Is Elgin, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Elgin has remained a Seller's Market.
Housing Prices in Elgin, IL
How much do homes in Elgin, IL cost?
Median Sold Price
$308,313
$181/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Elgin was $308,313 in April 2024, up 14.1% from last year, and the median price per square foot was $181.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $135K | $153.7K | +13.9% |
2 Bedrooms | $217.3K | $245K | +12.7% |
3 Bedrooms | $275K | $301.1K | +9.5% |
4 Bedrooms | $395.5K | $446.6K | +12.9% |
5+ Bedrooms | $458.2K | $544.9K | +18.9% |
Summary: Elgin housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.9%, 2 bedroom homes increased by 12.7%, 3 bedroom homes increased by 9.5%, 4 bedroom homes increased by 12.9%, and 5+ bedroom homes increased by 18.9%.
Median Sold Price Compared To Nearby Cities
South Elgin | $300K | $359.3K | +19.8% |
Elgin Township | $269.9K | $310.5K | +15.1% |
Elgin | $270.2K | $308.3K | +14.1% |
Sleepy Hollow | $410K | $455K | +11.0% |
West Dundee | $360K | $357.5K | -0.7% |
Housing Supply in Elgin, IL
How many homes are available in Elgin, IL?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
362 | 411 | +13.5% |
Summary: The Elgin real estate market had 411 homes for sale in April 2024, a 13.5% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 8 | 9 | +12.5% |
2 Bedrooms | 79 | 93 | +17.7% |
3 Bedrooms | 106 | 119 | +12.3% |
4 Bedrooms | 123 | 139 | +13.0% |
5+ Bedrooms | 46 | 51 | +10.9% |
Summary: The Elgin housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 12.5%, 2 bedroom homes increased by 17.7%, 3 bedroom homes increased by 12.3%, 4 bedroom homes increased by 13%, and 5+ bedroom homes increased by 10.9%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
91 | 95 | +4.4% |
Asking Price vs. Sold Price
23 Homes Were Sold
Under Asking
19 Homes Were Sold
At Asking
53 Homes Were Sold
Over Asking
Summary: A total of 95 homes were sold or pending in Elgin in April 2024, up by 4.4% month-over-month. Of the 95 sold homes, 24% were sold under asking, 20% were sold at asking, and 56% were sold over asking.
Days on Market for Elgin, IL
How long does it take to sell a home in Elgin, IL?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
25 Days | 19 Days | -24.5% |
Summary: Homes in Elgin had an average of 19 days on market in Apr 2024, down by 24.5% compared to last year.
Breakdown of Home Sale Times
75 Homes Were Sold
Under 30 Days
16 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Summary: During April 2024, 95 homes were sold in Elgin; 79% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.