Welcome to the June 2024 South Elgin real estate market update! If you're considering buying or selling a home in our beautiful community, this information will provide you with valuable insights into the current market conditions.

Current Market Overview

As of June 2024, the South Elgin real estate market is experiencing a significant trend of limited housing supply. Here are the key statistics you need to know:

  • Months Supply of Inventory: 1.18 months
  • List to Sold Price Percentage: 100.4%
  • Median Days on Market: 28 days
  • Median Sold Price: $412,500
Low Inventory Levels

The current Months Supply of Inventory is at a low 1.18 months. This figure indicates a very tight housing market with limited homes available for sale. When inventory levels are this low, it typically leads to increased competition among buyers, often resulting in multiple offers on properties.

South Elgin IL Months Supply of Housing Inventory June 2024

Strong Sale Prices

The List to Sold Price percentage stands at an impressive 100.4%. This means that, on average, homes in South Elgin are selling for very close to their asking prices. This is a clear indicator of a strong seller's market where demand is high and buyers are willing to meet sellers' price expectations.


Quick Turnaround

Homes in South Elgin are selling quickly, with a median of just 28 days on the market. This rapid pace underscores the urgency for buyers to act swiftly and make strong, competitive offers if they want to secure a property.


Healthy Median Sold Price

The median sold price for homes in South Elgin is currently $412,500. This healthy price point reflects the desirability of our community and the value that buyers place on living here.


What Does This Mean for Buyers and Sellers?

For Buyers:

  • Act Quickly: With low inventory and quick sales, it's crucial to be prepared to act fast when you find a home you love.
  • Make Strong Offers: In this competitive market, submitting a strong offer can make the difference in securing a home.

For Sellers:

  • Optimal Time to List: With high demand and strong sale prices, now is an excellent time to list your home.
  • Quick Sales: Homes are selling rapidly, meaning you won't have to wait long to move on to your next adventure.

Need Assistance?

If you have any questions or are considering buying or selling a home in South Elgin, we're here to help. Feel free to reach out to us at 630-402-0021. We're your South Elgin Real Estate Agents dedicated to helping you navigate the real estate market and achieve your goals.

Thanks for reading, and stay tuned for the next update!

Posted by The Kombrink Team on


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