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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Algonquin Township is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Algonquin Township, IL

How much do homes in Algonquin Township, IL cost?

Median Sold Price

$330,000

$169/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$29,562(+9.8%)

Key Takeaway

Homes in Algonquin Township have sold for 9.8% more than they did a year ago.

Summary: The median home sold price in Algonquin Township was $330,000 in May 2024, up 9.8% from last year, and the median price per square foot was $169.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $107K$135K
+26.2%
2 $215.5K$250K
+16.0%
3 $290K$315K
+8.6%
4 $385K$412.4K
+7.1%
5+ $434.5K$480K
+10.5%

Summary: Algonquin Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 26.2%, 2 bedroom homes increased by 16%, 3 bedroom homes increased by 8.6%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes increased by 10.5%.

Median Sold Price Compared To Nearby Cities

Crystal Lake
+20.3%
Algonquin Township
+9.8%
Algonquin
+8.8%
Cary
+6.5%

Housing Supply in Algonquin Township, IL

How many homes are available in Algonquin Township, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
338395+16.9%

Summary: The Algonquin Township real estate market had 395 homes for sale in May 2024, a 16.9% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 44
0.0%
2 7189
+25.4%
3 130141
+8.5%
4 104129
+24.0%
5+ 2932
+10.3%

Summary: The Algonquin Township 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 increased by 25.4%, 3 bedroom homes increased by 8.5%, 4 bedroom homes increased by 24%, and 5+ bedroom homes increased by 10.3%.

Number of Homes Sold

Apr 2024May 2024CHANGE
104119+14.4%

Asking Price vs. Sold Price

29 Homes Were Sold
Under Asking

22 Homes Were Sold
At Asking

68 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Algonquin Township, you could pay more than the asking price. 57.1% of homes here sold above asking price last month.

Summary: A total of 119 homes were sold or pending in Algonquin Township in May 2024, up by 14.4% month-over-month. Of the 119 sold homes, 24% were sold under asking, 18% were sold at asking, and 57% were sold over asking.

Days on Market for Algonquin Township, IL

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

Average Sale Time

May 2023May 2024CHANGE
13 Days20 Days+59.6%

Summary: Homes in Algonquin Township had an average of 20 days on market in May 2024, up by 59.6% compared to last year.

Breakdown of Home Sale Times

104 Homes Were Sold
Under 30 Days

10 Homes Were Sold
In 30 - 90 Days

5 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 119 homes were sold in Algonquin Township; 87% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 4% 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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