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Featured local agent — Elwood, IL
Sarah Mitchell
Compass Real Estate · Elwood, IL
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Elwood, IL Housing Market & Real Estate
Housing market overview · Updated monthly ·
$520,000median sale price
How is the Elwood, IL housing market right now?
The median home sale price in Elwood, IL is $520,000, up 65.9% year-over-year. Homes sell in an average of 66 days with 7 active listings. The market is currently a buyer's market. (Source: Redfin monthly MLS data, as of May 2026 — the most recent Redfin release; Redfin publishes each month's data on a ~6-week lag.)
Is Elwood a buyer's or seller's market?
Elwood, IL is currently a buyer's market, based on 7.0 months of supply and homes selling in about 66 days. How we determine this →
Homes sold
1
Last 12 weeks
Days on market
66
Average pace
Active listings
7
7.0 months supply
Sale-to-list
99.1%
Below asking
What does the Elwood housing market data show?
| Metric | Value |
|---|---|
| Median sale price | $520,000 |
| Median list price | $310,000 |
| Year-over-year price change | +65.9% |
| Average days on market | 66 days |
| Active inventory | 7 listings |
| Months of supply | 7.0 months |
| Sale-to-list price ratio | 99.1% |
| Median price per sq ft | $193/sq ft |
| Homes sold (latest month) | 1 |
| New listings (latest month) | 5 |
| Listings with a price cut | 28.6% |
| Market condition | Buyer's market |
Source: Redfin · Updated monthly
How much do homes cost in Elwood by property type?
How the Elwood, IL market breaks down across single-family homes, condos, and townhouses.
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $520,000 | $193/sq ft | 1 | 66 days |
| Townhouse | $285,000 | $154/sq ft | 3 | 32 days |
Source: Redfin · Updated monthly
The Elwood housing market is currently classified as a buyer's market with a median sale price of $520,000. Prices have risen 65.9% compared to last year, with homes spending an average of 66 days on market, indicating 7.0 months of inventory.This inventory level gives buyers significantly more negotiating power, allowing time to inspect properties thoroughly and potentially negotiate better terms.The price-to-income ratio of 4.4x provides context for how home values compare to local earning capacity.
Homes for sale in Elwood
There are currently 7 homes listed for sale in Elwood, Illinois. The median listing price is $310K.
Active listings
7
Homes on market
Median list price
$310K
Avg. days on market
66
Days until sale
New this week
5
Newly listed
Who lives in Elwood?
Population
2,141
Median income
$73,640/yr
Median age
41.8 years
Owner-occupied
78.3%
College grads
14.7%
Avg commute
30.2 min
Source: U.S. Census Bureau ACS
What are homes worth in Elwood?
Zillow home value
$326,492
Price-to-income
4.4x
Source: Zillow Research
What is it like to live in Elwood?
Elwood is a community of approximately 2K residents with a median age of 41.8 years.The median household income is $73,640, which represents a working-class community with solid middle-income opportunities. 14.7% of residents hold a bachelor's degree or higher, showing a mixed educational demographic.
Homeownership rates are at 78.3%, reflecting strong community stability and long-term resident commitment. The average commute time is 30.2 minutes, which suggests a more suburban or rural location for those willing to commute longer distances.Overall, Elwood offers a balanced lifestyle with accessible home values relative to local income levels.
Which public schools serve Elwood?
3 schools tracked · 286 students
The largest public schools serving Elwood, IL by enrollment, drawn from the National Center for Education Statistics. School quality is a commonly cited factor in home-buying decisions — these are the campuses families in this area are most likely to encounter.
Elwood C C School
Grades PK-8 · 286 students
SOWIC-Early Childhood Channahon
Grade range n/a
SOWIC-Comm & Adaptv Bhrv-Elwood
Grade range n/a
Source: National Center for Education Statistics, Common Core of Data directory. Updated annually. Ratings and test scores are not currently displayed.
Which cities are near Elwood, IL?
Want a head-to-head view? Compare Elwood side-by-side with any other U.S. city using our market-comparison tool.
Frequently asked questions
What is the average home price in Elwood?
The median home sale price in Elwood is $520,000, up 65.9% from last year.
How long do homes stay on market in Elwood?
Homes typically spend 66 days on market before going under contract.
What is the median income in Elwood?
The median household income is $73,640 per year.
Is Elwood a buyer's or seller's market?
With 7.0 months of supply, Elwood is currently a buyer's market.
What is the Zillow home value estimate for Elwood?
The Zillow Home Value Index (ZHVI) for Elwood is $326,492, representing the typical home value in the area.
How much does a single-family home cost in Elwood?
The median single-family home price in Elwood, IL is $520,000 (about $193 per square foot).
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