$35,000
Land
Listing Office: Realty Executive Associates
Is Elgin, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, Elgin has remained a Seller's Market.
Key Takeaway
Elgin is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Elgin, MN
How much do homes in Elgin, MN cost?
Median Sold Price
$182,200
$162/sqft
Based on all homes sold in October 2024.
Difference Since Last Month
-$171,800(-48.5%)
Key Takeaway
Homes in Elgin have sold for 48.5% less than they did a month ago.
Summary: The median home sold price in Elgin was $182,200 in October 2024, down 48.5% from last month, and the median price per square foot was $162.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | - | $182.2K | N/A |
| 3 Bedrooms | - | - | N/A |
| 4 Bedrooms | $354K | - | N/A |
| 5+ Bedrooms | - | - | N/A |
Summary: Elgin housing prices by bedroom type for October 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes did not change, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Elgin | $354K | $182.2K | -48.5% |
| Elgin Township | $354K | $182.2K | -48.5% |
| Elgin | $354K | $182.2K | -48.5% |
Housing Supply in Elgin, MN
How many homes are available in Elgin, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 10 | 11 | +10.0% |
Summary: The Elgin real estate market had 11 homes for sale in October 2024, a 10.0% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 3 | 4 | +33.3% |
| 3 Bedrooms | 2 | 4 | +100.0% |
| 4 Bedrooms | 4 | 2 | -50.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Elgin housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 100%, 4 bedroom homes decreased by 50%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 2 | 2 | 0.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Elgin, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in Elgin in October 2024, the same as the previous month. Of the 2 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% were sold over asking.
Days on Market for Elgin, MN
How long does it take to sell a home in Elgin, MN?
Average Sale Time
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 20 Days | 16 Days | -20.0% |
Summary: Homes in Elgin had an average of 16 days on market in Oct 2024, down by 20% compared to last month.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Elgin are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 2 homes were sold in Elgin; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
