How Competitive is the Elgin, IL Housing Market?

by Fel Salgado

Elgin, a city near Chicago, IL, is a highly competitive housing market. About 49% of homes sold above list price in the 3 months ending June 2026, with homes selling at 101% of asking on average.

The National Picture

Nationally, 24.6% of homes sold above asking in June 2026, and the typical home spent 50 days on market. Elgin's 49.1% sold-above rate exceeds the national average, and its 48-day median keeps pace. Buyers here face more competition than in most U.S. markets.

Modest Competition in a Large and Affordable Market

Elgin's 49% sold-above rate and 100.9% sale-to-list ratio reflect a market where competition exists but buyers are not paying dramatic premiums. Within Elgin, College Green (78% sold above) is far hotter than Northwest Elgin (51%), showing significant variation across the city's many neighborhoods. At a $361,000 median, affordability keeps steady buyer flow without creating the pressure of pricier neighbors.

Why is Elgin Highly Competitive?

Elgin is highly competitive because its combination of affordability and tight supply creates consistent overbidding across price tiers. At 2.4 months of supply, the market tilts firmly toward sellers. Despite 17% of listings carrying price drops, the high sold-above rate shows correctly priced homes still attract bidding wars. The pace remains fast at 48 days, unchanged from a year ago.

Nearby Neighborhoods

Neighborhood	Sold Above List	Sale-to-List	Days on Market	Off Mkt in 2 Wks
Elgin	49.1%	100.9%	48 days	61.9%
Southwest Elgin	63.9%	102.1%	45 days	62.2%
Southeast Elgin	55.6%	100.8%	43 days	72.5%
Northwest Elgin	50.8%	101.2%	49 days	61.7%
Northeast Elgin	53.2%	102.2%	42 days	83.6%
College Green	78.4%	101.9%	41 days	63.5%

Limited to neighborhoods with at least 10 home sales in the period.

All data comes from Redfin and represents a three-month rolling average ending June 2026. This article has been generated, in whole or in part, using generative artificial intelligence (AI) technology, with input from Redfin head of economics research Chen Zhao. While efforts have been made to ensure the accuracy and reliability of this information, you should independently verify all data, facts, and citations contained in this article before relying on it for any purpose. This information is not a substitute for advice from a real estate agent, financial advisor, or other licensed professional. Check the Redfin Data Center for additional in-depth housing market data.