What have home prices been doing in South Elgin this year?
Median home prices in South Elgin IL have risen over the last several months. We’re currently seeing a median list price of $238,400. The chart below is a good comparison of median list prices vs. median sales prices in South Elgin IL for the last 12 months. As you can see, home buyers and sellers have been fairly aligned.
Are home prices in South Elgin IL going up or down?
Home prices in South Elgin jumped 23.6% in August as compared to July. The median sales price right now is $203,174. Comparing this year-over-year though we see a 1.7% increase. South Elgin homes are expected to continue to rise along with neighboring communities.
Is South 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 South Elgin is low at 2.9 months. Anything between 3-6 months could be considered a stable market. 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 South Elgin right now?
A lot of South 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 South Elgin. In August, almost 88% of homes for sale were traditional sales. There were 5 foreclosures on the market, and this number has been trending lower all year. Short sales are on the decline with just 7 in August. Home prices in South Elgin IL are not being affected by these factors.
How long is it taking to sell a home in South Elgin right now?
The median market time for a home in South Elgin is at 22 days. This is at the lowest point in over a year. This could indicate an active buyer pool.
Want a rough idea of your home’s current value?
Fill out the form below to view an online analysis of your South Elgin IL home price. While not as accurate as meeting with us in person, it can help you determine if selling your South 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 South 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.