Is Elgin Township, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Elgin Township has remained a Seller's Market.
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
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
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $135K | $155K | +14.8% |
2 Bedrooms | $221.7K | $250.1K | +12.8% |
3 Bedrooms | $280.5K | $316K | +12.6% |
4 Bedrooms | $364.8K | $465.8K | +27.7% |
5+ Bedrooms | $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 | $304K | $363.1K | +19.4% |
Elgin Township | $270K | $319.8K | +18.4% |
Elgin | $270.3K | $314.9K | +16.5% |
Hanover Township | $275K | $304.8K | +10.8% |
Bartlett | $350K | $370.3K | +5.8% |
Housing Supply in Elgin Township, IL
How many homes are available in Elgin Township, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
479 | 510 | +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
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 11 | 9 | -18.2% |
2 Bedrooms | 112 | 107 | -4.5% |
3 Bedrooms | 150 | 174 | +16.0% |
4 Bedrooms | 149 | 155 | +4.0% |
5+ Bedrooms | 57 | 65 | +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 2024 | May 2024 | CHANGE |
---|---|---|
131 | 143 | +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
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 2023 | May 2024 | CHANGE |
---|---|---|
27 Days | 18 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
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.