Is Algonquin, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Algonquin is a seller's market

Buyer's
Market

Difference Since April 2023

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

Key Takeaway

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

Housing Prices in Algonquin, IL

How much do homes in Algonquin, IL cost?

Median Sold Price

$368,722

$176/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$28,722(+8.4%)

Key Takeaway

Homes in Algonquin have sold for 8.4% more than they did a year ago.

Summary: The median home sold price in Algonquin was $368,722 in April 2024, up 8.4% from last year, and the median price per square foot was $176.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $124K$154K
+24.2%
2 $240K$306K
+27.5%
3 $310.9K$334.4K
+7.6%
4 $435K$440K
+1.1%
5+ $437.5K$533K
+21.8%

Summary: Algonquin housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 24.2%, 2 bedroom homes increased by 27.5%, 3 bedroom homes increased by 7.6%, 4 bedroom homes increased by 1.1%, and 5+ bedroom homes increased by 21.8%.

Median Sold Price Compared To Nearby Cities

Dundee Township
+10.8%
Carpentersville
+10.1%
Algonquin
+8.4%
Algonquin Township
+8.3%
Lake in the Hills
+0.8%

Housing Supply in Algonquin, IL

How many homes are available in Algonquin, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
101134+32.7%

Summary: The Algonquin real estate market had 134 homes for sale in April 2024, a 32.7% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 11
0.0%
2 2131
+47.6%
3 3545
+28.6%
4 3241
+28.1%
5+ 1216
+33.3%

Summary: The Algonquin 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 47.6%, 3 bedroom homes increased by 28.6%, 4 bedroom homes increased by 28.1%, and 5+ bedroom homes increased by 33.3%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
3032+6.7%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

19 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Algonquin, you could pay more than the asking price. 59.4% of homes here sold above asking price last month.

Summary: A total of 32 homes were sold or pending in Algonquin in April 2024, up by 6.7% month-over-month. Of the 32 sold homes, 22% were sold under asking, 19% were sold at asking, and 59% were sold over asking.

Days on Market for Algonquin, IL

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

Average Sale Time

Apr 2023Apr 2024CHANGE
18 Days12 Days-28.8%

Summary: Homes in Algonquin had an average of 12 days on market in Apr 2024, down by 28.8% compared to last year.

Breakdown of Home Sale Times

30 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During April 2024, 32 homes were sold in Algonquin; 94% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 0% 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 28 Days Ago

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