Is Burr Ridge, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Burr Ridge was a Seller's Market.
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
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
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $364K | $378.5K | +4.0% |
2 Bedrooms | $440.5K | $520K | +18.0% |
3 Bedrooms | $505K | $515K | +2.0% |
4 Bedrooms | $725K | $830K | +14.5% |
5+ Bedrooms | $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 | $320K | $370K | +15.6% |
Downers Grove Township | $400.9K | $430.4K | +7.4% |
Willow Springs | $352K | $365K | +3.7% |
Willowbrook | $274.4K | $284K | +3.5% |
Burr Ridge | $692.5K | $674K | -2.7% |
Housing Supply in Burr Ridge, IL
How many homes are available in Burr Ridge, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
70 | 78 | +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
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 13 | 12 | -7.7% |
3 Bedrooms | 12 | 17 | +41.7% |
4 Bedrooms | 18 | 22 | +22.2% |
5+ Bedrooms | 26 | 26 | 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 2024 | May 2024 | CHANGE |
---|---|---|
13 | 12 | -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
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 2023 | May 2024 | CHANGE |
---|---|---|
37 Days | 11 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
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.