Is Gurnee, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Gurnee is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Gurnee, IL

How much do homes in Gurnee, IL cost?

Median Sold Price

$337,083

$170/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$12,083(+3.7%)

Key Takeaway

Homes in Gurnee have sold for 3.7% more than they did a year ago.

Summary: The median home sold price in Gurnee was $337,083 in May 2024, up 3.7% from last year, and the median price per square foot was $170.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $122.4K$140K
+14.3%
2 $200.5K$220K
+9.7%
3 $300K$315K
+5.0%
4 $400.5K$427K
+6.6%
5+ $515K$500K
-2.9%

Summary: Gurnee housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.3%, 2 bedroom homes increased by 9.7%, 3 bedroom homes increased by 5%, 4 bedroom homes increased by 6.6%, and 5+ bedroom homes decreased by 2.9%.

Median Sold Price Compared To Nearby Cities

Waukegan
+12.5%
Third Lake
+9.8%
Warren Township
+8.5%
Gurnee
+3.7%

Housing Supply in Gurnee, IL

How many homes are available in Gurnee, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
91116+27.5%

Summary: The Gurnee real estate market had 116 homes for sale in May 2024, a 27.5% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 21
-50.0%
2 1624
+50.0%
3 3542
+20.0%
4 3142
+35.5%
5+ 77
0.0%

Summary: The Gurnee housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 50%, 3 bedroom homes increased by 20%, 4 bedroom homes increased by 35.5%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
3327-18.2%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

19 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Gurnee, you could pay more than the asking price. 70.4% of homes here sold above asking price last month.

Summary: A total of 27 homes were sold or pending in Gurnee in May 2024, down by 18.2% month-over-month. Of the 27 sold homes, 22% were sold under asking, 7% were sold at asking, and 70% were sold over asking.

Days on Market for Gurnee, IL

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

Average Sale Time

May 2023May 2024CHANGE
11 Days8 Days-25.4%

Summary: Homes in Gurnee had an average of 8 days on market in May 2024, down by 25.4% compared to last year.

Breakdown of Home Sale Times

26 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 27 homes were sold in Gurnee; 96% of homes were sold within 30 days, 4% of homes were sold within 30 to 90 days, and 0% 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 9 Days Ago

Newest Listings in Gurnee, IL

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