Elwood, IL, Real Estate
Elwood, Illinois, is a charming village located in Will County, about 50 miles southwest of Chicago. Known for its small-town atmosphere, Elwood offers a peaceful retreat with a population of around 2,200 residents. The village is home to the Abraham Lincoln National Cemetery, a significant site honoring veterans, and is near the Midewin National Tallgrass Prairie, a unique natural preserve. Elwood’s community thrives on local events, like the annual Elwood Festival, fostering a strong sense of togetherness. With its proximity to major highways and industrial centers, Elwood balances rural tranquility with economic opportunity, making it a hidden gem in Illinois.
Elwood currently has 12 single family homes for sale with an average list price of $466,158.25, 4 townhouses for sale with an average list price of $293,100, 1 condo for sale with a list price of $284,850, and 12 lots for sale with an average list price of $2,785,408.33. The average annual property tax for Elwood is $5,095.68.
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Using the absorption rate, we can determine how long it's taking for homes to sell and which price points are selling the fastest in Elwood, i.e. what's hot and what's not.
See What's Hot & What's Not in Elwood
Market Trends
Elwood home sales for the month of February rose in volume by 100% when compared to last year, while the median sale price decreased by 0.7% from $350,000 to $347,500. House sales rose by 100%, while the median sale price decreased by 0.7% from $350,000 to $347,500.
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53
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48
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53
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41
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| 2022 | 2023 | 2024 | 2025 |
| # of sales per year | |||
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$250,000
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$285,000
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$306,000
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$325,000
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| 2022 | 2023 | 2024 | 2025 |
| median sale price per year | |||
Median Sale Price for Elwood
Number of Sales for Elwood
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