Is Elmwood Park, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Elmwood Park is a seller's market

Buyer's
Market

Difference Since November 2023

Since last year, Elmwood Park has remained a Seller's Market.

Key Takeaway

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

Housing Prices in Elmwood Park, IL

How much do homes in Elmwood Park, IL cost?

Median Sold Price

$350,000

$205/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$25,000(+7.7%)

Key Takeaway

Homes in Elmwood Park have sold for 7.7% more than they did a year ago.

Summary: The median home sold price in Elmwood Park was $350,000 in November 2024, up 7.7% from last year, and the median price per square foot was $205.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $116.5K$130.2K
+11.8%
2 $204K$245K
+20.1%
3 $353K$375.2K
+6.3%
4 $367.5K$410K
+11.6%
5+ $522.5K$515K
-1.4%

Summary: Elmwood Park housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.8%, 2 bedroom homes increased by 20.1%, 3 bedroom homes increased by 6.3%, 4 bedroom homes increased by 11.6%, and 5+ bedroom homes decreased by 1.4%.

Median Sold Price Compared To Nearby Cities

River Forest Township
+22.7%
River Forest
+22.7%
River Grove
+15.8%
Elmwood Park
+7.7%
Leyden Township
+6.5%

Housing Supply in Elmwood Park, IL

How many homes are available in Elmwood Park, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
9694-2.1%

Summary: The Elmwood Park real estate market had 94 homes for sale in November 2024, a 2.1% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 1714
-17.6%
2 1421
+50.0%
3 3431
-8.8%
4 2018
-10.0%
5+ 1110
-9.1%

Summary: The Elmwood Park housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 17.6%, 2 bedroom homes increased by 50%, 3 bedroom homes decreased by 8.8%, 4 bedroom homes decreased by 10%, and 5+ bedroom homes decreased by 9.1%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
3517-51.4%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

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

Summary: A total of 17 homes were sold or pending in Elmwood Park in November 2024, down by 51.4% month-over-month. Of the 17 sold homes, 47% were sold under asking, 18% were sold at asking, and 35% were sold over asking.

Days on Market for Elmwood Park, IL

How long does it take to sell a home in Elmwood Park, IL?

Average Sale Time

Nov 2023Nov 2024CHANGE
25 Days31 Days+26.4%

Summary: Homes in Elmwood Park had an average of 31 days on market in Nov 2024, up by 26.4% compared to last year.

Breakdown of Home Sale Times

11 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Elmwood Park are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 17 homes were sold in Elmwood Park; 65% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 6% 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 23 Days Ago

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