Elgin, IL Housing Market
Warm MarketMetro-level monthly sale metrics for rental investors — prices, inventory, pace, and negotiation signals. Figures represent the Elgin, IL metro area.
Data period: May 2026
Market snapshot
- Median sale price
- $395K
- Median days on market
- 49 days
- Months of supply
- 2.6
- Active inventory
- 2,407
- Homes sold
- 909
- Sale-to-list ratio
- 100.7%
- Listings with price drop
- 16.3%
- Data month
- May 2026
Pair this view with the rental property calculator, DSCR calculator, and cap rate calculator — or browse all calculators.
Rental Investor Snapshot
Labels below come from monthly sale-market indicators only. True cash flow requires local rent, taxes, insurance, vacancy, and expense assumptions — model those in the rental calculator, then sanity-check against sale-speed signals here.
- Market temperature
- Competitive
- Buyer leverage
- Medium
- Pricing signal vs. U.S. median
- Easier buy-in vs. U.S. median (price only)
- Investor fit (heuristic)
- Buy-in vs. U.S. · Appreciation
Watch-outs
- Low inventory with tight supply often means more competition on offers.
Suggested next step: Run a rental property analysis with your own rent, financing, vacancy, and expense assumptions — then sanity-check against this market's sale-speed and negotiation signals.
Warm Market
The market is active with moderate buyer demand.
Elgin, IL market summary
The Elgin, IL metro area housing market is heating up. As of May 2026, the median home sale price is $395K, up 7.9% year-over-year. Homes are spending a median of 49 days on the market, 4.3% longer than a year ago.
There are 2,407 homes for sale — 12.8% more than last year. With 2.6 months of supply, this is a seller's market. 1,223 new listings were added during this period, up 6.4% year-over-year.
Homes are selling for 100.7% of their list price on average, indicating buyers are paying above asking. 43.1% of homes sell above their asking price. 16.3% of listings have had a price drop.
Market Opportunity Score
Based on current market conditions
63
Contributing Factors
How This Market Compares
vs. National Median
vs. Illinois Median
Investor takeaway
This market shows balanced conditions. Evaluate individual deals carefully using rent-to-price ratios and local comps.
Elgin, IL market trends
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Detailed market metrics
Median list price
$402K
Price per sq ft
$209
Sale-to-list ratio
100.7%
Months of supply
2.6
Sold above list
43.1%
Price drops
16.3%
New listings
1,223
↑ 6.4% YoY
Pending sales
1,071
Off market in 2 weeks
58.5%
Elgin, IL housing market FAQs
What is the median home price in Elgin, IL?
For the latest published month, the median sale price in Elgin, IL is $395K. Median means half of homes sold above that price and half below — it is a useful benchmark, not a rule for every listing.
Is Elgin, IL a buyer's or seller's market?
With about 2.6 months of supply, conditions often favor sellers (inventory is relatively tight versus sales pace). Buyers may need to move quickly and keep offers competitive.
How long do homes stay on the market in Elgin, IL?
For the latest published month, the median days on market in Elgin, IL is 49 days — half of homes went pending faster and half slower.
Is Elgin, IL good for rental property investors?
Sale-market stats show how competitive buying is (speed, negotiation, inventory). They do not prove rent performance. Elgin, IL can still work for rentals if the numbers work on a deal-by-deal basis — use local rent comps, financing, vacancy, and expenses in the rental property calculator.
How should investors analyze a rental property in Elgin, IL?
Start with purchase price, financing, rent, vacancy, operating expenses, and capital repairs. Stress-test rates and rent. Will It Flow’s rental property calculator is built to translate those inputs into cash flow, DSCR, cap rate, and cash-on-cash return for Elgin, IL deals.
Compare more Illinois metro markets
Explore nearby sale-market pace and pricing, then run a shortlist through the rental property calculator.
Chicago, IL
$398K · 46d on market
Lake County, IL
$425K · 44d on market
Peoria, IL
$183K · 18d on market
Rockford, IL
$230K · 11d on market
Springfield, IL
$210K · 7d on market
Champaign, IL
$235K · 46d on market
Bloomington, IL
$279K · 43d on market
Carbondale, IL
$178K · 64d on market
National context
Step up to the U.S. housing market hub for national trends, then browse top metro markets by sales activity.
Underwrite a Elgin, IL deal with real numbers
Use Will It Flow for cash flow, DSCR, cap rate, and cash-on-cash return — free and fast.
Housing market data provided by Redfin, a national real estate brokerage. Not financial advice. Always consult a qualified professional before making investment decisions.