Is South Elgin, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing South Elgin is a seller's market

Buyer's
Market

Difference Since March 2023

Since last year, South Elgin has remained a Seller's Market.

Key Takeaway

South Elgin is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

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

+$58,477(+19.8%)

Key Takeaway

Homes in South Elgin have sold for 19.8% more than they did a year ago.

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

# BEDSMar 2023Mar 2024CHANGE
1 $400K$193K
-51.7%
2 $215K$240K
+11.6%
3 $295K$340.9K
+15.6%
4 $485K$530K
+9.3%
5+ $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
+19.8%
Elgin Township
+17.0%
Elgin
+13.0%
Bartlett
+5.7%
Saint Charles Township
+4.8%

Housing Supply in South Elgin, IL

How many homes are available in South Elgin, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
8793+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

# BEDSFeb 2024Mar 2024CHANGE
1 00
0.0%
2 1310
-23.1%
3 3839
+2.6%
4 2834
+21.4%
5+ 810
+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 2024Mar 2024CHANGE
2522-12.0%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in South Elgin, you could pay more than the asking price. 40.9% of homes here sold above asking price last month.

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 2023Mar 2024CHANGE
44 Days21 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

Breakdown of Home Sale Times

Key Takeaway

Many homes in South Elgin are selling fast, if you're buying plan to act quickly.

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.

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

Report Updated 18 Days Ago

Newest Listings in South Elgin, IL

Nearby Markets to South Elgin, IL

What housing markets are near South Elgin, IL?