What does a home sell for in Elgin?

Whether you’re buying or selling, understanding the local real estate market is very important. You need to look at comparable properties in the area. These can help to show you what a home should sell for in the current real estate market. These prices always fluctuate as values rise and fall, so it’s best to get current information from the previous 12 months.

When you do this, you’ll find that the median sold price for a home in Elgin, Illinois, is just over $270,000. This is roughly $20,000 higher than it was in May of last year, so you can see that the prices have been consistently rising. Additionally, reports indicate that it’s a seller’s market. This is part of the reason for the increase in prices. A seller’s market just means that there is more demand for homes than there are homes being sold at the time. It pushes the values of all homes on the market up a bit higher than they would be otherwise.

The number of bedrooms makes a major difference

One thing to consider is simply how many bedrooms the home has, as this is a major player in the value of that house. For example, for a two-bedroom, the median price was just $218,000. For a three-bedroom, however, it jumps to $276,000. This is because the home is larger so the person is buying more real estate. But it also has to do with what homes are in demand. Many buyers are looking to purchase three-bedroom homes because they want to start a family, so those are in more demand than smaller houses and therefore sell for higher prices.

These numbers can give you some idea of what the real estate market looks like right now. Be sure you know what steps to take as you buy or sell property in Illinois.