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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Elgin Township is a seller's market

Buyer's
Market

Difference Since February 2023

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

Key Takeaway

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

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

+$39,902(+15.1%)

Key Takeaway

Homes in Elgin Township have sold for 15.1% more than they did a year ago.

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

# BEDSFeb 2023Feb 2024CHANGE
1 $117K$155K
+32.5%
2 $219.2K$240K
+9.5%
3 $269.9K$304.7K
+12.9%
4 $359.9K$438K
+21.7%
5+ $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
+19.6%
Elgin Township
+15.1%
Elgin
+12.9%
Hanover Township
+7.8%
Bartlett
+4.3%

Housing Supply in Elgin Township, IL

How many homes are available in Elgin Township, IL?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
327347+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

# BEDSJan 2024Feb 2024CHANGE
1 56
+20.0%
2 6765
-3.0%
3 108116
+7.4%
4 110120
+9.1%
5+ 3740
+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 2024Feb 2024CHANGE
8472-14.3%

Asking Price vs. Sold Price

34 Homes Were Sold
Under Asking

19 Homes Were Sold
At Asking

19 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Elgin Township, you may be able to get a good deal. 47.2% of homes here sold below asking price last month.

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 2023Feb 2024CHANGE
33 Days26 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

Breakdown of Home Sale Times

Key Takeaway

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

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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 28 Days Ago

Newest Listings in Elgin Township, IL

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