Homes Were Sold
At Asking

44 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Elgin Township, you may be able to get a good deal. 37.9% of homes here sold below asking price last month.

Summary: A total of 124 homes were sold or pending in Elgin Township in November 2024, down by 13.3% month-over-month. Of the 124 sold homes, 38% were sold under asking, 27% were sold at asking, and 35% 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

Nov 2023Nov 2024CHANGE
17 Days24 Days+44.0%

Summary: Homes in Elgin Township had an average of 24 days on market in Nov 2024, up by 44% compared to last year.

Breakdown of Home Sale Times

86 Homes Were Sold
Under 30 Days

34 Homes Were Sold
In 30 - 90 Days

4 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 November 2024, 124 homes were sold in Elgin Township; 69% of homes were sold within 30 days, 27% 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 17 Days Ago

Newest Listings in Elgin Township, IL

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