Hello, South Elgin! Whether you’re house-hunting, thinking of selling, or just curious about the neighborhood’s real estate pulse, you’re in the right place. I’m Kelly Bradley, your local real estate expert, and today we’re unpacking the latest numbers, trends, and insights to help you navigate our fast-moving market with confidence.
Let’s just say this up front — South Elgin is still firmly in a seller’s market. That means low supply, strong demand, and quick sales. But there’s more to the story than just “it’s hot out there.” Let’s dig in.
1. Why It’s a Seller’s Market: 1.4 Months of Inventory
Inventory is simply the number of homes available for sale compared to the pace at which buyers are snapping them up. In South Elgin right now, we’ve got 1.4 months of inventory. For context:
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Balanced market: 5–6 months of inventory
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Buyer’s market: 6+ months
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Seller’s market: Under 5 months
At 1.4 months, we’re deep into seller territory. This means sellers can expect solid offers, often without long waits. Buyers, however, need to be ready to move quickly and decisively.
2. Inventory Trends – The Short Term vs. The Big Picture
Here’s where things get interesting:
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Short term: Inventory is down 13% compared to recent months.
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Year-over-year: Inventory is actually up 8% compared to August 2024.
This shows the market is dynamic — not just sliding in one direction. If you’re buying, this means a slightly broader selection compared to last year, but fewer new options compared to earlier this summer. For sellers, the recent drop in listings works in your favor, reducing competition.
3. Pricing Power – Homes Selling for 100% of Asking Price
Sellers are holding strong when it comes to pricing. Right now, homes in South Elgin are selling for about 100% of their asking price. Translation?
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Buyers: Don’t expect “lowball” offers to get you far.
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Sellers: Price right from the start — if your home is priced strategically, it’s likely to sell close to your listing price.
4. Speed of Sales – Just 19 Days on Market
The median days on market (DOM) is just 19 days. That’s less than three weeks from listing to a signed contract. This isn’t the time for buyers to “sleep on it.” By the time you come back for a second look, that home might already be under contract.
For sellers, this speed means less time keeping your home “show ready” and more time packing for your next adventure.
5. The Benchmark Price – $391,000 Median Sold Price
The median sold price in South Elgin sits at $391,000. This sets a healthy benchmark for what you might expect to pay as a buyer or receive as a seller. Considering South Elgin’s schools, parks, and community feel, that’s strong value for the Chicago suburbs.
6. What This Means for You – Actionable Tips
If You’re Buying in South Elgin
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Get pre-approved before you shop. You’ll be ready to make a confident, fast offer.
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Don’t wait too long. With homes selling in 19 days, hesitation can cost you.
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Come in strong. Competitive offers are the norm — aim to match or beat asking price for homes you love.
If You’re Selling in South Elgin
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Price right from day one. The first week on market is critical for attracting top offers.
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Highlight what’s unique. Buyers are moving fast, so make sure your listing photos and description grab attention immediately.
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Use the momentum. The low inventory works in your favor — leverage it with smart marketing.
Wrapping It Up
South Elgin’s August 2025 housing market is all about speed, strategy, and seizing the moment. Sellers are benefiting from strong demand and tight supply, while buyers can still find great homes if they act fast and smart.
Whether you’re ready to list, start shopping, or just want a personalized breakdown of what these numbers mean for your situation, I’m here to guide you through every step.
???? Contact Kelly Bradley – Your South Elgin Real Estate Expert
Let’s turn your next move into a success story.