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 November 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

$371,911

$210/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$21,878(+6.3%)

Key Takeaway

Homes in Hoffman Estates have sold for 6.3% more than they did a year ago.

Summary: The median home sold price in Hoffman Estates was $371,911 in November 2024, up 6.3% from last year, and the median price per square foot was $210.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $123K$145.7K
+18.5%
2 $200K$225K
+12.5%
3 $340K$366K
+7.6%
4 $445K$460K
+3.4%
5+ $536K$600K
+11.9%

Summary: Hoffman Estates housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 18.5%, 2 bedroom homes increased by 12.5%, 3 bedroom homes increased by 7.6%, 4 bedroom homes increased by 3.4%, and 5+ bedroom homes increased by 11.9%.

Median Sold Price Compared To Nearby Cities

Streamwood
+8.9%
Schaumburg Township
+7.8%
Hoffman Estates
+6.3%
Barrington Township
+4.5%
South Barrington
-3.1%

Housing Supply in Hoffman Estates, IL

How many homes are available in Hoffman Estates, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
140124-11.4%

Summary: The Hoffman Estates real estate market had 124 homes for sale in November 2024, a 11.4% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 97
-22.2%
2 2827
-3.6%
3 5650
-10.7%
4 4435
-20.5%
5+ 35
+66.7%

Summary: The Hoffman Estates housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 22.2%, 2 bedroom homes decreased by 3.6%, 3 bedroom homes decreased by 10.7%, 4 bedroom homes decreased by 20.5%, and 5+ bedroom homes increased by 66.7%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
4743-8.5%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

11 Homes Were Sold
At Asking

16 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. 37.2% of homes here sold below asking price last month.

Summary: A total of 43 homes were sold or pending in Hoffman Estates in November 2024, down by 8.5% month-over-month. Of the 43 sold homes, 37% were sold under asking, 26% were sold at asking, and 37% 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

Nov 2023Nov 2024CHANGE
14 Days23 Days+58.6%

Summary: Homes in Hoffman Estates had an average of 23 days on market in Nov 2024, up by 58.6% compared to last year.

Breakdown of Home Sale Times

33 Homes Were Sold
Under 30 Days

9 Homes Were Sold
In 30 - 90 Days

1 Home Was 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 November 2024, 43 homes were sold in Hoffman Estates; 77% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 2% 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 7 Days Ago

Newest Listings in Hoffman Estates, IL

Nearby Markets to Hoffman Estates, IL

What housing markets are near Hoffman Estates, IL?