Elgin Market Report · IL Home Values
Elgin, IL holds about 40,523 homes, with a median year built of 1977. Elgin is in Kane County. The median home was built in 1977. The housing mixes single-family detached homes and multi-unit buildings. The Spring-Douglas Historic District and Gifford Park are among its neighborhoods. The Fox River Trail runs through town.
The Elgin median sold price stands at $359,829, up 8.5% over 11 months. 1,199 homes closed over the period, averaging 100.6% of list price most recently, with a median 48 days on market.
Read the trend, not the single month. Elgin pricing follows preparation and seasonality more than it follows rate news, and the spread between prepared and unprepared homes is wider than the median suggests. A street-level read is a different number from the one above, and the table below is where it starts.
Data provided by Redfin, a national real estate brokerage, and the U.S. Census Bureau's American Community Survey.
Elgin by the month
12 months of Elgin closings. Each panel is one series; the table carries every figure.
Data provided by Redfin, a national real estate brokerage, and the U.S. Census Bureau's American Community Survey.
Twelve months of Elgin closings
| Month | Median sold | Closed | New listings | Median days on market | List-to-sale |
|---|---|---|---|---|---|
| 11 months ago | $331,500 | 106 | 117 | 51 | 99.8% |
| 10 months ago | $332,250 | 100 | 100 | 54 | 99.5% |
| 9 months ago | $334,000 | 105 | 80 | 56 | 99.4% |
| 8 months ago | $333,000 | 88 | 58 | 60 | 99% |
| 7 months ago | $322,500 | 77 | 69 | 61 | 98.7% |
| 6 months ago | $316,500 | 65 | 101 | 60 | 99% |
| 5 months ago | $340,000 | 83 | 125 | 48 | 99.9% |
| 4 months ago | $350,000 | 100 | 136 | 46 | 100.7% |
| 3 months ago | $360,000 | 115 | 133 | 48 | 100.9% |
| 2 months ago | $360,000 | 123 | 127 | 49 | 100.9% |
| 1 month ago | $360,000 | 123 | 127 | 49 | 100.7% |
| Latest | $359,829 | 114 | 120 | 48 | 100.6% |
Data provided by Redfin, a national real estate brokerage, and the U.S. Census Bureau's American Community Survey.
What the Elgin numbers say
The median Elgin home sold for $359,829, up 8.5% from $331,500 eleven months earlier.
The median home spent about seven weeks on the market and homes closed at 100.6% of list price. That is 3 days faster than eleven months earlier.
At the pace of the last three months, the 238 homes on the market in Elgin represent about 2 months of supply: less than four months, which is the range where prepared homes tend to clear quickly and buyers have little room to wait.
Buyers have room to read a listing's history before writing, and a price that has sat is a price worth asking about. Sellers are getting close to their asking price, which usually means the price was set against recent comparable sales rather than against what neighbors are asking.
Data provided by Redfin, a national real estate brokerage, and the U.S. Census Bureau's American Community Survey.
