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is a village in Gosper County, Nebraska, United States. It is part of the Lexington, Nebraska Micropolitan Statistical Area. The population was 761 at the 2000 census. It is the county seat of Gosper County.
According to the United States Census Bureau, the village has a total area of 0.5 square miles (1.3 km²), all of it land.
Elwood is located at the junction of state highways 23 (Ripley Street) and 283 (Smith Street) and is south of the Elwood Reservoir.