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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Elgin Township is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Elgin Township, IL

How much do homes in Elgin Township, IL cost?

Median Sold Price

$319,834

$183/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$49,753(+18.4%)

Key Takeaway

Homes in Elgin Township have sold for 18.4% more than they did a year ago.

Summary: The median home sold price in Elgin Township was $319,834 in May 2024, up 18.4% from last year, and the median price per square foot was $183.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $135K$155K
+14.8%
2 $221.7K$250.1K
+12.8%
3 $280.5K$316K
+12.6%
4 $364.8K$465.8K
+27.7%
5+ $458.2K$542.4K
+18.4%

Summary: Elgin Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.8%, 2 bedroom homes increased by 12.8%, 3 bedroom homes increased by 12.6%, 4 bedroom homes increased by 27.7%, and 5+ bedroom homes increased by 18.4%.

Median Sold Price Compared To Nearby Cities

South Elgin
+19.4%
Elgin Township
+18.4%
Elgin
+16.5%
Hanover Township
+10.8%
Bartlett
+5.8%

Housing Supply in Elgin Township, IL

How many homes are available in Elgin Township, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
479510+6.5%

Summary: The Elgin Township real estate market had 510 homes for sale in May 2024, a 6.5% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 119
-18.2%
2 112107
-4.5%
3 150174
+16.0%
4 149155
+4.0%
5+ 5765
+14.0%

Summary: The Elgin Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 18.2%, 2 bedroom homes decreased by 4.5%, 3 bedroom homes increased by 16%, 4 bedroom homes increased by 4%, and 5+ bedroom homes increased by 14%.

Number of Homes Sold

Apr 2024May 2024CHANGE
131143+9.2%

Asking Price vs. Sold Price

40 Homes Were Sold
Under Asking

23 Homes Were Sold
At Asking

80 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Elgin Township, you could pay more than the asking price. 55.9% of homes here sold above asking price last month.

Summary: A total of 143 homes were sold or pending in Elgin Township in May 2024, up by 9.2% month-over-month. Of the 143 sold homes, 28% were sold under asking, 16% were sold at asking, and 56% were sold over asking.

Days on Market for Elgin Township, IL

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

Average Sale Time

May 2023May 2024CHANGE
27 Days18 Days-31.3%

Summary: Homes in Elgin Township had an average of 18 days on market in May 2024, down by 31.3% compared to last year.

Breakdown of Home Sale Times

117 Homes Were Sold
Under 30 Days

21 Homes Were Sold
In 30 - 90 Days

5 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 143 homes were sold in Elgin Township; 82% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 3% 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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