South Elgin IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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South 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 Q2 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

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

South Elgin Housing Market Information

With 22,549 people, 7,370 houses or apartments, and a median cost of homes of $232,743, South 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 South Elgin, accounting for 67.00% of the village's housing units. Other types of housing that are prevalent in South Elgin include row houses and other attached homes ( 20.28%), large apartment complexes or high rise apartments ( 6.99%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.66%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in South Elgin. Owner-occupied housing accounts for 80.75% of South Elgin's homes, and 68.58% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in South 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 South Elgin built between 2000 and later ( 27.83%). A lesser amount of the housing stock also hails from between 1940-1969 ( 13.69%). There's also some housing in South Elgin built before 1939 ( 2.64%).

South Elgin Home Appreciation Rates

South Elgin's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in South Elgin during the period has been just 0.09%, which is lower than 80% of US communities.

Over the last year, South Elgin appreciation rates have trailed the rest of the nation. In the last twelve months, South Elgin's appreciation rate has been 2.55%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in South Elgin were at 1.12%, which equates to an annual appreciation rate of 4.55%.

Relative to Illinois, our data show that South Elgin's latest annual appreciation rate is higher than 60% of the other cities and towns in Illinois.

Average Home Values

 

Median Home Value:
$232,743

South Elgin, IL HOME PRICES

Value Range
> $1,146,000 1.6
$860,001 - $1,146,000 1.0
$573,001 - $860,000 7.1
$458,001 - $573,000 7.1
$344,001 - $458,000 14.5
$229,001 - $344,000 27.1
$114,001 - $229,000 36.2
$57,001 - $114,000 1.6
$0 - $57,000 3.8

High for IL
High for Nation

Value Relative to Nation Value Relative to State
30.3182481751825 20.6329113924051

Number Of Homes And Apartments:
7,370

South Elgin Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2019 Q1 - 2019 Q2
Last 12 Months:
2018 Q2 - 2019 Q2
Last 2 Years:
2017 Q2 - 2019 Q2
Last 5 Years:
2014 Q2 - 2019 Q2
Last 10 Years:
2009 Q2 - 2019 Q2
Since 2000:
2000 Q1 - 2019 Q2
24.56% 1.13%
4
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,837 / per month

Homeownership Rate

Homeownership
Owners 80.75
Renters 19.25
Vacant 1.30

Housing Market Details

 

Age of Homes

AGE OF South Elgin HOMES
2000 or Newer 27.8
1970 - 1999 55.8
1940 - 1969 13.7
1939 or Older 2.6

Types of Homes

TYPE OF South Elgin HOMES
Single-Family 67.0
Townhomes 20.3
Small Apt. Buildings 5.7
Apt. Complexes 7.0
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF South Elgin HOMES
No Bedroom 1.81
1 Bedroom 3.60
2 Bedrooms 22.41
3 Bedrooms 41.37
4 Bedrooms 27.21
5 or more bedrooms 3.60