Is Elgin, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Elgin has remained a Seller's Market.
Housing Prices in Elgin, IL
How much do homes in Elgin, IL cost?
Median Sold Price
$305,168
$180/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Elgin was $305,168 in March 2024, up 13% from last year, and the median price per square foot was $180.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $132K | $153.7K | +16.5% |
2 Bedrooms | $216.2K | $242.5K | +12.1% |
3 Bedrooms | $272.4K | $300K | +10.1% |
4 Bedrooms | $392.5K | $450.1K | +14.7% |
5+ Bedrooms | $434.5K | $542.4K | +24.8% |
Summary: Elgin housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.5%, 2 bedroom homes increased by 12.1%, 3 bedroom homes increased by 10.1%, 4 bedroom homes increased by 14.7%, and 5+ bedroom homes increased by 24.8%.
Median Sold Price Compared To Nearby Cities
South Elgin | $294.6K | $353K | +19.8% |
Elgin Township | $265K | $310K | +17.0% |
Elgin | $269.9K | $305.1K | +13.0% |
Sleepy Hollow | $412.5K | $450K | +9.1% |
West Dundee | $371.5K | $350K | -5.8% |
Housing Supply in Elgin, IL
How many homes are available in Elgin, IL?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
292 | 358 | +22.6% |
Summary: The Elgin real estate market had 358 homes for sale in March 2024, a 22.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 6 | 8 | +33.3% |
2 Bedrooms | 55 | 79 | +43.6% |
3 Bedrooms | 86 | 104 | +20.9% |
4 Bedrooms | 107 | 125 | +16.8% |
5+ Bedrooms | 38 | 42 | +10.5% |
Summary: The Elgin housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 43.6%, 3 bedroom homes increased by 20.9%, 4 bedroom homes increased by 16.8%, and 5+ bedroom homes increased by 10.5%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
70 | 78 | +11.4% |
Asking Price vs. Sold Price
27 Homes Were Sold
Under Asking
15 Homes Were Sold
At Asking
36 Homes Were Sold
Over Asking
Summary: A total of 78 homes were sold or pending in Elgin in March 2024, up by 11.4% month-over-month. Of the 78 sold homes, 35% were sold under asking, 19% were sold at asking, and 46% 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
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
29 Days | 33 Days | +15.4% |
Summary: Homes in Elgin had an average of 33 days on market in Mar 2024, up by 15.4% compared to last year.
Breakdown of Home Sale Times
49 Homes Were Sold
Under 30 Days
23 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Summary: During March 2024, 78 homes were sold in Elgin; 63% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.