Is Elwood, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Elwood is a seller's market

Buyer's
Market

Difference Since March 2023

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

Key Takeaway

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

Housing Prices in Elwood, IL

How much do homes in Elwood, IL cost?

Median Sold Price

$315,000

$160/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$75,000(+31.3%)

Key Takeaway

Homes in Elwood have sold for 31.3% more than they did a year ago.

Summary: The median home sold price in Elwood was $315,000 in March 2024, up 31.3% from last year, and the median price per square foot was $160.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 --
N/A
2 $225K$247.5K
+10.0%
3 $255.1K$335K
+31.3%
4 $327K$375K
+14.7%
5+ $285K$429K
+50.5%

Summary: Elwood housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 10%, 3 bedroom homes increased by 31.3%, 4 bedroom homes increased by 14.7%, and 5+ bedroom homes increased by 50.5%.

Median Sold Price Compared To Nearby Cities

Elwood
+31.3%
Jackson Township
+9.1%
Channahon
+8.4%
Channahon Township
+5.9%
Wilmington Township
-4.3%

Housing Supply in Elwood, IL

How many homes are available in Elwood, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
1416+14.3%

Summary: The Elwood real estate market had 16 homes for sale in March 2024, a 14.3% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 00
0.0%
2 55
0.0%
3 56
+20.0%
4 24
+100.0%
5+ 21
-50.0%

Summary: The Elwood housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 20%, 4 bedroom homes increased by 100%, and 5+ bedroom homes decreased by 50%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
46+50.0%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Elwood, you may be able to get a good deal. 83.3% of homes here sold below asking price last month.

Summary: A total of 6 homes were sold or pending in Elwood in March 2024, up by 50.0% month-over-month. Of the 6 sold homes, 83% were sold under asking, 0% were sold at asking, and 17% were sold over asking.

Days on Market for Elwood, IL

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

Average Sale Time

Mar 2023Mar 2024CHANGE
41 Days64 Days+54.2%

Summary: Homes in Elwood had an average of 64 days on market in Mar 2024, up by 54.2% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During March 2024, 6 homes were sold in Elwood; 50% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 33% 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 24 Days Ago

Newest Listings in Elwood, IL

Nearby Markets to Elwood, IL

What housing markets are near Elwood, IL?