Is Buffalo Grove, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Buffalo Grove is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Buffalo Grove has remained a Seller's Market.

Key Takeaway

Buffalo Grove is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Buffalo Grove, IL

How much do homes in Buffalo Grove, IL cost?

Median Sold Price

$394,000

$219/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$37,733(+10.6%)

Key Takeaway

Homes in Buffalo Grove have sold for 10.6% more than they did a year ago.

Summary: The median home sold price in Buffalo Grove was $394,000 in May 2024, up 10.6% from last year, and the median price per square foot was $219.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $127K$143.5K
+13.0%
2 $230K$255K
+10.9%
3 $369K$399K
+8.1%
4 $502.4K$545K
+8.5%
5+ $650.6K$675K
+3.7%

Summary: Buffalo Grove housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13%, 2 bedroom homes increased by 10.9%, 3 bedroom homes increased by 8.1%, 4 bedroom homes increased by 8.5%, and 5+ bedroom homes increased by 3.7%.

Median Sold Price Compared To Nearby Cities

Buffalo Grove
+10.6%
Riverwoods
+8.8%
Vernon Township
+6.8%
Wheeling
+5.6%
Lincolnshire
-2.2%

Housing Supply in Buffalo Grove, IL

How many homes are available in Buffalo Grove, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
164184+12.2%

Summary: The Buffalo Grove real estate market had 184 homes for sale in May 2024, a 12.2% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 98
-11.1%
2 4959
+20.4%
3 6061
+1.7%
4 4250
+19.0%
5+ 46
+50.0%

Summary: The Buffalo Grove housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 11.1%, 2 bedroom homes increased by 20.4%, 3 bedroom homes increased by 1.7%, 4 bedroom homes increased by 19%, and 5+ bedroom homes increased by 50%.

Number of Homes Sold

Apr 2024May 2024CHANGE
5857-1.7%

Asking Price vs. Sold Price

12 Homes Were Sold
Under Asking

11 Homes Were Sold
At Asking

34 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Buffalo Grove, you could pay more than the asking price. 59.6% of homes here sold above asking price last month.

Summary: A total of 57 homes were sold or pending in Buffalo Grove in May 2024, down by 1.7% month-over-month. Of the 57 sold homes, 21% were sold under asking, 19% were sold at asking, and 60% were sold over asking.

Days on Market for Buffalo Grove, IL

How long does it take to sell a home in Buffalo Grove, IL?

Average Sale Time

May 2023May 2024CHANGE
14 Days10 Days-27.6%

Summary: Homes in Buffalo Grove had an average of 10 days on market in May 2024, down by 27.6% compared to last year.

Breakdown of Home Sale Times

55 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Buffalo Grove are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 57 homes were sold in Buffalo Grove; 96% of homes were sold within 30 days, 2% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

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