Is Elk Grove Township, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Elk Grove Township has remained a Seller's Market.
Housing Prices in Elk Grove Township, IL
How much do homes in Elk Grove Township, IL cost?
Median Sold Price
$346,660
$213/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Elk Grove Township was $346,660 in May 2024, up 11.8% from last year, and the median price per square foot was $213.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $130K | $152.5K | +17.3% |
2 Bedrooms | $194.7K | $230K | +18.1% |
3 Bedrooms | $345K | $378.7K | +9.8% |
4 Bedrooms | $445K | $463K | +4.0% |
5+ Bedrooms | $462K | $555K | +20.1% |
Summary: Elk Grove Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.3%, 2 bedroom homes increased by 18.1%, 3 bedroom homes increased by 9.8%, 4 bedroom homes increased by 4%, and 5+ bedroom homes increased by 20.1%.
Median Sold Price Compared To Nearby Cities
Elk Grove Township | $310K | $346.6K | +11.8% |
Itasca | $370K | $397.2K | +7.4% |
Mount Prospect | $359.2K | $382K | +6.3% |
Elk Grove Village | $320.7K | $340K | +6.0% |
Wood Dale | $310K | $327K | +5.5% |
Housing Supply in Elk Grove Township, IL
How many homes are available in Elk Grove Township, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
213 | 242 | +13.6% |
Summary: The Elk Grove Township real estate market had 242 homes for sale in May 2024, a 13.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 18 | 19 | +5.6% |
2 Bedrooms | 71 | 76 | +7.0% |
3 Bedrooms | 73 | 92 | +26.0% |
4 Bedrooms | 37 | 43 | +16.2% |
5+ Bedrooms | 14 | 12 | -14.3% |
Summary: The Elk Grove Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 5.6%, 2 bedroom homes increased by 7%, 3 bedroom homes increased by 26%, 4 bedroom homes increased by 16.2%, and 5+ bedroom homes decreased by 14.3%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
85 | 74 | -12.9% |
Asking Price vs. Sold Price
22 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
46 Homes Were Sold
Over Asking
Summary: A total of 74 homes were sold or pending in Elk Grove Township in May 2024, down by 12.9% month-over-month. Of the 74 sold homes, 30% were sold under asking, 8% were sold at asking, and 62% 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
May 2023 | May 2024 | CHANGE |
---|---|---|
10 Days | 12 Days | +24.1% |
Summary: Homes in Elk Grove Township had an average of 12 days on market in May 2024, up by 24.1% compared to last year.
Breakdown of Home Sale Times
65 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 74 homes were sold in Elk Grove Township; 88% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.