South Elgin, IL Real Estate Market

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 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

South Elgin, IL Housing Market Trends

With 24,755 people, 7,476 houses or apartments, and a median cost of homes of $260,589, 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 67.10% of the village's housing units. Other types of housing that are prevalent in South Elgin include row houses and other attached homes ( 16.86%), large apartment complexes or high rise apartments ( 8.70%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 7.22%).

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 80.55% of South Elgin's homes, and 68.09% 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 ( 29.45%). A lesser amount of the housing stock also hails from between 1940-1969 ( 10.19%). There's also some housing in South Elgin built before 1939 ( 3.91%).

South Elgin Home Appreciation Rates

Real estate appreciation rates in South Elgin's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 2.83% during the period.

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 4.82%, 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 1.88%, which equates to an annual appreciation rate of 7.75%.

Notably, South Elgin's appreciation rate in the latest quarter is one of the lowest in America.

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

Average Home Values

 

Median Home Value:
$260,589

South Elgin, IL HOME PRICES

> $1,140,000
1.4%
1.4%
$856,001 - $1,140,000
1.4%
1.4%
$570,001 - $856,000
7.6%
7.6%
$456,001 - $570,000
7.4%
7.4%
$342,001 - $456,000
15.3%
15.3%
$228,001 - $342,000
35.6%
35.6%
$114,001 - $228,000
27.5%
27.5%
$57,001 - $114,000
2.5%
2.5%
$0 - $57,000
1.2%
1.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very High for IL

Value Relative To Nation

Number Of Homes And Apartments:
7,476

South Elgin Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
34.87% 1.40%
4
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,021 / per month

Homeownership Rate

Owners
80.5%
80.5%
Renters
19.5%
19.5%
Vacant
1.3%
1.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
29.5%
29.5%
1970 - 1999
56.5%
56.5%
1940 - 1969
10.2%
10.2%
1939 or Older
3.9%
3.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
67.1%
67.1%
Townhomes
16.9%
16.9%
Small Apt. Buildings
7.2%
7.2%
Apt. Complexes
8.7%
8.7%
Mobile Homes
0.1%
0.1%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.6%
1.6%
1 Bedroom
4.8%
4.8%
2 Bedrooms
20.7%
20.7%
3 Bedrooms
37.9%
37.9%
4 Bedrooms
30.2%
30.2%
5 or more bedrooms
4.8%
4.8%
0.0% 100.0%
% OF HOMES