Is Elk Grove Township, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Elk Grove Township is a seller's market

Buyer's
Market

Difference Since April 2023

Since last year, Elk Grove Township has remained a Seller's Market.

Key Takeaway

Elk Grove Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Elk Grove Township, IL

How much do homes in Elk Grove Township, IL cost?

Median Sold Price

$345,621

$213/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$40,954(+13.4%)

Key Takeaway

Homes in Elk Grove Township have sold for 13.4% more than they did a year ago.

Summary: The median home sold price in Elk Grove Township was $345,621 in April 2024, up 13.4% from last year, and the median price per square foot was $213.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $130K$150.2K
+15.5%
2 $192K$225.7K
+17.6%
3 $345K$378K
+9.6%
4 $448K$459.9K
+2.7%
5+ $480K$547.5K
+14.1%

Summary: Elk Grove Township housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.5%, 2 bedroom homes increased by 17.6%, 3 bedroom homes increased by 9.6%, 4 bedroom homes increased by 2.7%, and 5+ bedroom homes increased by 14.1%.

Median Sold Price Compared To Nearby Cities

Elk Grove Township
+13.4%
Mount Prospect
+8.0%
Elk Grove Village
+7.5%
Wood Dale
+4.4%
Itasca
+4.1%

Housing Supply in Elk Grove Township, IL

How many homes are available in Elk Grove Township, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
193220+14.0%

Summary: The Elk Grove Township real estate market had 220 homes for sale in April 2024, a 14.0% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 1717
0.0%
2 6075
+25.0%
3 7177
+8.5%
4 3237
+15.6%
5+ 1314
+7.7%

Summary: The Elk Grove Township housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 25%, 3 bedroom homes increased by 8.5%, 4 bedroom homes increased by 15.6%, and 5+ bedroom homes increased by 7.7%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
6680+21.2%

Asking Price vs. Sold Price

24 Homes Were Sold
Under Asking

12 Homes Were Sold
At Asking

44 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Elk Grove Township, you could pay more than the asking price. 55% of homes here sold above asking price last month.

Summary: A total of 80 homes were sold or pending in Elk Grove Township in April 2024, up by 21.2% month-over-month. Of the 80 sold homes, 30% were sold under asking, 15% were sold at asking, and 55% were sold over asking.

Days on Market for Elk Grove Township, IL

How long does it take to sell a home in Elk Grove Township, IL?

Average Sale Time

Apr 2023Apr 2024CHANGE
24 Days12 Days-47.3%

Summary: Homes in Elk Grove Township had an average of 12 days on market in Apr 2024, down by 47.3% compared to last year.

Breakdown of Home Sale Times

74 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Elk Grove Township are selling fast, if you're buying plan to act quickly.

Summary: During April 2024, 80 homes were sold in Elk Grove Township; 93% of homes were sold within 30 days, 5% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 14 Days Ago

Newest Listings in Elk Grove Township, IL

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