Is South Elgin, IL 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, South Elgin has remained a Seller's Market.
Housing Prices in South Elgin, IL
How much do homes in South Elgin, IL cost?
Median Sold Price
$359,357
$188/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in South Elgin was $359,357 in April 2024, up 19.8% from last year, and the median price per square foot was $188.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $400K | $193K | -51.7% |
2 Bedrooms | $216.9K | $240K | +10.6% |
3 Bedrooms | $299.9K | $345K | +15.0% |
4 Bedrooms | $480K | $559.9K | +16.6% |
5+ Bedrooms | $515K | $532K | +3.3% |
Summary: South Elgin housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 51.7%, 2 bedroom homes increased by 10.6%, 3 bedroom homes increased by 15%, 4 bedroom homes increased by 16.6%, and 5+ bedroom homes increased by 3.3%.
Median Sold Price Compared To Nearby Cities
South Elgin | $300K | $359.3K | +19.8% |
Elgin Township | $269.9K | $310.5K | +15.1% |
Elgin | $270.2K | $308.3K | +14.1% |
Bartlett | $348K | $375K | +7.8% |
Saint Charles Township | $415.9K | $445K | +7.0% |
Housing Supply in South Elgin, IL
How many homes are available in South Elgin, IL?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
94 | 95 | +1.1% |
Summary: The South Elgin real estate market had 95 homes for sale in April 2024, a 1.1% 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 | 12 | 13 | +8.3% |
3 Bedrooms | 38 | 34 | -10.5% |
4 Bedrooms | 35 | 39 | +11.4% |
5+ Bedrooms | 9 | 9 | 0.0% |
Summary: The South Elgin 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 8.3%, 3 bedroom homes decreased by 10.5%, 4 bedroom homes increased by 11.4%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
23 | 26 | +13.0% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
14 Homes Were Sold
Over Asking
Summary: A total of 26 homes were sold or pending in South Elgin in April 2024, up by 13.0% month-over-month. Of the 26 sold homes, 27% were sold under asking, 19% were sold at asking, and 54% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
26 Days | 20 Days | -22.8% |
Summary: Homes in South Elgin had an average of 20 days on market in Apr 2024, down by 22.8% compared to last year.
Breakdown of Home Sale Times
21 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During April 2024, 26 homes were sold in South Elgin; 81% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.