Is Vernon Hills, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Vernon Hills has remained a Seller's Market.
Housing Prices in Vernon Hills, IL
How much do homes in Vernon Hills, IL cost?
Median Sold Price
$405,500
$206/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Vernon Hills was $405,500 in May 2024, up 6.6% from last year, and the median price per square foot was $206.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $135K | $165.5K | +22.6% |
2 Bedrooms | $210K | $232K | +10.5% |
3 Bedrooms | $384K | $416.1K | +8.4% |
4 Bedrooms | $582K | $575K | -1.2% |
5+ Bedrooms | $740.5K | $890K | +20.2% |
Summary: Vernon Hills housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 22.6%, 2 bedroom homes increased by 10.5%, 3 bedroom homes increased by 8.4%, 4 bedroom homes decreased by 1.2%, and 5+ bedroom homes increased by 20.2%.
Median Sold Price Compared To Nearby Cities
Vernon Township | $455.2K | $486.3K | +6.8% |
Vernon Hills | $380.4K | $405.5K | +6.6% |
Lincolnshire | $625K | $611K | -2.2% |
Housing Supply in Vernon Hills, IL
How many homes are available in Vernon Hills, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
92 | 92 | 0.0% |
Summary: The Vernon Hills real estate market had 92 homes for sale in May 2024, the same as April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 2 | +100.0% |
2 Bedrooms | 22 | 24 | +9.1% |
3 Bedrooms | 36 | 29 | -19.4% |
4 Bedrooms | 28 | 32 | +14.3% |
5+ Bedrooms | 5 | 5 | 0.0% |
Summary: The Vernon Hills housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 9.1%, 3 bedroom homes decreased by 19.4%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
31 | 31 | 0.0% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Summary: A total of 31 homes were sold or pending in Vernon Hills in May 2024, the same as the previous month. Of the 31 sold homes, 45% were sold under asking, 6% were sold at asking, and 48% were sold over asking.
Days on Market for Vernon Hills, IL
How long does it take to sell a home in Vernon Hills, IL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
7 Days | 17 Days | +153.1% |
Summary: Homes in Vernon Hills had an average of 17 days on market in May 2024, up by 153.1% compared to last year.
Breakdown of Home Sale Times
25 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 31 homes were sold in Vernon Hills; 81% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.