Is Elk Grove Village, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since August 2022
Since last year, Elk Grove Village has remained a Seller's Market.
Key Takeaway
Elk Grove Village is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices
How much do homes in Elk Grove Village, IL cost?
Median Sold Price
$321,333
$211/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2022
Key Takeaway
Homes in Elk Grove Village have sold for 6.9% more than they did a year ago.
Summary: The median home sold price in Elk Grove Village was $321,333 in August 2023, up 6.9% from last year, and the median price per square foot was $211.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $138.5K | $151.5K | +9.4% |
| 2 Bedrooms | $207K | $232.2K | +12.2% |
| 3 Bedrooms | $315K | $340K | +7.9% |
| 4 Bedrooms | $405K | $395K | -2.5% |
| 5+ Bedrooms | $471K | $454.5K | -3.5% |
Summary: Elk Grove Village housing prices by bedroom type for August 2023 compared to the previous year: The home price of 1 bedroom homes increased by 9.4%, 2 bedroom homes increased by 12.2%, 3 bedroom homes increased by 7.9%, 4 bedroom homes decreased by 2.5%, and 5+ bedroom homes decreased by 3.5%.
Median Sold Price Compared To Nearby Cities
| Elk Grove Township | $284.3K | $320K | +12.5% |
| Wood Dale | $281.6K | $316.2K | +12.3% |
| Itasca | $333.9K | $362K | +8.4% |
| Elk Grove Village | $300.6K | $321.3K | +6.9% |
| Addison Township | $314.9K | $330K | +4.8% |
Housing Supply
How many homes are available in Elk Grove Village, IL?
Number of Homes For Sale
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 82 | 94 | +14.6% |
Summary: The Elk Grove Village real estate market had 94 homes for sale in August 2023, a 14.6% increase compared to July 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 5 | +25.0% |
| 2 Bedrooms | 24 | 24 | 0.0% |
| 3 Bedrooms | 29 | 35 | +20.7% |
| 4 Bedrooms | 21 | 24 | +14.3% |
| 5+ Bedrooms | 4 | 6 | +50.0% |
Summary: The Elk Grove Village housing inventory by bedroom type for August 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes remained the same, 3 bedroom homes increased by 20.7%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 30 | 25 | -16.7% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Elk Grove Village, you could pay more than the asking price. 64% of homes here sold above asking price last month.
Summary: A total of 25 homes were sold or pending in Elk Grove Village in August 2023, down by 16.7% month-over-month. Of the 25 sold homes, 24% were sold under asking, 12% were sold at asking, and 64% were sold over asking.
Days on Market
How long does it take to sell a home in Elk Grove Village, IL?
Average Sale Time
| Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|
| 13 Days | 7 Days | -40.2% |
Summary: Homes in Elk Grove Village had an average of 7 days on market in Aug 2023, down by 40.2% compared to last year.
Breakdown of Home Sale Times
24 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Elk Grove Village are selling fast, if you're buying plan to act quickly.
Summary: During August 2023, 25 homes were sold in Elk Grove Village; 96% of homes were sold within 30 days, 4% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Listings courtesy of Midwest Real Estate Data as distributed by MLS GRID.
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