South Elgin, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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South Elgin, IL Real Estate Data


South Elgin Housing Market Information

With a population of 22,365, 7,293 total housing units (homes and apartments), and a median house value of $291,953, South Elgin real estate is some of the most expensive in Illinois, although South Elgin home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in South Elgin, accounting for 69.02% of the village's housing units. Other types of housing that are prevalent in South Elgin include row houses and other attached homes ( 18.43%), duplexes, homes converted to apartments or other small apartment buildings ( 6.21%), and a few large apartment complexes or high rise apartments ( 5.75%).

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 85.65% of South Elgin's homes, and 72.12% 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 ( 26.01%). A lesser amount of the housing stock also hails from between 1940-1969 ( 15.21%). There's also some housing in South Elgin built before 1939 ( 2.12%).

South Elgin Home Appreciation Rates

Homes have actually lost value in South Elgin over the last then years, as home values have seen a decline of 19.21% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows South Elgin home appreciation rates at 1.63%, which equates to an annual appreciation rate of 6.69%.

NeighborhoodScout's data show that during the latest twelve months, South Elgin's appreciation rate, at 5.40%, has been at or slightly above the national average. In the latest quarter, South Elgin's appreciation rate has been 1.63%, which annualizes to a rate of 6.69%.

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

Average Home Values

 

Median Home Value:
$291,953

South Elgin, IL HOME PRICES

Value Range
> $1,137,000 0.5
$853,001 - $1,137,000 1.6
$568,001 - $853,000 7.7
$455,001 - $568,000 6.8
$341,001 - $455,000 12.7
$227,001 - $341,000 25.5
$114,001 - $227,000 38.9
$57,001 - $114,000 3.3
$0 - $57,000 3.0

Very High for IL
Very High for Nation

Value Relative to Nation Value Relative to State
17.6611817063887 12.0253164556962

Number Of Homes And Apartments:
7,293

Rent & Ownership

 

Average Market Rent:
$1,262 / per month

Homeownership Rate

Homeownership
Owners 85.65
Renters 14.35
Vacant 2.24

Housing Market Details

 

Age of Homes

AGE OF South Elgin HOMES
2000 or Newer 26.0
1970 - 1999 56.7
1940 - 1969 15.2
1939 or Older 2.1

Types of Homes

TYPE OF South Elgin HOMES
Single-Family 69.0
Townhomes 18.4
Small Apt. Buildings 6.2
Apt. Complexes 5.8
Mobile Homes 0.5
Other 0.1

Home Size

SIZE OF South Elgin HOMES
No Bedroom 0.91
1 Bedroom 1.84
2 Bedrooms 22.13
3 Bedrooms 42.63
4 Bedrooms 29.49
5 or more bedrooms 3.00

South Elgin Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
14.35% 0.79% 3 1
* 10 is highest