Is South Elgin, 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, South Elgin has remained a Seller's Market.
Housing Prices in South Elgin, IL
How much do homes in South Elgin, IL cost?
Median Sold Price
$363,100
$190/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in South Elgin was $363,100 in May 2024, up 19.4% from last year, and the median price per square foot was $190.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $296.5K | - | N/A |
2 Bedrooms | $218K | $242.5K | +11.2% |
3 Bedrooms | $301K | $349.1K | +16.0% |
4 Bedrooms | $492.5K | $562.5K | +14.2% |
5+ Bedrooms | $507.3K | $547.4K | +7.9% |
Summary: South Elgin housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 11.2%, 3 bedroom homes increased by 16%, 4 bedroom homes increased by 14.2%, and 5+ bedroom homes increased by 7.9%.
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% |
Saint Charles Township | $415K | $441K | +6.3% |
Bartlett | $350K | $370.3K | +5.8% |
Housing Supply in South Elgin, IL
How many homes are available in South Elgin, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
112 | 131 | +17.0% |
Summary: The South Elgin real estate market had 131 homes for sale in May 2024, a 17.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 17 | 18 | +5.9% |
3 Bedrooms | 42 | 54 | +28.6% |
4 Bedrooms | 40 | 45 | +12.5% |
5+ Bedrooms | 13 | 14 | +7.7% |
Summary: The South Elgin 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 5.9%, 3 bedroom homes increased by 28.6%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes increased by 7.7%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
32 | 32 | 0.0% |
Asking Price vs. Sold Price
15 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
13 Homes Were Sold
Over Asking
Summary: A total of 32 homes were sold or pending in South Elgin in May 2024, the same as the previous month. Of the 32 sold homes, 47% were sold under asking, 13% were sold at asking, and 41% were sold over asking.
Days on Market for South Elgin, IL
How long does it take to sell a home in South Elgin, IL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
29 Days | 28 Days | -1.1% |
Summary: Homes in South Elgin had an average of 28 days on market in May 2024, down by 1.1% compared to last year.
Breakdown of Home Sale Times
21 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 32 homes were sold in South Elgin; 66% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.