Is Elon, NC a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Elon has remained a Seller's Market.
Key Takeaway
Elon is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Elon, NC
How much do homes in Elon, NC cost?
Median Sold Price
$365,000
$172/sqft
Based on all homes sold in the last 12 months.
The Median Sold Price hasn't changed since April 2023.
Key Takeaway
The sold price of homes in Elon has remained the same since last year.
Summary: The median home sold price in Elon was $365,000 in April 2024, the same as last year, and the median price per square foot was $172.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $170K | $170K | 0.0% |
| 3 Bedrooms | $286K | $342K | +19.6% |
| 4 Bedrooms | $408K | $365K | -10.5% |
| 5+ Bedrooms | $510K | $489.5K | -4.0% |
Summary: Elon housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes increased by 19.6%, 4 bedroom homes decreased by 10.5%, and 5+ bedroom homes decreased by 4%.
Median Sold Price Compared To Nearby Cities
| Gibsonville | $300K | $315K | +5.0% |
| Elon | $365K | $365K | 0.0% |
| Burlington | $270.5K | $264.5K | -2.2% |
Housing Supply in Elon, NC
How many homes are available in Elon, NC?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 33 | 34 | +3.0% |
Summary: The Elon real estate market had 34 homes for sale in April 2024, a 3.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 4 | +100.0% |
| 3 Bedrooms | 17 | 21 | +23.5% |
| 4 Bedrooms | 8 | 7 | -12.5% |
| 5+ Bedrooms | 6 | 2 | -66.7% |
Summary: The Elon housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 100%, 3 bedroom homes increased by 23.5%, 4 bedroom homes decreased by 12.5%, and 5+ bedroom homes decreased by 66.7%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 11 | 14 | +27.3% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Elon, you may be able to get a good deal. 57.1% of homes here sold below asking price last month.
Summary: A total of 14 homes were sold or pending in Elon in April 2024, up by 27.3% month-over-month. Of the 14 sold homes, 57% were sold under asking, 43% were sold at asking, and 0% were sold over asking.
Days on Market for Elon, NC
How long does it take to sell a home in Elon, NC?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 41 Days | 15 Days | -62.5% |
Summary: Homes in Elon had an average of 15 days on market in Apr 2024, down by 62.5% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Elon are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 14 homes were sold in Elon; 93% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
Copyright © 2024 Triangle MLS, Inc. of North Carolina. All rights reserved.