Is Vernon Hills, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Vernon Hills is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

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

+$25,087(+6.6%)

Key Takeaway

Homes in Vernon Hills have sold for 6.6% more than they did a year ago.

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

# BEDSMay 2023May 2024CHANGE
1 $135K$165.5K
+22.6%
2 $210K$232K
+10.5%
3 $384K$416.1K
+8.4%
4 $582K$575K
-1.2%
5+ $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
+6.8%
Vernon Hills
+6.6%
Lincolnshire
-2.2%

Housing Supply in Vernon Hills, IL

How many homes are available in Vernon Hills, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
92920.0%

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

# BEDSApr 2024May 2024CHANGE
1 12
+100.0%
2 2224
+9.1%
3 3629
-19.4%
4 2832
+14.3%
5+ 55
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 2024May 2024CHANGE
31310.0%

Asking Price vs. Sold Price

14 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

15 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Vernon Hills, you could pay more than the asking price. 48.4% of homes here sold above asking price last month.

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 2023May 2024CHANGE
7 Days17 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

Breakdown of Home Sale Times

Key Takeaway

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

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.

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

Report Updated 1 Day Ago

Newest Listings in Vernon Hills, IL

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