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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing South Elgin is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

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

+$59,100(+19.4%)

Key Takeaway

Homes in South Elgin have sold for 19.4% more than they did a year ago.

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

# BEDSMay 2023May 2024CHANGE
1 $296.5K-
N/A
2 $218K$242.5K
+11.2%
3 $301K$349.1K
+16.0%
4 $492.5K$562.5K
+14.2%
5+ $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
+19.4%
Elgin Township
+18.4%
Elgin
+16.5%
Saint Charles Township
+6.3%
Bartlett
+5.8%

Housing Supply in South Elgin, IL

How many homes are available in South Elgin, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
112131+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

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 1718
+5.9%
3 4254
+28.6%
4 4045
+12.5%
5+ 1314
+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 2024May 2024CHANGE
32320.0%

Asking Price vs. Sold Price

15 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

13 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in South Elgin, you may be able to get a good deal. 46.9% of homes here sold below asking price last month.

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 2023May 2024CHANGE
29 Days28 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

Breakdown of Home Sale Times

Key Takeaway

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

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.

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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