South Elgin Real Estate Market: A Hot Market for Buyers and Sellers
As we move into September 2024, the South Elgin real estate market continues to sizzle. Whether you’re thinking of buying or selling, the current market conditions make it an exciting time to dive in. The Kombrink Team at One Source Realty is here to give you all the key details on what’s happening in our local market, and trust us—it’s all good news!
1.17 Months of Inventory: What This Means for Buyers and Sellers
As of September 2024, South Elgin is experiencing a 1.17 months supply of inventory, meaning that if no new homes were listed, it would take just over a month to sell all the available properties. This low level of inventory makes South Elgin a seller’s market, where demand for homes exceeds supply. Homes are flying off the market, making it a perfect opportunity for sellers to get their properties sold quickly.
For buyers, this means you’ll need to move swiftly. With limited homes available, competition can be fierce. If you find a home you love, don’t wait too long to make an offer, as another eager buyer might already be in the wings.
List to Sold Price Percentage at 100.2%: Sellers Get Top Dollar
Another sign of the South Elgin market’s strength is the List to Sold Price percentage, which is at 100.2%. This means that, on average, homes in South Elgin are selling for slightly more than their asking price. Sellers are getting top dollar for their properties, thanks to high demand and low inventory.
For sellers, this is a dream come true. You can expect to receive multiple offers, often at or above your list price, maximizing the return on your investment. Buyers, on the other hand, should prepare to make competitive offers. It’s no time to lowball—homes are going for full price or even more!
Median Days on Market: 16 Days and Counting
Homes in South Elgin aren’t just selling at great prices—they’re selling fast. The median days on market currently stands at just 16 days, meaning most homes are sold in just over two weeks.
For sellers, this is another reason to celebrate. The faster your home sells, the less time you spend navigating the real estate process, and the sooner you can move on to your next adventure. For buyers, however, the clock is ticking. With such a short time on the market, you’ll want to be ready to act quickly when you find the perfect home.
South Elgin’s Median Sold Price Hits $363,270
As of September 2024, the median sold price in South Elgin is $363,270, showcasing the area’s continued strength in home values. This steady rise in prices reflects a healthy and appreciating market. Homeowners in South Elgin can feel confident that their property values are increasing, making it a great time to sell and take advantage of these favorable conditions.
For buyers, the rising home prices indicate a solid investment opportunity. Purchasing a home in South Elgin now means benefiting from property appreciation, as the market is likely to continue its upward trajectory. While prices are increasing, the value you gain as a homeowner in South Elgin is undeniable.
Ready to Make Your Move? The Kombrink Team is Here to Help!
Whether you’re ready to buy your dream home or looking to sell and capitalize on the market’s strength, the Kombrink Team at One Source Realty is here to guide you every step of the way. With our deep knowledge of the South Elgin real estate market and commitment to our clients, we’ll help you navigate this exciting market with ease.
Don’t hesitate to reach out to us today. Let’s work together to make your real estate dreams a reality in South Elgin!
FAQs
How long does it take to sell a home in South Elgin in September 2024?
The median days on market in South Elgin is currently 16 days, meaning homes typically sell in just over two weeks.
Is South Elgin a buyer's or seller's market right now?
As of September 2024, South Elgin is a seller’s market due to the low inventory of available homes, with a 1.17 months supply of inventory.
What is the average price of homes in South Elgin?
The median sold price in South Elgin is currently $363,270.
Are homes selling for more than the asking price in South Elgin?
Yes! The List to Sold Price percentage is at 100.2%, meaning homes are selling slightly above their asking price on average.
How can I make a competitive offer as a buyer in South Elgin?
In a hot market like South Elgin, it's essential to be ready to act quickly. Make sure your financing is in order and be prepared to make an offer at or above the asking price to stay competitive.
Is now a good time to sell my home in South Elgin?
Absolutely! With homes selling fast and for top dollar, now is a fantastic time to sell your home in South Elgin.
Conclusion
September 2024 is shaping up to be an excellent time for real estate in South Elgin. With a hot market, homes are selling quickly and for competitive prices. Whether you’re buying or selling, the current conditions are ideal. The Kombrink Team at One Source Realty is ready to assist you in navigating this dynamic market, ensuring a smooth and successful real estate transaction. Reach out today, and let’s make your next move your best move!
Posted by The Kombrink Team on
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