Elgin, IL Market Snapshot
Single Family Homes Sales, Prices and Inventory
Each data point is 12 months of activity.
Number of Home Sales
In Elgin, the total number of single family home sales in the past year increased over 2018's previous record-setting number of sales. But because of continued low interest rates, and constrained inventory, especially below the $250,000 mark, there continued to be more interested buyers than homes for sale. In the past year many homes sold in multiple offer situations, which is great for sellers but frustrating to buyers.
Average Sales Price
In Elgin, the average sales price in all categories increased by nearly 5% in the past year, a slight drop from the 8% increase in the 2017-2018 time period. The real estate market in Elgin is much stronger than the general Chicago metro area which showed an average price increase of .07% over the past year. Millenial and first-time homebuyers who want to purchase a home continue to be challenged by rising prices and tight inventory.
Average Market Time
Market time is the number of days that a house was on the market when it went under contract. Of the homes that sold over the past year, homes priced below $300,000 went under contract in under 60 days, while sellers of homes from $300,000 to $500,000 accepted a contract in around 100 days. But even within the higher price categories, a well-priced home in great condition can sell in a matter of days after being listed.