Is Algonquin, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Algonquin is a seller's market

Buyer's
Market

Difference Since March 2023

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

Key Takeaway

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

Housing Prices in Algonquin, IL

How much do homes in Algonquin, IL cost?

Median Sold Price

$367,000

$174/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$22,000(+6.4%)

Key Takeaway

Homes in Algonquin have sold for 6.4% more than they did a year ago.

Summary: The median home sold price in Algonquin was $367,000 in March 2024, up 6.4% from last year, and the median price per square foot was $174.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $102K$154K
+51.0%
2 $235.5K$310.4K
+31.8%
3 $309.9K$327.4K
+5.7%
4 $431.5K$440K
+2.0%
5+ $440K$507.8K
+15.4%

Summary: Algonquin housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 51%, 2 bedroom homes increased by 31.8%, 3 bedroom homes increased by 5.7%, 4 bedroom homes increased by 2%, and 5+ bedroom homes increased by 15.4%.

Median Sold Price Compared To Nearby Cities

Carpentersville
+8.9%
Dundee Township
+8.7%
Algonquin Township
+7.9%
Algonquin
+6.4%
Lake in the Hills
+2.4%

Housing Supply in Algonquin, IL

How many homes are available in Algonquin, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
10696-9.4%

Summary: The Algonquin real estate market had 96 homes for sale in March 2024, a 9.4% decrease compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 21
-50.0%
2 2220
-9.1%
3 3433
-2.9%
4 3931
-20.5%
5+ 911
+22.2%

Summary: The Algonquin housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes decreased by 9.1%, 3 bedroom homes decreased by 2.9%, 4 bedroom homes decreased by 20.5%, and 5+ bedroom homes increased by 22.2%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
3029-3.3%

Asking Price vs. Sold Price

13 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

11 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Algonquin, you may be able to get a good deal. 44.8% of homes here sold below asking price last month.

Summary: A total of 29 homes were sold or pending in Algonquin in March 2024, down by 3.3% month-over-month. Of the 29 sold homes, 45% were sold under asking, 17% were sold at asking, and 38% were sold over asking.

Days on Market for Algonquin, IL

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

Average Sale Time

Mar 2023Mar 2024CHANGE
26 Days29 Days+13.1%

Summary: Homes in Algonquin had an average of 29 days on market in Mar 2024, up by 13.1% compared to last year.

Breakdown of Home Sale Times

19 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During March 2024, 29 homes were sold in Algonquin; 66% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 10% 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 25 Days Ago

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