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 November 2023

Since last year, Elkin has remained a Seller'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

$240,000

$162/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$35,000(+17.1%)

Key Takeaway

Homes in Elkin have sold for 17.1% more than they did a year ago.

Summary: The median home sold price in Elkin was $240,000 in November 2024, up 17.1% from last year, and the median price per square foot was $162.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 -$167K
N/A
2 $162.4K$185K
+13.9%
3 $224.5K$260K
+15.8%
4 $309K$285K
-7.8%
5+ $355K$390K
+9.9%

Summary: Elkin 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 13.9%, 3 bedroom homes increased by 15.8%, 4 bedroom homes decreased by 7.8%, and 5+ bedroom homes increased by 9.9%.

Median Sold Price Compared To Nearby Cities

State Road
+54.4%
Elkin Township
+19.8%
Jonesville
+17.9%
Elkin
+17.1%
North Knobs Township
+15.0%

Housing Supply in Elkin, NC

How many homes are available in Elkin, NC?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
4640-13.0%

Summary: The Elkin real estate market had 40 homes for sale in November 2024, a 13.0% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 00
0.0%
2 1111
0.0%
3 2218
-18.2%
4 1111
0.0%
5+ 20
-100.0%

Summary: The Elkin 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 remained the same, 3 bedroom homes decreased by 18.2%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 100%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
1011+10.0%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Elkin, you may be able to get a good deal. 90.9% of homes here sold below asking price last month.

Summary: A total of 11 homes were sold or pending in Elkin in November 2024, up by 10.0% month-over-month. Of the 11 sold homes, 91% were sold under asking, 0% were sold at asking, and 9% 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

Nov 2023Nov 2024CHANGE
28 Days39 Days+38.1%

Summary: Homes in Elkin had an average of 39 days on market in Nov 2024, up by 38.1% compared to last year.

Breakdown of Home Sale Times

5 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 Elkin are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 11 homes were sold in Elkin; 45% of homes were sold within 30 days, 45% of homes were sold within 30 to 90 days, and 9% 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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