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 March 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

$350,666

$210/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$45,666(+15.0%)

Key Takeaway

Homes in Elmwood Park have sold for 15% more than they did a year ago.

Summary: The median home sold price in Elmwood Park was $350,666 in March 2024, up 15% from last year, and the median price per square foot was $210.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $110K$119.3K
+8.5%
2 $193K$211K
+9.3%
3 $332K$376K
+13.3%
4 $360K$410K
+13.9%
5+ $475K$510K
+7.4%

Summary: Elmwood Park housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8.5%, 2 bedroom homes increased by 9.3%, 3 bedroom homes increased by 13.3%, 4 bedroom homes increased by 13.9%, and 5+ bedroom homes increased by 7.4%.

Median Sold Price Compared To Nearby Cities

Elmwood Park
+15.0%
Leyden Township
+8.8%
River Grove
+5.0%
River Forest Township
-4.8%
River Forest
-4.8%

Housing Supply in Elmwood Park, IL

How many homes are available in Elmwood Park, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
8699+15.1%

Summary: The Elmwood Park real estate market had 99 homes for sale in March 2024, a 15.1% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 1417
+21.4%
2 1616
0.0%
3 2629
+11.5%
4 2124
+14.3%
5+ 913
+44.4%

Summary: The Elmwood Park housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 21.4%, 2 bedroom homes remained the same, 3 bedroom homes increased by 11.5%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes increased by 44.4%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
1826+44.4%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

11 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Elmwood Park, you could pay more than the asking price. 42.3% of homes here sold above asking price last month.

Summary: A total of 26 homes were sold or pending in Elmwood Park in March 2024, up by 44.4% month-over-month. Of the 26 sold homes, 38% were sold under asking, 19% were sold at asking, and 42% 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

Mar 2023Mar 2024CHANGE
41 Days38 Days-8.3%

Summary: Homes in Elmwood Park had an average of 38 days on market in Mar 2024, down by 8.3% compared to last year.

Breakdown of Home Sale Times

15 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

4 Homes Were 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 March 2024, 26 homes were sold in Elmwood Park; 58% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 15% 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 26 Days Ago

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