Is Elmwood Park, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Elmwood Park is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Elmwood Park has remained a Seller's Market.

Key Takeaway

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

Housing Prices in Elmwood Park, IL

How much do homes in Elmwood Park, IL cost?

Median Sold Price

$354,266

$208/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$39,266(+12.5%)

Key Takeaway

Homes in Elmwood Park have sold for 12.5% more than they did a year ago.

Summary: The median home sold price in Elmwood Park was $354,266 in May 2024, up 12.5% from last year, and the median price per square foot was $208.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $110K$130K
+18.2%
2 $200K$221.2K
+10.6%
3 $331K$379.9K
+14.8%
4 $375K$420.9K
+12.3%
5+ $495K$510K
+3.0%

Summary: Elmwood Park housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 18.2%, 2 bedroom homes increased by 10.6%, 3 bedroom homes increased by 14.8%, 4 bedroom homes increased by 12.3%, and 5+ bedroom homes increased by 3%.

Median Sold Price Compared To Nearby Cities

River Forest Township
+12.6%
River Forest
+12.6%
Elmwood Park
+12.5%
Leyden Township
+8.9%
River Grove
+5.8%

Housing Supply in Elmwood Park, IL

How many homes are available in Elmwood Park, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
88103+17.0%

Summary: The Elmwood Park real estate market had 103 homes for sale in May 2024, a 17.0% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 1314
+7.7%
2 1523
+53.3%
3 3030
0.0%
4 2430
+25.0%
5+ 66
0.0%

Summary: The Elmwood Park housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 7.7%, 2 bedroom homes increased by 53.3%, 3 bedroom homes remained the same, 4 bedroom homes increased by 25%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
3121-32.3%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

7 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Elmwood Park, you may be able to get a good deal. 47.6% of homes here sold below asking price last month.

Summary: A total of 21 homes were sold or pending in Elmwood Park in May 2024, down by 32.3% month-over-month. Of the 21 sold homes, 48% were sold under asking, 19% were sold at asking, and 33% were sold over asking.

Days on Market for Elmwood Park, IL

How long does it take to sell a home in Elmwood Park, IL?

Average Sale Time

May 2023May 2024CHANGE
18 Days15 Days-16.0%

Summary: Homes in Elmwood Park had an average of 15 days on market in May 2024, down by 16% compared to last year.

Breakdown of Home Sale Times

18 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 21 homes were sold in Elmwood Park; 86% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 5% 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 16 Days Ago

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