Is Burr Ridge, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Burr Ridge is a neutral's market

Buyer's
Market

Difference Since May 2023

At the same time last year, Burr Ridge was a Seller's Market.

Key Takeaway

Burr Ridge is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Burr Ridge, IL

How much do homes in Burr Ridge, IL cost?

Median Sold Price

$674,000

$246/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

-$18,500(-2.7%)

Key Takeaway

Homes in Burr Ridge have sold for 2.7% less than they did a year ago.

Summary: The median home sold price in Burr Ridge was $674,000 in May 2024, down 2.7% from last year, and the median price per square foot was $246.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $364K$378.5K
+4.0%
2 $440.5K$520K
+18.0%
3 $505K$515K
+2.0%
4 $725K$830K
+14.5%
5+ $1.1M$1.2M
+5.0%

Summary: Burr Ridge housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4%, 2 bedroom homes increased by 18%, 3 bedroom homes increased by 2%, 4 bedroom homes increased by 14.5%, and 5+ bedroom homes increased by 5%.

Median Sold Price Compared To Nearby Cities

Indian Head Park
+15.6%
Downers Grove Township
+7.4%
Willow Springs
+3.7%
Willowbrook
+3.5%
Burr Ridge
-2.7%

Housing Supply in Burr Ridge, IL

How many homes are available in Burr Ridge, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
7078+11.4%

Summary: The Burr Ridge real estate market had 78 homes for sale in May 2024, a 11.4% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 11
0.0%
2 1312
-7.7%
3 1217
+41.7%
4 1822
+22.2%
5+ 2626
0.0%

Summary: The Burr Ridge housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 7.7%, 3 bedroom homes increased by 41.7%, 4 bedroom homes increased by 22.2%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
1312-7.7%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Burr Ridge, you may be able to get a good deal. 41.7% of homes here sold below asking price last month.

Summary: A total of 12 homes were sold or pending in Burr Ridge in May 2024, down by 7.7% month-over-month. Of the 12 sold homes, 42% were sold under asking, 25% were sold at asking, and 33% were sold over asking.

Days on Market for Burr Ridge, IL

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

Average Sale Time

May 2023May 2024CHANGE
37 Days11 Days-70.6%

Summary: Homes in Burr Ridge had an average of 11 days on market in May 2024, down by 70.6% compared to last year.

Breakdown of Home Sale Times

11 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 Burr Ridge are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 12 homes were sold in Burr Ridge; 92% of homes were sold within 30 days, 8% 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 1 Day Ago

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