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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Elk Grove Township is a seller's market

Buyer's
Market

Difference Since October 2023

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

Key Takeaway

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

Housing Prices in Elk Grove Township, IL

How much do homes in Elk Grove Township, IL cost?

Median Sold Price

$350,000

$222/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$25,000(+7.7%)

Key Takeaway

Homes in Elk Grove Township have sold for 7.7% more than they did a year ago.

Summary: The median home sold price in Elk Grove Township was $350,000 in October 2024, up 7.7% from last year, and the median price per square foot was $222.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $140.7K$155K
+10.1%
2 $207K$237.6K
+14.8%
3 $365K$385K
+5.5%
4 $459.9K$470K
+2.2%
5+ $505K$555K
+9.9%

Summary: Elk Grove Township housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.1%, 2 bedroom homes increased by 14.8%, 3 bedroom homes increased by 5.5%, 4 bedroom homes increased by 2.2%, and 5+ bedroom homes increased by 9.9%.

Median Sold Price Compared To Nearby Cities

Wood Dale
+13.5%
Itasca
+11.3%
Elk Grove Village
+8.0%
Elk Grove Township
+7.7%
Mount Prospect
+6.9%

Housing Supply in Elk Grove Township, IL

How many homes are available in Elk Grove Township, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
250277+10.8%

Summary: The Elk Grove Township real estate market had 277 homes for sale in October 2024, a 10.8% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 2532
+28.0%
2 8288
+7.3%
3 9297
+5.4%
4 4653
+15.2%
5+ 57
+40.0%

Summary: The Elk Grove Township housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 28%, 2 bedroom homes increased by 7.3%, 3 bedroom homes increased by 5.4%, 4 bedroom homes increased by 15.2%, and 5+ bedroom homes increased by 40%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
8468-19.0%

Asking Price vs. Sold Price

32 Homes Were Sold
Under Asking

7 Homes Were Sold
At Asking

29 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Elk Grove Township, you may be able to get a good deal. 47.1% of homes here sold below asking price last month.

Summary: A total of 68 homes were sold or pending in Elk Grove Township in October 2024, down by 19.0% month-over-month. Of the 68 sold homes, 47% were sold under asking, 10% were sold at asking, and 43% were sold over asking.

Days on Market for Elk Grove Township, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
17 Days15 Days-14.3%

Summary: Homes in Elk Grove Township had an average of 15 days on market in Oct 2024, down by 14.3% compared to last year.

Breakdown of Home Sale Times

59 Homes Were Sold
Under 30 Days

9 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 68 homes were sold in Elk Grove Township; 87% of homes were sold within 30 days, 13% 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 20 Days Ago

Newest Listings in Elk Grove Township, IL

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