Is Algonquin, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Algonquin is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Algonquin, IL

How much do homes in Algonquin, IL cost?

Median Sold Price

$369,975

$177/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$29,975(+8.8%)

Key Takeaway

Homes in Algonquin have sold for 8.8% more than they did a year ago.

Summary: The median home sold price in Algonquin was $369,975 in May 2024, up 8.8% from last year, and the median price per square foot was $177.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $102K$154K
+51.0%
2 $235K$316.9K
+34.9%
3 $310.9K$333.9K
+7.4%
4 $432.5K$435K
+0.6%
5+ $430K$552.5K
+28.5%

Summary: Algonquin housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 51%, 2 bedroom homes increased by 34.9%, 3 bedroom homes increased by 7.4%, 4 bedroom homes increased by 0.6%, and 5+ bedroom homes increased by 28.5%.

Median Sold Price Compared To Nearby Cities

Algonquin Township
+9.8%
Dundee Township
+9.5%
Algonquin
+8.8%
Carpentersville
+8.5%
Lake in the Hills
+8.1%

Housing Supply in Algonquin, IL

How many homes are available in Algonquin, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
128150+17.2%

Summary: The Algonquin real estate market had 150 homes for sale in May 2024, a 17.2% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 11
0.0%
2 3432
-5.9%
3 3949
+25.6%
4 4055
+37.5%
5+ 1413
-7.1%

Summary: The Algonquin housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 5.9%, 3 bedroom homes increased by 25.6%, 4 bedroom homes increased by 37.5%, and 5+ bedroom homes decreased by 7.1%.

Number of Homes Sold

Apr 2024May 2024CHANGE
3744+18.9%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

13 Homes Were Sold
At Asking

24 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Algonquin, you could pay more than the asking price. 54.5% of homes here sold above asking price last month.

Summary: A total of 44 homes were sold or pending in Algonquin in May 2024, up by 18.9% month-over-month. Of the 44 sold homes, 16% were sold under asking, 30% were sold at asking, and 55% were sold over asking.

Days on Market for Algonquin, IL

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

Average Sale Time

May 2023May 2024CHANGE
19 Days21 Days+12.1%

Summary: Homes in Algonquin had an average of 21 days on market in May 2024, up by 12.1% compared to last year.

Breakdown of Home Sale Times

37 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 44 homes were sold in Algonquin; 84% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 5% 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 1 Day Ago

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