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 March 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

$355,000

$199/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$28,000(+8.6%)

Key Takeaway

Homes in Hoffman Estates have sold for 8.6% more than they did a year ago.

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

# BEDSMar 2023Mar 2024CHANGE
1 $111K$130K
+17.1%
2 $176K$205.2K
+16.6%
3 $322K$350K
+8.7%
4 $445K$447.5K
+0.6%
5+ $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
+11.8%
Schaumburg Township
+11.1%
South Barrington
+11.0%
Hoffman Estates
+8.6%
Barrington Township
-3.2%

Housing Supply in Hoffman Estates, IL

How many homes are available in Hoffman Estates, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
115144+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

# BEDSFeb 2024Mar 2024CHANGE
1 711
+57.1%
2 3040
+33.3%
3 4448
+9.1%
4 2936
+24.1%
5+ 59
+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 2024Mar 2024CHANGE
3548+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

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Hoffman Estates, you could pay more than the asking price. 54.2% of homes here sold above asking price last month.

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 2023Mar 2024CHANGE
26 Days20 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

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 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.

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

Report Updated 25 Days Ago

Newest Listings in Hoffman Estates, IL

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