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 January 2023

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.

Housing Prices in Hoffman Estates, IL

How much do homes in Hoffman Estates, IL cost?

Median Sold Price

$350,257

$199/sqft

Based on all homes sold in the last 12 months.

Difference Since January 2023

+$24,257(+7.4%)

Key Takeaway

Homes in Hoffman Estates have sold for 7.4% more than they did a year ago.

Summary: The median home sold price in Hoffman Estates was $350,257 in January 2024, up 7.4% from last year, and the median price per square foot was $199.

Median Sold Price By Bedroom Count

# BEDSJan 2023Jan 2024CHANGE
1 $107K$130K
+21.5%
2 $175K$201.5K
+15.1%
3 $320.5K$340K
+6.1%
4 $440K$445K
+1.1%
5+ $485K$536K
+10.5%

Summary: Hoffman Estates housing prices by bedroom type for January 2024 compared to the previous year: The home price of 1 bedroom homes increased by 21.5%, 2 bedroom homes increased by 15.1%, 3 bedroom homes increased by 6.1%, 4 bedroom homes increased by 1.1%, and 5+ bedroom homes increased by 10.5%.

Median Sold Price Compared To Nearby Cities

Streamwood
+11.2%
Schaumburg Township
+10.9%
Hoffman Estates
+7.4%
Barrington Township
-11.3%

Housing Supply in Hoffman Estates, IL

How many homes are available in Hoffman Estates, IL?

Number of Homes For Sale

Dec 2023Jan 2024CHANGE
111107-3.6%

Summary: The Hoffman Estates real estate market had 107 homes for sale in January 2024, a 3.6% decrease compared to December 2023.

Homes For Sale By Bedroom Count

# BEDSDec 2023Jan 2024CHANGE
1 42
-50.0%
2 2723
-14.8%
3 4748
+2.1%
4 3031
+3.3%
5+ 33
0.0%

Summary: The Hoffman Estates housing inventory by bedroom type for January 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes decreased by 14.8%, 3 bedroom homes increased by 2.1%, 4 bedroom homes increased by 3.3%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Dec 2023Jan 2024CHANGE
3436+5.9%

Asking Price vs. Sold Price

21 Homes Were Sold
Under Asking

7 Homes Were Sold
At Asking

8 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. 58.3% of homes here sold below asking price last month.

Summary: A total of 36 homes were sold or pending in Hoffman Estates in January 2024, up by 5.9% month-over-month. Of the 36 sold homes, 58% were sold under asking, 19% were sold at asking, and 22% were sold over asking.

Days on Market for Hoffman Estates, IL

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

Average Sale Time

Jan 2023Jan 2024CHANGE
28 Days23 Days-17.1%

Summary: Homes in Hoffman Estates had an average of 23 days on market in Jan 2024, down by 17.1% compared to last year.

Breakdown of Home Sale Times

24 Homes Were Sold
Under 30 Days

12 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.

Summary: During January 2024, 36 homes were sold in Hoffman Estates; 67% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 0% 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 29 Days Ago

Newest Listings in Hoffman Estates, IL

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