Elgin October Market Pulse: Prices Dip as Sales Slow

Elgin home prices dipped 7.7% in October compared to September, settling at a median of $252,268 across 40 closed sales. This marks a 14.1% drop from the same month last year, reflecting a cooling trend after a busy summer. While the number of homes sold fell 27.3% from September, the market showed resilience with prices holding steady on a per-square-foot basis at $150. Homes in Elgin spent an average of 66 days on the market, up slightly from the prior month but significantly faster than the 90-day pace seen last October. Buyers are negotiating more effectively; the median sale price reached 96.3% of the original list price, a 2.4% improvement over September and a 4.2% gain year-over-year. Only 65% of homes sold below their original asking price, down from 80% in September, indicating that aggressive pricing is becoming less common as sellers adjust to current conditions. The median home size sold in October was 1,748 square feet, a 10.6% decrease from the previous month and 2.1% smaller than last year. With 283 active listings on hand, the market currently holds 5.1 months of inventory, suggesting a balanced environment where neither buyers nor sellers hold a distinct advantage. This data reflects single-family home sales with prices net of seller-paid concessions. Want a closer look? Reply or call George at 713.918.9951 and we'll set up a showing. Data from Unlock MLS. Information deemed reliable but not guaranteed. Model outputs are ALEX Intelligence estimates, not appraisals. Read more Central Texas market data on the ALEX blog: https://alex-companies.com/blog