Elgin, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Elgin, IL Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Elgin Housing Market Information

With a population of 112,111, 35,075 total housing units (homes and apartments), and a median house value of $188,848, Elgin real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Elgin, accounting for 58.44% of the city's housing units. Other types of housing that are prevalent in Elgin include large apartment complexes or high rise apartments ( 13.49%), row houses and other attached homes ( 13.29%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 12.42%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Elgin. Owner-occupied housing accounts for 65.27% of Elgin's homes, and 54.43% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Elgin built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Elgin built before 1939 ( 21.15%). A lesser amount of the housing stock also hails from between 1940-1969 ( 20.88%). There's also some housing in Elgin built between 2000 and later ( 17.35%).

Elgin Home Appreciation Rates

Homes have actually lost value in Elgin over the last then years, as home values have seen a decline of 27.46% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Elgin home appreciation rates at 0.43%, which equates to an annual appreciation rate of 1.74%.

NeighborhoodScout's data show that during the latest twelve months, Elgin's appreciation rate, at 5.25%, has been at or slightly above the national average. In the latest quarter, Elgin's appreciation rate has been 0.43%, which annualizes to a rate of 1.74%.

Relative to Illinois, our data show that Elgin's latest annual appreciation rate is higher than 80% of the other cities and towns in Illinois.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Elgin differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Elgin - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Elgin real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$188,848

Elgin, IL HOME PRICES

Value Range
> $1,162,000 0.2
$871,001 - $1,162,000 0.1
$581,001 - $871,000 1.3
$465,001 - $581,000 2.5
$349,001 - $465,000 6.7
$232,001 - $349,000 20.5
$116,001 - $232,000 54.7
$58,001 - $116,000 9.9
$0 - $58,000 4.1

High for IL
High for Nation

Value Relative to Nation Value Relative to State
35.1986405718973 27.2151898734177

Number Of Homes And Apartments:
35,075

Elgin Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
4.39% 0.25% 2 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,352 / per month

Homeownership Rate

Homeownership
Owners 65.27
Renters 34.73
Vacant 6.99

Housing Market Details

 

Age of Homes

AGE OF Elgin HOMES
2000 or Newer 17.4
1970 - 1999 40.6
1940 - 1969 20.9
1939 or Older 21.1

Types of Homes

TYPE OF Elgin HOMES
Single-Family 58.4
Townhomes 13.3
Small Apt. Buildings 12.4
Apt. Complexes 13.5
Mobile Homes 2.4
Other 0.0

Home Size

SIZE OF Elgin HOMES
No Bedroom 1.62
1 Bedroom 8.98
2 Bedrooms 31.54
3 Bedrooms 37.38
4 Bedrooms 17.05
5 or more bedrooms 3.42