Is Elwood, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Elwood is a seller's market

Buyer's
Market

Difference Since April 2023

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

Key Takeaway

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

Housing Prices in Elwood, IL

How much do homes in Elwood, IL cost?

Median Sold Price

$305,000

$173/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$62,500(+25.8%)

Key Takeaway

Homes in Elwood have sold for 25.8% more than they did a year ago.

Summary: The median home sold price in Elwood was $305,000 in April 2024, up 25.8% from last year, and the median price per square foot was $173.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 --
N/A
2 $226K$265K
+17.3%
3 $255K$335K
+31.3%
4 $363.5K$392.5K
+8.0%
5+ $425K$377K
-11.3%

Summary: Elwood 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 increased by 17.3%, 3 bedroom homes increased by 31.3%, 4 bedroom homes increased by 8%, and 5+ bedroom homes decreased by 11.3%.

Median Sold Price Compared To Nearby Cities

Elwood
+25.8%
Channahon
+7.5%
Channahon Township
+6.1%
Jackson Township
+5.3%
Wilmington Township
-1.4%

Housing Supply in Elwood, IL

How many homes are available in Elwood, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
1412-14.3%

Summary: The Elwood real estate market had 12 homes for sale in April 2024, a 14.3% decrease compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 00
0.0%
2 54
-20.0%
3 45
+25.0%
4 42
-50.0%
5+ 11
0.0%

Summary: The Elwood 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 decreased by 20%, 3 bedroom homes increased by 25%, 4 bedroom homes decreased by 50%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
660.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

1 Home Was Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Elwood, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.

Summary: A total of 6 homes were sold or pending in Elwood in April 2024, the same as the previous month. Of the 6 sold homes, 17% were sold under asking, 17% were sold at asking, and 67% were sold over asking.

Days on Market for Elwood, IL

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

Average Sale Time

Apr 2023Apr 2024CHANGE
17 Days12 Days-31.8%

Summary: Homes in Elwood had an average of 12 days on market in Apr 2024, down by 31.8% compared to last year.

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During April 2024, 6 homes were sold in Elwood; 83% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 0% 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 14 Days Ago

Newest Listings in Elwood, IL

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