Thinking about buying or selling a home in Elgin?
Curious about the latest real estate trends?
Wondering if now’s the right time to make your move?
Hi, I’m Kris with The Kombrink Team at One Source Realty, your local REALTOR® team here in Elgin, Illinois.
Today, I’m breaking down the latest market update for August 2024, so you know exactly what’s happening in our area.
Let’s get into the numbers.
Elgin Market Breakdown: What You Need to Know
1.44 Months Supply of Inventory
Right now, Elgin has a 1.44 Months Supply of Inventory.
What does that mean?
If no new homes hit the market, we’d sell everything currently listed in just over a month and a half.
This is a pretty tight market.
It’s competitive out there, and both buyers and sellers are feeling it.
Whether you’re trying to snag a deal or sell your home quickly, you’ve got to be ready to move fast.
And here’s something else to think about.
In the last year, the Months Supply of Inventory has dropped by 9.4%.
That’s a significant decrease, pointing to higher demand and fewer homes available.
List to Sold Price Percentage at 101.2%
Here’s another number you need to know.
The List to Sold Price percentage is at 101.2%.
Yep, that means homes in Elgin are selling for slightly above their list price.
This is huge.
It shows that buyers are willing to pay more than the asking price to secure a home in this market.
For sellers, this is fantastic news.
For buyers, it means you’ll need to be prepared to come in strong with your offers.
Homes Selling in Just 11 Days
Speed is the name of the game right now.
The median days on market in Elgin is just 11 days.
Homes are flying off the market in less than two weeks.
If you’re a seller, this is music to your ears.
You can expect your home to sell quickly, which means less time waiting around and more time moving forward.
For buyers, though, it means you’ve got to be on your toes.
You don’t have the luxury of waiting too long to make a decision.
When you find a home you like, you’ve got to act fast.
Median Sold Price at $340,000
Finally, let’s talk about the median sold price in Elgin, which is currently $340,000.
This number represents the midpoint of all the homes sold recently.
It gives you a solid idea of what homes are going for in the area right now.
For sellers, it’s a clear indicator of what you might expect to get for your property.
For buyers, it’s a good benchmark for what you should be prepared to spend.
What This Means for Buyers and Sellers in Elgin
So, what’s the takeaway here?
Whether you’re buying or selling in Elgin, now is an interesting time to be in the market.
For Sellers:
- Low inventory means less competition and more demand for your property.
- Selling above list price is likely, so you could end up with more money in your pocket.
- Quick sales mean less hassle and faster closings.
For Buyers:
- High demand means you’ll need to be ready to act fast and make competitive offers.
- Homes selling fast means you don’t have much time to think things over.
- Median prices give you a realistic idea of what you’ll need to spend.
Thinking About Buying or Selling in Elgin? Here’s What to Do Next
If you’re considering making a move in Elgin, now’s the time to get serious.
The market is competitive, and whether you’re buying or selling, you need to be ready to act quickly and strategically.
That’s where we come in.
At The Kombrink Team, we’re here to guide you through every step of the process.
Whether you’re buying your first home, looking to upgrade, or thinking about selling, we’ve got the experience and local knowledge to help you navigate the Elgin market.
Feel free to reach out if you have any questions or want to discuss your options.
We’re here to help you make the most informed decisions possible.
Frequently Asked Questions
What does "Months Supply of Inventory" mean?
It’s a measure of how long it would take to sell all the homes currently on the market if no new homes were listed. A low number means a seller’s market, while a higher number indicates a buyer’s market.
Why are homes selling above list price?
Strong demand and low inventory are driving prices up, with many buyers willing to pay more to secure a home in a competitive market.
How does the median sold price affect me as a buyer?
The median sold price gives you an idea of the typical cost of homes in the area. It helps set expectations for what you might need to spend.
Is 11 days on the market typical?
In a hot market like Elgin’s, yes. Homes are selling quickly due to high demand, so you’ll need to be prepared to move fast.
Should I wait to buy a home in Elgin?
Waiting could mean facing even higher prices and more competition. If you’re ready to buy, now might be the time to take action.
How can I make a strong offer in this market?
Work with an experienced REALTOR® who knows the local market. Be prepared with your financing and make competitive offers from the start.
Conclusion
The Elgin real estate market is moving fast and showing no signs of slowing down.
Whether you’re buying or selling, it’s important to stay informed and be ready to act.
With low inventory, quick sales, and competitive pricing, both buyers and sellers can find opportunities.
But timing is everything.
If you’re thinking about making a move, don’t hesitate to reach out to The Kombrink Team.
We’re here to help you navigate the market and make the best decisions for your situation.
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