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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing South Elgin is a seller's market

Buyer's
Market

Difference Since April 2023

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

Key Takeaway

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

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

+$59,357(+19.8%)

Key Takeaway

Homes in South Elgin have sold for 19.8% more than they did a year ago.

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

# BEDSApr 2023Apr 2024CHANGE
1 $400K$193K
-51.7%
2 $216.9K$240K
+10.6%
3 $299.9K$345K
+15.0%
4 $480K$559.9K
+16.6%
5+ $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
+19.8%
Elgin Township
+15.1%
Elgin
+14.1%
Bartlett
+7.8%
Saint Charles Township
+7.0%

Housing Supply in South Elgin, IL

How many homes are available in South Elgin, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
9495+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

# BEDSMar 2024Apr 2024CHANGE
1 00
0.0%
2 1213
+8.3%
3 3834
-10.5%
4 3539
+11.4%
5+ 99
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 2024Apr 2024CHANGE
2326+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

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in South Elgin, you could pay more than the asking price. 53.8% of homes here sold above asking price last month.

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 2023Apr 2024CHANGE
26 Days20 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

Breakdown of Home Sale Times

Key Takeaway

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

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.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 16 Days Ago

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