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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Elgin Township is a seller's market

Buyer's
Market

Difference Since April 2023

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

Key Takeaway

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

Housing Prices in Elgin Township, IL

How much do homes in Elgin Township, IL cost?

Median Sold Price

$310,550

$182/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$40,627(+15.1%)

Key Takeaway

Homes in Elgin Township have sold for 15.1% more than they did a year ago.

Summary: The median home sold price in Elgin Township was $310,550 in April 2024, up 15.1% from last year, and the median price per square foot was $182.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $135K$155K
+14.8%
2 $222K$243.6K
+9.7%
3 $275K$310K
+12.7%
4 $365K$443.3K
+21.5%
5+ $447.5K$535K
+19.6%

Summary: Elgin Township housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.8%, 2 bedroom homes increased by 9.7%, 3 bedroom homes increased by 12.7%, 4 bedroom homes increased by 21.5%, and 5+ bedroom homes increased by 19.6%.

Median Sold Price Compared To Nearby Cities

South Elgin
+19.8%
Elgin Township
+15.1%
Elgin
+14.1%
Hanover Township
+9.6%
Bartlett
+7.8%

Housing Supply in Elgin Township, IL

How many homes are available in Elgin Township, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
421463+10.0%

Summary: The Elgin Township real estate market had 463 homes for sale in April 2024, a 10.0% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 89
+12.5%
2 91105
+15.4%
3 136144
+5.9%
4 134148
+10.4%
5+ 5257
+9.6%

Summary: The Elgin Township housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 12.5%, 2 bedroom homes increased by 15.4%, 3 bedroom homes increased by 5.9%, 4 bedroom homes increased by 10.4%, and 5+ bedroom homes increased by 9.6%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
108111+2.8%

Asking Price vs. Sold Price

28 Homes Were Sold
Under Asking

24 Homes Were Sold
At Asking

59 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Elgin Township, you could pay more than the asking price. 53.2% of homes here sold above asking price last month.

Summary: A total of 111 homes were sold or pending in Elgin Township in April 2024, up by 2.8% month-over-month. Of the 111 sold homes, 25% were sold under asking, 22% were sold at asking, and 53% were sold over asking.

Days on Market for Elgin Township, IL

How long does it take to sell a home in Elgin Township, IL?

Average Sale Time

Apr 2023Apr 2024CHANGE
25 Days20 Days-20.4%

Summary: Homes in Elgin Township had an average of 20 days on market in Apr 2024, down by 20.4% compared to last year.

Breakdown of Home Sale Times

87 Homes Were Sold
Under 30 Days

18 Homes Were Sold
In 30 - 90 Days

6 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During April 2024, 111 homes were sold in Elgin Township; 78% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 5% 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 16 Days Ago

Newest Listings in Elgin Township, IL

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