📢 Elgin – February 2025 Single-Family Homes Report
Sales volume ticked up slightly, but longer wait times signal growing hesitation—how long will sellers hold firm?
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📊 Market Overview
February 2025 saw 30 homes sold in Elgin, nearly on pace with the expected 29 homes, based on last month’s sales and the 17.2% expected monthly trend—beating expectations by 2.1%.
Compared to January, sales volume rose slightly by 2.2%, and year-over-year sales were up 9.6%. While buyers are engaging more than last year, days on market jumped significantly, showing deals are taking longer to finalize.
📄 Sales Details
The total net sales volume was $11.28 million, with an average net sale price of $357,844, median $327,720, and a high of $675,000. The average price per square foot was $178, with a median of $173, and a high of $275 per SF.
💸 List-to-Sale Discount
Buyers continued to negotiate: the average discount from list price was 2.1%, with a median of 2.3%, and a max discount of 6.6%.
🧾 List Price Breakdown
The average list price was $366,631, median $335,400, and the highest list price reached $685,000.
List price per SF averaged $181, with a median of $180, and a high of $312 per SF.
📌 Key Market Stats
- 🏠 Total Homes Sold: 30
- 💰 Total Net Sales Volume: $11,276,020
- 💲 Average Net Sale Price: $357,844
- 📊 Median Net Sale Price: $327,720
- 🚀 High Net Sale Price: $675,000
- 📏 Net Price Per SF: $178 (Avg) | $173 (Median) | $275 (High)
- 📉 Net Sale Price MoM Change: +0.4% (Avg) | -0.7% (Median)
- 💲 Average List Price: $366,631
- 📊 Median List Price: $335,400
- 🚀 High List Price: $685,000
- 📐 List Price Per SF: $181 (Avg) | $180 (Median) | $312 (High)
- ⏳ Cumulative Days on Market: 121 (Avg) | 110 (Median)
- 📈 Sales Volume MoM: +2.2%
- 📈 Sales Volume YoY: +9.6%
🏡 What It Means for Buyers
Buyers now face less urgency, with homes sitting longer and steady pricing. If you’ve been on the fence, now may be the time to make an offer while seller optimism remains strong.
📢 What It Means for Sellers
Rising days on market is a warning sign—sellers need to stay competitive and flexible. Pricing properly and standing out from similar homes is critical to close deals in this shifting environment.
💡 Final Thoughts
📊 Real estate is variable based on each micro market’s local economic and demographic factors. Whether you’re buying or selling, the right strategy matters. If we can help you analyze your situation and plan for success in 2025, please reach out. We’d love to chat and help you navigate this evolving market.
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👨💼 ALEX Associate Broker & ALEX AI Director
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📞 713.918.9951
📧 george@alex.realestate
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