Is Hoffman Estates, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Hoffman Estates is a seller's market

Buyer's
Market

Difference Since August 2021

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

Key Takeaway

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

How much do homes in Hoffman Estates, IL cost?

Median Sold Price

$320,000

$181/sqft

Based on all homes sold in the last 12 months.

Difference Since August 2021

+$30,190(+10.4%)

Key Takeaway

Homes in Hoffman Estates have sold for 10.4% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSAug 2021Aug 2022%
1 $93K$93.5K
0.5%
2 $163K$175K
+7.4%
3 $278.4K$312.2K
+12.1%
4 $366.2K$420K
+14.7%
5+ $400K$480K
+20.0%

Median Sold Price Compared To Nearby Cities

South Barrington
+10.5%
Hoffman Estates
+10.4%
Streamwood
+8.7%
Barrington Township
+8.7%
Schaumburg Township
+6.1%

How many homes are available in Hoffman Estates, IL?

Number of Homes For Sale

Jul 2022Aug 2022%
207218+5.3%

Homes For Sale By Bedroom Count

# BEDSJul 2022Aug 2022%
1 1014
+40.0%
2 5054
+8.0%
3 6968
-1.4%
4 6265
+4.8%
5+ 1617
+6.3%

Number of Homes Sold

Jul 2022Aug 2022%
5569+25.5%

Asking Price vs. Sold Price

32 Homes Were Sold
Under Asking

14 Homes Were Sold
At Asking

23 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Hoffman Estates, you may be able to get a good deal. 46.4% of homes here sold below asking price last month.

Average Sale Time

Aug 2021Aug 2022%
18 Days16 Days-7.0%

Breakdown of Home Sale Times

58 Homes Were Sold
Under 30 Days

11 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About Hoffman Estates, IL

Homes for sale in Hoffman Estates, IL have reached 218. The number of homes for sale in Hoffman Estates, IL increased by 5.3% between July 2022 and August 2022. While the average time on the market in August 2022 was 16 days, the median list price was $320,000. Listing prices have changed in this real estate market between July 2022 and August 2022: 1 bedroom properties prices increased by 0.5%, 2 bedrooms properties prices increased by 7.4%, the cost of 3 bedrooms properties went up by 12.1%, 4 bedrooms properties became 14.7% more expensive, 5 bedrooms properties became 20% more expensive. The following changes in the number of homes for sale were observed in this housing market: volume of 1 bedroom homes went up by 40%, the quantity of 2 bedrooms homes went up by 8%, number of 3 bedrooms homes decreased by 1.4%, 4 bedrooms homes became 4.8% more available, number of 5 bedrooms homes increased by 6.3%. In August 2022 more than 23 listings in Hoffman Estates, IL were sold above the asking price. During the same period more than 14 listings were sold at asking price, while more than 32 were sold below.

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