🏡 Elmwood Park Real Estate Market Update

If you're thinking about buying or selling a home in Elmwood Park, IL, you're probably seeing a lot of different numbers—and it can be confusing to know which ones to trust. The Multiple Listing Service (MLS), Redfin, and Zillow all provide valuable insights, but they don’t always tell the same story. Let’s break down how these sources compare, and what it really means for buyers and sellers in today’s market.

📊 Median Sale Price

• MLS reports a median sale price of $327,755, showing a 7.3% decrease year-over-year.

• Redfin shows a higher figure at $399,000, which reflects a 3.0% increase from the previous year.

• Zillow estimates the average home value at $344,777, also reflecting a 3.1% annual increase.

🎯 Takeaway: MLS data, based solely on closed transactions, suggests a dip in prices. Redfin and Zillow, which include list prices and automated valuations, show moderate price appreciation.

📐 Price per Square Foot

• MLS: $207 per sq ft

• Redfin: $243 per sq ft (up 15.1% year-over-year)

• Zillow: Roughly $227 per sq ft

🎯 Takeaway: The MLS shows more conservative pricing. The higher numbers from Redfin and Zillow may reflect newer or recently renovated homes.

🏠 Homes Sold & Inventory

• MLS: 28 homes sold recently, with 116 homes currently on the market.

• Redfin: 31 homes sold, showing a strong uptick in market activity.

• Zillow: Lists 82 active homes for sale.

🎯 Takeaway: Sales volume is similar across platforms, but listing inventory varies. MLS may include more off-market or pending properties that Zillow filters out.

⏱️ Days on Market

• MLS: Homes average 19 days on the market.

• Redfin: Homes average 47 days.

• Zillow: Homes go pending in as little as 8 days.

🎯 Takeaway: The difference is likely due to how each source defines "days on market." Zillow focuses on time to offer, while Redfin and MLS include full closing timelines.

🔁 Sale-to-List Price Trends

• MLS: 46% of homes sold over asking price, 36% sold under.

• Zillow: Around 44% sold over asking, and 45% sold under.

🎯 Takeaway: All sources confirm that buyer competition remains strong, with nearly half of homes selling above asking.

💰 Rent Market Snapshot (Zillow Only)

• The average rent in Elmwood Park is estimated at $2,228, slightly above the national average.

🧭 Final Thoughts

Elmwood Park remains a strong and active market. While the MLS suggests prices may be cooling slightly, Redfin and Zillow show mild appreciation and continued buyer interest. Regardless of the source, the message is clear:

• Homes are selling quickly

• Inventory is moving

• Buyer activity is healthy

Understanding the differences between data sources is key. MLS reflects real-time, closed transactions. Redfin and Zillow offer broader market snapshots and buyer trends.

📣 What This Means for You

For Sellers:

• The market is still competitive.

• Proper pricing and presentation can lead to multiple offers.

For Buyers:

• Be ready to move fast.

• Get pre-approved and work with an experienced agent to stay competitive.

Frank Campobasso
Century 21 Circle
Call or Text: 773-425-6265
www.camposellshouses.com

Disclaimer:
The statistics and market data presented in this report were gathered from multiple publicly available sources, including the Multiple Listing Service (MLS), Redfin, and Zillow. Each platform uses its own methodology for collecting and reporting data. MLS figures are based on closed transactions recorded by real estate professionals. Redfin and Zillow data may include active listings, pending sales, and automated valuation models, which can cause variations in reported values. All figures are deemed reliable but not guaranteed and are subject to change. Readers should consult a licensed real estate professional for the most accurate and up-to-date market information tailored to their specific situation.