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

Housing Market Conditions



Gauge showing Elgin is a seller's market


Difference Since November 2022

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

Key Takeaway

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

Housing Prices in Elgin, IL

How much do homes in Elgin, IL cost?

Median Sold Price



Based on all homes sold in the last 12 months.

Difference Since November 2022


Key Takeaway

Homes in Elgin have sold for 11.3% more than they did a year ago.

Summary: The median home sold price in Elgin was $293,968 in November 2023, up 11.3% from last year, and the median price per square foot was $175.

Median Sold Price By Bedroom Count

# BEDSNov 2022Nov 2023CHANGE
1 $133.5K$153.7K
2 $215K$230K
3 $265K$292K
4 $380K$430.5K
5+ $392.5K$524.9K

Summary: Elgin housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes increased by 15.2%, 2 bedroom homes increased by 7%, 3 bedroom homes increased by 10.2%, 4 bedroom homes increased by 13.3%, and 5+ bedroom homes increased by 33.8%.

Median Sold Price Compared To Nearby Cities

South Elgin
Elgin Township
Sleepy Hollow
West Dundee

Housing Supply in Elgin, IL

How many homes are available in Elgin, IL?

Number of Homes For Sale

Oct 2023Nov 2023CHANGE

Summary: The Elgin real estate market had 361 homes for sale in November 2023, a 3.7% increase compared to October 2023.

Homes For Sale By Bedroom Count

# BEDSOct 2023Nov 2023CHANGE
1 35
2 7469
3 112117
4 115120
5+ 4450

Summary: The Elgin housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 66.7%, 2 bedroom homes decreased by 6.8%, 3 bedroom homes increased by 4.5%, 4 bedroom homes increased by 4.3%, and 5+ bedroom homes increased by 13.6%.

Number of Homes Sold

Oct 2023Nov 2023CHANGE

Asking Price vs. Sold Price

33 Homes Were Sold
Under Asking

27 Homes Were Sold
At Asking

38 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Elgin, you could pay more than the asking price. 38.8% of homes here sold above asking price last month.

Summary: A total of 98 homes were sold or pending in Elgin in November 2023, down by 5.8% month-over-month. Of the 98 sold homes, 34% were sold under asking, 28% were sold at asking, and 39% 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

Nov 2022Nov 2023CHANGE
20 Days18 Days-9.9%

Summary: Homes in Elgin had an average of 18 days on market in Nov 2023, down by 9.9% compared to last year.

Breakdown of Home Sale Times

82 Homes Were Sold
Under 30 Days

14 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2023, 98 homes were sold in Elgin; 84% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 2% 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 9 Days Ago

Newest Listings in Elgin, IL

Nearby Markets to Elgin, IL

What housing markets are near Elgin, IL?