Hey there, Elgin!
It's The Kombrink Team, your go-to REALTOR® team for all things real estate in our wonderful city.
Today, we've got some exciting market updates for you all, so let's dive right in.
Current Market Overview
As of July 2024, we currently have a 1.32 Months Supply of Inventory in Elgin.
That means we're seeing a slight decrease of 10.8% in inventory over the last 12 months, making it a competitive market for both buyers and sellers.
Selling in Elgin
But here's the good news - the List to Sold Price percentage is at a solid 101.3%, showing that homes in Elgin are selling for above asking price.
And with a median days on market of just 11 days, homes are flying off the market faster than ever.
Buying in Elgin
Now, let's talk numbers.
The median sold price in Elgin is currently at $320,000.
That's a great value for our area, and with the market trends we're seeing, now is a fantastic time to buy or sell in Elgin.
What This Means for You
So whether you're a buyer looking for your dream home or a seller ready to make a move, we're here to help guide you through the process every step of the way.
Reach out to The Kombrink Team at One Source Realty, and let's make your real estate dreams a reality.
FAQs
What does a 1.32 Months Supply of Inventory mean?
It means if no new homes were listed, it would take just over a month to sell all the current listings.
Why are homes selling above asking price?
High demand and low inventory create competitive conditions, driving up prices.
How can I sell my home quickly?
Price it right, stage it well, and let us handle the rest.
Is $320,000 a good price for Elgin?
Absolutely. It reflects the strong value and demand in our market.
Final Thoughts
Thanks for tuning in, Elgin.
If you have any questions or are ready to make a move, don't hesitate to reach out to The Kombrink Team at One Source Realty.
Until next time, happy house hunting!
Looking for more tips or ready to start your home search?
Check out our blog or contact us directly.
Let’s make your real estate journey a breeze!
Posted by The Kombrink Team on
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