What have home prices been doing in Elgin this year?
Median home prices in Elgin IL have been remaining steady over the last few months. We’re currently seeing a median list price of $205,000. The chart below is a good comparison of median list prices vs. median sales prices in Elgin IL. As you can see, home buyers and sellers are fairly aligned. This indicates sellers pricing their home at a fair and attractive price for current buyer demand.
Are home prices in Elgin IL going up or down?
Home prices in Elgin were up 9% in May compared to April. The median sales price right now is $178,500. The great news is that comparing this year-over-year we also see a 5% increase! Elgin homes are definitely appreciating and this trend is only expected to continue.
Is Elgin in a buyers or sellers market right now?
If you’ve been on the fence about selling your home, now is a great time! Inventory of homes for sale in Elgin is low at 3.2 months. Anything between 3-6 months could be considered a stable market so we’re right at the low end of that. Inventory below 3 months puts us in a sellers market where prices can rise and market times fall. Over 6 months and a buyers market takes over resulting in lower prices and longer market times.
What types of homes are for sale in Elgin right now?
A lot of Elgin homeowners may be concerned about foreclosures and short sales dragging down the market. Actually, we’ve seen the numbers of bank-owned and distressed properties fall in Elgin. In May, 87% of homes for sale were traditional sales. There were 22 foreclosures on the market, this represents one of the lowest points in recent history and is dropping. Short sales are on the decline as well falling to just 33 in May. Home prices in Elgin IL are not being affected by these factors.
How long is it taking to sell a home in Elgin right now?
The median market time for a home in Elgin is at 34 days. This has dropped over the last few months. Compared to last year, the market time was 42 days. This could indicate a strengthening buyer pool.
Want a rough idea of your home’s current value?
Fill out the form below to view an online analysis of your Elgin IL home price. While not as accurate as meeting with us in person, it can help you determine if selling your Elgin home makes sense right now.
Looking for something more accurate?
The Kombrink Lobrillo Team at RE/MAX All Pro takes a very analytical approach to pricing your home. Using a process similar to that of an actual home appraiser, our in-depth analysis produces a pricing strategy to get your home sold for top dollar in the least amount of time. Combine that with our top notch marketing strategy and we’ll help you realize your real estate goals before you know it.
Contact our Elgin Listing Specialist, Matt Kombrink, today to arrange for a complimentary home pricing analysis of your home. Matt can be reached at 630-488-3300.