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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Elgin is a seller's market

Buyer's
Market

Difference Since November 2023

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

$329,950

$187/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$35,961(+12.2%)

Key Takeaway

Homes in Elgin have sold for 12.2% more than they did a year ago.

Summary: The median home sold price in Elgin was $329,950 in November 2024, up 12.2% from last year, and the median price per square foot was $187.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $153.7K$155K
+0.8%
2 $230K$260.3K
+13.2%
3 $291K$316.5K
+8.8%
4 $433K$475K
+9.7%
5+ $525K$580.2K
+10.5%

Summary: Elgin housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.8%, 2 bedroom homes increased by 13.2%, 3 bedroom homes increased by 8.8%, 4 bedroom homes increased by 9.7%, and 5+ bedroom homes increased by 10.5%.

Median Sold Price Compared To Nearby Cities

West Dundee
+31.3%
Sleepy Hollow
+13.2%
Elgin
+12.2%
Elgin Township
+10.1%
South Elgin
+4.1%

Housing Supply in Elgin, IL

How many homes are available in Elgin, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
374380+1.6%

Summary: The Elgin real estate market had 380 homes for sale in November 2024, a 1.6% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 45
+25.0%
2 8794
+8.0%
3 115127
+10.4%
4 118111
-5.9%
5+ 5043
-14.0%

Summary: The Elgin housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes increased by 8%, 3 bedroom homes increased by 10.4%, 4 bedroom homes decreased by 5.9%, and 5+ bedroom homes decreased by 14%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
10896-11.1%

Asking Price vs. Sold Price

38 Homes Were Sold
Under Asking

23 Homes Were Sold
At Asking

35 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Elgin, you may be able to get a good deal. 39.6% of homes here sold below asking price last month.

Summary: A total of 96 homes were sold or pending in Elgin in November 2024, down by 11.1% month-over-month. Of the 96 sold homes, 40% were sold under asking, 24% were sold at asking, and 36% 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 2023Nov 2024CHANGE
17 Days22 Days+27.5%

Summary: Homes in Elgin had an average of 22 days on market in Nov 2024, up by 27.5% compared to last year.

Breakdown of Home Sale Times

70 Homes Were Sold
Under 30 Days

23 Homes Were Sold
In 30 - 90 Days

3 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 2024, 96 homes were sold in Elgin; 73% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 3% 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 8 Days Ago

Newest Listings in Elgin, IL

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