Is Elgin Township, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
Since last year, Elgin Township has remained a Seller's Market.
Housing Prices in Elgin Township, IL
How much do homes in Elgin Township, IL cost?
Median Sold Price
$303,830
$179/sqft
Based on all homes sold in the last 12 months.
Difference Since February 2023
Summary: The median home sold price in Elgin Township was $303,830 in February 2024, up 15.1% from last year, and the median price per square foot was $179.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $117K | $155K | +32.5% |
2 Bedrooms | $219.2K | $240K | +9.5% |
3 Bedrooms | $269.9K | $304.7K | +12.9% |
4 Bedrooms | $359.9K | $438K | +21.7% |
5+ Bedrooms | $405K | $529.9K | +30.9% |
Summary: Elgin Township housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 32.5%, 2 bedroom homes increased by 9.5%, 3 bedroom homes increased by 12.9%, 4 bedroom homes increased by 21.7%, and 5+ bedroom homes increased by 30.9%.
Median Sold Price Compared To Nearby Cities
South Elgin | $294.8K | $352.5K | +19.6% |
Elgin Township | $263.9K | $303.8K | +15.1% |
Elgin | $265.9K | $300.2K | +12.9% |
Hanover Township | $277.8K | $299.5K | +7.8% |
Bartlett | $350K | $365K | +4.3% |
Housing Supply in Elgin Township, IL
How many homes are available in Elgin Township, IL?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
327 | 347 | +6.1% |
Summary: The Elgin Township real estate market had 347 homes for sale in February 2024, a 6.1% increase compared to January 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 5 | 6 | +20.0% |
2 Bedrooms | 67 | 65 | -3.0% |
3 Bedrooms | 108 | 116 | +7.4% |
4 Bedrooms | 110 | 120 | +9.1% |
5+ Bedrooms | 37 | 40 | +8.1% |
Summary: The Elgin Township housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 20%, 2 bedroom homes decreased by 3%, 3 bedroom homes increased by 7.4%, 4 bedroom homes increased by 9.1%, and 5+ bedroom homes increased by 8.1%.
Number of Homes Sold
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
84 | 72 | -14.3% |
Asking Price vs. Sold Price
34 Homes Were Sold
Under Asking
19 Homes Were Sold
At Asking
19 Homes Were Sold
Over Asking
Summary: A total of 72 homes were sold or pending in Elgin Township in February 2024, down by 14.3% month-over-month. Of the 72 sold homes, 47% were sold under asking, 26% were sold at asking, and 26% were sold over asking.
Days on Market for Elgin Township, IL
How long does it take to sell a home in Elgin Township, IL?
Average Sale Time
Feb 2023 | Feb 2024 | CHANGE |
---|---|---|
33 Days | 26 Days | -21.0% |
Summary: Homes in Elgin Township had an average of 26 days on market in Feb 2024, down by 21% compared to last year.
Breakdown of Home Sale Times
48 Homes Were Sold
Under 30 Days
23 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During February 2024, 72 homes were sold in Elgin Township; 67% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 1% of homes were sold over 90 days.