Is Elmwood Park, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Elmwood Park is a seller's market

Buyer's
Market

Difference Since April 2023

Since last year, Elmwood Park has remained a Seller's Market.

Key Takeaway

Elmwood Park is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Elmwood Park, IL

How much do homes in Elmwood Park, IL cost?

Median Sold Price

$353,100

$211/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$48,100(+15.8%)

Key Takeaway

Homes in Elmwood Park have sold for 15.8% more than they did a year ago.

Summary: The median home sold price in Elmwood Park was $353,100 in April 2024, up 15.8% from last year, and the median price per square foot was $211.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $108.5K$129.9K
+19.8%
2 $195K$215K
+10.3%
3 $330K$379.4K
+15.0%
4 $372.5K$414.5K
+11.3%
5+ $477K$510K
+6.9%

Summary: Elmwood Park housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 19.8%, 2 bedroom homes increased by 10.3%, 3 bedroom homes increased by 15%, 4 bedroom homes increased by 11.3%, and 5+ bedroom homes increased by 6.9%.

Median Sold Price Compared To Nearby Cities

Elmwood Park
+15.8%
Leyden Township
+8.9%
River Grove
+5.6%
River Forest Township
-1.2%
River Forest
-1.2%

Housing Supply in Elmwood Park, IL

How many homes are available in Elmwood Park, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
9296+4.3%

Summary: The Elmwood Park real estate market had 96 homes for sale in April 2024, a 4.3% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 1415
+7.1%
2 1416
+14.3%
3 2732
+18.5%
4 2626
0.0%
5+ 117
-36.4%

Summary: The Elmwood Park housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 7.1%, 2 bedroom homes increased by 14.3%, 3 bedroom homes increased by 18.5%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 36.4%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
2928-3.4%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

7 Homes Were Sold
At Asking

13 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Elmwood Park, you could pay more than the asking price. 46.4% of homes here sold above asking price last month.

Summary: A total of 28 homes were sold or pending in Elmwood Park in April 2024, down by 3.4% month-over-month. Of the 28 sold homes, 29% were sold under asking, 25% were sold at asking, and 46% were sold over asking.

Days on Market for Elmwood Park, IL

How long does it take to sell a home in Elmwood Park, IL?

Average Sale Time

Apr 2023Apr 2024CHANGE
18 Days31 Days+65.9%

Summary: Homes in Elmwood Park had an average of 31 days on market in Apr 2024, up by 65.9% compared to last year.

Breakdown of Home Sale Times

20 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Elmwood Park are selling fast, if you're buying plan to act quickly.

Summary: During April 2024, 28 homes were sold in Elmwood Park; 71% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 11% 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 13 Days Ago

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