Is Elkin, NC a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Elkin is a seller's market

Buyer's
Market

Difference Since December 2023

At the same time last year, Elkin was a Buyer's Market.

Key Takeaway

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

Housing Prices in Elkin, NC

How much do homes in Elkin, NC cost?

Median Sold Price

$257,500

$165/sqft

Based on all homes sold in the last 12 months.

Difference Since December 2023

+$47,500(+22.6%)

Key Takeaway

Homes in Elkin have sold for 22.6% more than they did a year ago.

Summary: The median home sold price in Elkin was $257,500 in December 2024, up 22.6% from last year, and the median price per square foot was $165.

Median Sold Price By Bedroom Count

# BEDSDec 2023Dec 2024CHANGE
1 -$167K
N/A
2 $170K$187K
+10.0%
3 $222.2K$260K
+17.0%
4 $301.2K$322.5K
+7.1%
5+ $355K$390K
+9.9%

Summary: Elkin housing prices by bedroom type for December 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 10%, 3 bedroom homes increased by 17%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes increased by 9.9%.

Median Sold Price Compared To Nearby Cities

Elkin
+22.6%
Elkin Township
+21.8%
North Knobs Township
+15.0%
Jonesville
+13.8%

Housing Supply in Elkin, NC

How many homes are available in Elkin, NC?

Number of Homes For Sale

Nov 2024Dec 2024CHANGE
3929-25.6%

Summary: The Elkin real estate market had 29 homes for sale in December 2024, a 25.6% decrease compared to November 2024.

Homes For Sale By Bedroom Count

# BEDSNov 2024Dec 2024CHANGE
1 00
0.0%
2 119
-18.2%
3 1714
-17.6%
4 116
-45.5%
5+ 00
0.0%

Summary: The Elkin housing inventory by bedroom type for December 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 18.2%, 3 bedroom homes decreased by 17.6%, 4 bedroom homes decreased by 45.5%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Nov 2024Dec 2024CHANGE
115-54.5%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

0 Homes Were Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Elkin, you could pay more than the asking price. 80% of homes here sold above asking price last month.

Summary: A total of 5 homes were sold or pending in Elkin in December 2024, down by 54.5% month-over-month. Of the 5 sold homes, 20% were sold under asking, 0% were sold at asking, and 80% were sold over asking.

Days on Market for Elkin, NC

How long does it take to sell a home in Elkin, NC?

Average Sale Time

Dec 2023Dec 2024CHANGE
4 Days20 Days+362.2%

Summary: Homes in Elkin had an average of 20 days on market in Dec 2024, up by 362.2% compared to last year.

Breakdown of Home Sale Times

4 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During December 2024, 5 homes were sold in Elkin; 80% of homes were sold within 30 days, 20% 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 4 Days Ago

Newest Listings in Elkin, NC

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