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 June 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

$203/sqft

Based on all homes sold in the last 12 months.

Difference Since June 2023

+$25,000(+7.6%)

Key Takeaway

Homes in Hoffman Estates have sold for 7.6% more than they did a year ago.

Summary: The median home sold price in Hoffman Estates was $355,000 in June 2024, up 7.6% from last year, and the median price per square foot was $203.

Median Sold Price By Bedroom Count

# BEDSJun 2023Jun 2024CHANGE
1 $112.5K$130K
+15.6%
2 $193.5K$207.2K
+7.1%
3 $325K$350.1K
+7.7%
4 $440K$458K
+4.1%
5+ $485K$567.5K
+17.0%

Summary: Hoffman Estates housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.6%, 2 bedroom homes increased by 7.1%, 3 bedroom homes increased by 7.7%, 4 bedroom homes increased by 4.1%, and 5+ bedroom homes increased by 17%.

Median Sold Price Compared To Nearby Cities

South Barrington
+14.8%
Schaumburg Township
+13.6%
Streamwood
+11.3%
Hoffman Estates
+7.6%
Barrington Township
+5.8%

Housing Supply in Hoffman Estates, IL

How many homes are available in Hoffman Estates, IL?

Number of Homes For Sale

May 2024Jun 2024CHANGE
164177+7.9%

Summary: The Hoffman Estates real estate market had 177 homes for sale in June 2024, a 7.9% increase compared to May 2024.

Homes For Sale By Bedroom Count

# BEDSMay 2024Jun 2024CHANGE
1 1212
0.0%
2 3437
+8.8%
3 5748
-15.8%
4 4560
+33.3%
5+ 1620
+25.0%

Summary: The Hoffman Estates housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 8.8%, 3 bedroom homes decreased by 15.8%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 25%.

Number of Homes Sold

May 2024Jun 2024CHANGE
6050-16.7%

Asking Price vs. Sold Price

12 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

37 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. 74% of homes here sold above asking price last month.

Summary: A total of 50 homes were sold or pending in Hoffman Estates in June 2024, down by 16.7% month-over-month. Of the 50 sold homes, 24% were sold under asking, 2% were sold at asking, and 74% 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

Jun 2023Jun 2024CHANGE
10 Days19 Days+97.0%

Summary: Homes in Hoffman Estates had an average of 19 days on market in Jun 2024, up by 97% compared to last year.

Breakdown of Home Sale Times

41 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 June 2024, 50 homes were sold in Hoffman Estates; 82% of homes were sold within 30 days, 14% 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 26 Days Ago

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