Elgin, IL Market Snapshot

Elgin, IL

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. 

Average Months Supply

For the past several years Elgin has been a strong seller's market for homes priced under $300,000, a balanced market for homes priced from $300,000 to $500,000, and a buyer's market for the most expensive homes.

Under 4 months of supply indicates a seller's market with more active buyers than there are homes for sale, so sellers have the upper hand in pricing and negotiating. More than 7 months of supply shows a buyer's market with more homes for sale than active buyers, so buyers can expect to negotiate for more favorable deals. A balanced market with 4 to 6 months of inventory generally has steady sales and prices. 

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