Is Elkin, NC 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, Elkin has remained a Seller's Market.
Key Takeaway
Elkin is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Elkin, NC
How much do homes in Elkin, NC cost?
Median Sold Price
$210,000
$148/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Elkin have sold for 10.6% less than they did a year ago.
Summary: The median home sold price in Elkin was $210,000 in March 2024, down 10.6% from last year, and the median price per square foot was $148.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $137K | $174K | +27.0% |
| 3 Bedrooms | $257K | $260K | +1.2% |
| 4 Bedrooms | $317K | $293.5K | -7.4% |
| 5+ Bedrooms | $327.5K | $311K | -5.0% |
Summary: Elkin housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 27%, 3 bedroom homes increased by 1.2%, 4 bedroom homes decreased by 7.4%, and 5+ bedroom homes decreased by 5%.
Median Sold Price Compared To Nearby Cities
| Elkin Township | $230K | $225K | -2.2% |
| Elkin | $235K | $210K | -10.6% |
Housing Supply in Elkin, NC
How many homes are available in Elkin, NC?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 33 | 36 | +9.1% |
Summary: The Elkin real estate market had 36 homes for sale in March 2024, a 9.1% 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 | 14 | +7.7% |
| 3 Bedrooms | 12 | 15 | +25.0% |
| 4 Bedrooms | 6 | 7 | +16.7% |
| 5+ Bedrooms | 2 | 0 | -100.0% |
Summary: The Elkin 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 increased by 7.7%, 3 bedroom homes increased by 25%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes decreased by 100%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 5 | 11 | +120.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Elkin, you may be able to get a good deal. 54.5% of homes here sold below asking price last month.
Summary: A total of 11 homes were sold or pending in Elkin in March 2024, up by 120.0% month-over-month. Of the 11 sold homes, 55% were sold under asking, 9% were sold at asking, and 36% were sold over asking.
Days on Market for Elkin, NC
How long does it take to sell a home in Elkin, NC?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 27 Days | 34 Days | +25.5% |
Summary: Homes in Elkin had an average of 34 days on market in Mar 2024, up by 25.5% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Elkin are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 11 homes were sold in Elkin; 64% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 18% of homes were sold over 90 days.
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