Is Elgin, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer'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
$293,968
$175/sqft
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
| # BEDS# BEDROOMS | Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $133.5K | $153.7K | +15.2% |
| 2 Bedrooms | $215K | $230K | +7.0% |
| 3 Bedrooms | $265K | $292K | +10.2% |
| 4 Bedrooms | $380K | $430.5K | +13.3% |
| 5+ Bedrooms | $392.5K | $524.9K | +33.8% |
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 | $282.5K | $353.3K | +25.1% |
| Elgin Township | $256.5K | $299.7K | +16.8% |
| Elgin | $264K | $293.9K | +11.3% |
| Sleepy Hollow | $415K | $425K | +2.4% |
| West Dundee | $360K | $318.7K | -11.5% |
Housing Supply in Elgin, IL
How many homes are available in Elgin, IL?
Number of Homes For Sale
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 348 | 361 | +3.7% |
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
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 5 | +66.7% |
| 2 Bedrooms | 74 | 69 | -6.8% |
| 3 Bedrooms | 112 | 117 | +4.5% |
| 4 Bedrooms | 115 | 120 | +4.3% |
| 5+ Bedrooms | 44 | 50 | +13.6% |
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 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 104 | 98 | -5.8% |
Asking Price vs. Sold Price
33 Homes Were Sold
Under Asking
27 Homes Were Sold
At Asking
38 Homes Were Sold
Over Asking
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 2022 | Nov 2023 | CHANGE |
|---|---|---|
| 20 Days | 18 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
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.
Listings courtesy of Midwest Real Estate Data as distributed by MLS GRID.
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