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 October 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

$349,999

$205/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$28,749(+8.9%)

Key Takeaway

Homes in Elmwood Park have sold for 8.9% more than they did a year ago.

Summary: The median home sold price in Elmwood Park was $349,999 in October 2024, up 8.9% from last year, and the median price per square foot was $205.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $115K$130K
+13.0%
2 $204K$236K
+15.7%
3 $349.5K$367.7K
+5.2%
4 $380K$406K
+6.8%
5+ $522.5K$515K
-1.4%

Summary: Elmwood Park housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13%, 2 bedroom homes increased by 15.7%, 3 bedroom homes increased by 5.2%, 4 bedroom homes increased by 6.8%, and 5+ bedroom homes decreased by 1.4%.

Median Sold Price Compared To Nearby Cities

River Forest Township
+15.7%
River Forest
+15.7%
Elmwood Park
+8.9%
Leyden Township
+7.2%
River Grove
+6.8%

Housing Supply in Elmwood Park, IL

How many homes are available in Elmwood Park, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
97111+14.4%

Summary: The Elmwood Park real estate market had 111 homes for sale in October 2024, a 14.4% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 1718
+5.9%
2 1719
+11.8%
3 3738
+2.7%
4 1725
+47.1%
5+ 911
+22.2%

Summary: The Elmwood Park housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 5.9%, 2 bedroom homes increased by 11.8%, 3 bedroom homes increased by 2.7%, 4 bedroom homes increased by 47.1%, and 5+ bedroom homes increased by 22.2%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1732+88.2%

Asking Price vs. Sold Price

17 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

12 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. 53.1% of homes here sold below asking price last month.

Summary: A total of 32 homes were sold or pending in Elmwood Park in October 2024, up by 88.2% month-over-month. Of the 32 sold homes, 53% were sold under asking, 9% were sold at asking, and 38% 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

Oct 2023Oct 2024CHANGE
22 Days31 Days+37.7%

Summary: Homes in Elmwood Park had an average of 31 days on market in Oct 2024, up by 37.7% compared to last year.

Breakdown of Home Sale Times

21 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

4 Homes Were 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 October 2024, 32 homes were sold in Elmwood Park; 66% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 13% 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

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