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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing South Elgin is a seller's market

Buyer's
Market

Difference Since November 2023

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

Key Takeaway

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

Housing Prices in South Elgin, IL

How much do homes in South Elgin, IL cost?

Median Sold Price

$367,013

$199/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$14,320(+4.1%)

Key Takeaway

Homes in South Elgin have sold for 4.1% more than they did a year ago.

Summary: The median home sold price in South Elgin was $367,013 in November 2024, up 4.1% from last year, and the median price per square foot was $199.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $296.5K-
N/A
2 $238K$257.1K
+8.1%
3 $335K$350.2K
+4.6%
4 $526.4K$569.9K
+8.3%
5+ $535.9K$574.9K
+7.3%

Summary: South Elgin 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 8.1%, 3 bedroom homes increased by 4.6%, 4 bedroom homes increased by 8.3%, and 5+ bedroom homes increased by 7.3%.

Median Sold Price Compared To Nearby Cities

Elgin
+12.2%
Elgin Township
+10.1%
Bartlett
+9.6%
Saint Charles Township
+5.3%
South Elgin
+4.1%

Housing Supply in South Elgin, IL

How many homes are available in South Elgin, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
133105-21.1%

Summary: The South Elgin real estate market had 105 homes for sale in November 2024, a 21.1% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 00
0.0%
2 2721
-22.2%
3 5646
-17.9%
4 3931
-20.5%
5+ 117
-36.4%

Summary: The South Elgin housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 22.2%, 3 bedroom homes decreased by 17.9%, 4 bedroom homes decreased by 20.5%, and 5+ bedroom homes decreased by 36.4%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
4738-19.1%

Asking Price vs. Sold Price

12 Homes Were Sold
Under Asking

14 Homes Were Sold
At Asking

12 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in South Elgin, expect to pay close to the asking price. 36.8% of homes here sold near the asking price last month.

Summary: A total of 38 homes were sold or pending in South Elgin in November 2024, down by 19.1% month-over-month. Of the 38 sold homes, 32% were sold under asking, 37% were sold at asking, and 32% were sold over asking.

Days on Market for South Elgin, IL

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

Average Sale Time

Nov 2023Nov 2024CHANGE
13 Days37 Days+175.7%

Summary: Homes in South Elgin had an average of 37 days on market in Nov 2024, up by 175.7% compared to last year.

Breakdown of Home Sale Times

21 Homes Were Sold
Under 30 Days

14 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 38 homes were sold in South Elgin; 55% of homes were sold within 30 days, 37% of homes were sold within 30 to 90 days, and 8% 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 2 Days Ago

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