Is South Elgin, 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, South Elgin has remained a Seller's Market.
Housing Prices in South Elgin, IL
How much do homes in South Elgin, IL cost?
Median Sold Price
$353,087
$187/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in South Elgin was $353,087 in March 2024, up 19.8% from last year, and the median price per square foot was $187.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $400K | $193K | -51.7% |
2 Bedrooms | $215K | $240K | +11.6% |
3 Bedrooms | $295K | $340.9K | +15.6% |
4 Bedrooms | $485K | $530K | +9.3% |
5+ Bedrooms | $537.3K | $532K | -1.0% |
Summary: South Elgin housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 51.7%, 2 bedroom homes increased by 11.6%, 3 bedroom homes increased by 15.6%, 4 bedroom homes increased by 9.3%, and 5+ bedroom homes decreased by 1%.
Median Sold Price Compared To Nearby Cities
South Elgin | $294.6K | $353K | +19.8% |
Elgin Township | $265K | $310K | +17.0% |
Elgin | $269.9K | $305.1K | +13.0% |
Bartlett | $349.9K | $370K | +5.7% |
Saint Charles Township | $417K | $437K | +4.8% |
Housing Supply in South Elgin, IL
How many homes are available in South Elgin, IL?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
87 | 93 | +6.9% |
Summary: The South Elgin real estate market had 93 homes for sale in March 2024, a 6.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 13 | 10 | -23.1% |
3 Bedrooms | 38 | 39 | +2.6% |
4 Bedrooms | 28 | 34 | +21.4% |
5+ Bedrooms | 8 | 10 | +25.0% |
Summary: The South Elgin housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 23.1%, 3 bedroom homes increased by 2.6%, 4 bedroom homes increased by 21.4%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
25 | 22 | -12.0% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Summary: A total of 22 homes were sold or pending in South Elgin in March 2024, down by 12.0% month-over-month. Of the 22 sold homes, 32% were sold under asking, 27% were sold at asking, and 41% were sold over asking.
Days on Market for South Elgin, IL
How long does it take to sell a home in South Elgin, IL?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
44 Days | 21 Days | -53.2% |
Summary: Homes in South Elgin had an average of 21 days on market in Mar 2024, down by 53.2% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During March 2024, 22 homes were sold in South Elgin; 82% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.