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 December 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

$334,793

$190/sqft

Based on all homes sold in the last 12 months.

Difference Since December 2023

+$34,718(+11.6%)

Key Takeaway

Homes in Elgin Township have sold for 11.6% more than they did a year ago.

Summary: The median home sold price in Elgin Township was $334,793 in December 2024, up 11.6% from last year, and the median price per square foot was $190.

Median Sold Price By Bedroom Count

# BEDSDec 2023Dec 2024CHANGE
1 $155K$158.5K
+2.3%
2 $236.2K$260K
+10.1%
3 $301.4K$327.6K
+8.7%
4 $427.6K$485K
+13.4%
5+ $528K$580.2K
+9.9%

Summary: Elgin Township housing prices by bedroom type for December 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.3%, 2 bedroom homes increased by 10.1%, 3 bedroom homes increased by 8.7%, 4 bedroom homes increased by 13.4%, and 5+ bedroom homes increased by 9.9%.

Median Sold Price Compared To Nearby Cities

Elgin Township
+11.6%
Elgin
+11.1%
Hanover Township
+9.5%
Bartlett
+7.9%
South Elgin
+5.4%

Housing Supply in Elgin Township, IL

How many homes are available in Elgin Township, IL?

Number of Homes For Sale

Nov 2024Dec 2024CHANGE
435363-16.6%

Summary: The Elgin Township real estate market had 363 homes for sale in December 2024, a 16.6% decrease compared to November 2024.

Homes For Sale By Bedroom Count

# BEDSNov 2024Dec 2024CHANGE
1 44
0.0%
2 103100
-2.9%
3 172144
-16.3%
4 11386
-23.9%
5+ 4329
-32.6%

Summary: The Elgin Township housing inventory by bedroom type for December 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 2.9%, 3 bedroom homes decreased by 16.3%, 4 bedroom homes decreased by 23.9%, and 5+ bedroom homes decreased by 32.6%.

Number of Homes Sold

Nov 2024Dec 2024CHANGE
132106-19.7%

Asking Price vs. Sold Price

54 Homes Were Sold
Under Asking

23 Homes Were Sold
At Asking

29 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. 50.9% of homes here sold below asking price last month.

Summary: A total of 106 homes were sold or pending in Elgin Township in December 2024, down by 19.7% month-over-month. Of the 106 sold homes, 51% were sold under asking, 22% were sold at asking, and 27% 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

Dec 2023Dec 2024CHANGE
18 Days20 Days+10.3%

Summary: Homes in Elgin Township had an average of 20 days on market in Dec 2024, up by 10.3% compared to last year.

Breakdown of Home Sale Times

81 Homes Were Sold
Under 30 Days

24 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 December 2024, 106 homes were sold in Elgin Township; 76% of homes were sold within 30 days, 23% 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 13 Days Ago

Newest Listings in Elgin Township, IL

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