Is Elon, NC a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Elon was a Seller's Market.
Key Takeaway
Elon is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Elon, NC
How much do homes in Elon, NC cost?
Median Sold Price
$365,000
$177/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Elon have sold for 4.3% more than they did a year ago.
Summary: The median home sold price in Elon was $365,000 in May 2024, up 4.3% from last year, and the median price per square foot was $177.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $161K | $165K | +2.5% |
| 3 Bedrooms | $280K | $365K | +30.4% |
| 4 Bedrooms | $405K | $365K | -9.9% |
| 5+ Bedrooms | $510K | $484K | -5.1% |
Summary: Elon 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 2.5%, 3 bedroom homes increased by 30.4%, 4 bedroom homes decreased by 9.9%, and 5+ bedroom homes decreased by 5.1%.
Median Sold Price Compared To Nearby Cities
| Gibsonville | $294.5K | $321K | +9.0% |
| Elon | $350K | $365K | +4.3% |
| Burlington | $270K | $264.9K | -1.9% |
Housing Supply in Elon, NC
How many homes are available in Elon, NC?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 30 | 29 | -3.3% |
Summary: The Elon real estate market had 29 homes for sale in May 2024, a 3.3% decrease 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 | 4 | 6 | +50.0% |
| 3 Bedrooms | 19 | 10 | -47.4% |
| 4 Bedrooms | 7 | 11 | +57.1% |
| 5+ Bedrooms | 0 | 2 | +100.0% |
Summary: The Elon 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 50%, 3 bedroom homes decreased by 47.4%, 4 bedroom homes increased by 57.1%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 14 | 4 | -71.4% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Elon, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 4 homes were sold or pending in Elon in May 2024, down by 71.4% month-over-month. Of the 4 sold homes, 25% were sold under asking, 25% were sold at asking, and 50% were sold over asking.
Days on Market for Elon, NC
How long does it take to sell a home in Elon, NC?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 37 Days | 1 Days | -95.3% |
Summary: Homes in Elon had an average of 1 days on market in May 2024, down by 95.3% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Elon are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 4 homes were sold in Elon; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Copyright © 2024 Triangle MLS, Inc. of North Carolina. All rights reserved.