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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 1,612, 684 total housing units (homes and apartments), and a median house value of $295,579, Elgin real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Elgin, accounting for 98.45% of the town's housing units. Other types of housing that are prevalent in Elgin include mobile homes or trailers ( 1.13%).
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 89.18% of Elgin's homes, and 91.38% 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 between 2000 and later ( 39.55%). A lesser amount of the housing stock also hails from between 1940-1969 ( 6.21%).
Appreciation rates for homes in Elgin have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 98.83%, which ranks in the top 30% nationwide. This equates to an annual average Elgin house appreciation rate of 7.11%.
Appreciation rates are so strong in Elgin that despite a nationwide downturn in the housing market, Elgin real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Elgin appreciation rates continue to be some of the highest in America, at 7.71%, which is higher than appreciation rates in 80.56% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Elgin. Elgin appreciation rates in the latest quarter were at 0.99%, which equates to an annual appreciation rate of 4.01%.
Relative to South Carolina, our data show that Elgin's latest annual appreciation rate is higher than 70% of the other cities and towns in South Carolina.
One very important thing to keep in mind is that these are average appreciation rates for the town. 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.
$295,579
for South carolina
for nation
684
$1,685 / per month