Is Hoffman Estates, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Hoffman Estates has remained a Seller's Market.
Housing Prices in Hoffman Estates, IL
How much do homes in Hoffman Estates, IL cost?
Median Sold Price
$355,000
$199/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Hoffman Estates was $355,000 in March 2024, up 8.6% from last year, and the median price per square foot was $199.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $111K | $130K | +17.1% |
2 Bedrooms | $176K | $205.2K | +16.6% |
3 Bedrooms | $322K | $350K | +8.7% |
4 Bedrooms | $445K | $447.5K | +0.6% |
5+ Bedrooms | $486.5K | $550.5K | +13.2% |
Summary: Hoffman Estates housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.1%, 2 bedroom homes increased by 16.6%, 3 bedroom homes increased by 8.7%, 4 bedroom homes increased by 0.6%, and 5+ bedroom homes increased by 13.2%.
Median Sold Price Compared To Nearby Cities
Streamwood | $260K | $290.6K | +11.8% |
Schaumburg Township | $275K | $305.4K | +11.1% |
South Barrington | $949.4K | $1.0M | +11.0% |
Hoffman Estates | $327K | $355K | +8.6% |
Barrington Township | $675.3K | $653.7K | -3.2% |
Housing Supply in Hoffman Estates, IL
How many homes are available in Hoffman Estates, IL?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
115 | 144 | +25.2% |
Summary: The Hoffman Estates real estate market had 144 homes for sale in March 2024, a 25.2% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 7 | 11 | +57.1% |
2 Bedrooms | 30 | 40 | +33.3% |
3 Bedrooms | 44 | 48 | +9.1% |
4 Bedrooms | 29 | 36 | +24.1% |
5+ Bedrooms | 5 | 9 | +80.0% |
Summary: The Hoffman Estates housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 57.1%, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 9.1%, 4 bedroom homes increased by 24.1%, and 5+ bedroom homes increased by 80%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
35 | 48 | +37.1% |
Asking Price vs. Sold Price
18 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
26 Homes Were Sold
Over Asking
Summary: A total of 48 homes were sold or pending in Hoffman Estates in March 2024, up by 37.1% month-over-month. Of the 48 sold homes, 38% were sold under asking, 8% were sold at asking, and 54% 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
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
26 Days | 20 Days | -22.3% |
Summary: Homes in Hoffman Estates had an average of 20 days on market in Mar 2024, down by 22.3% compared to last year.
Breakdown of Home Sale Times
39 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During March 2024, 48 homes were sold in Hoffman Estates; 81% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.