Is Vernon Township, 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 Township has remained a Seller's Market.
Housing Prices in Vernon Township, IL
How much do homes in Vernon Township, IL cost?
Median Sold Price
$486,329
$222/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Vernon Township was $486,329 in May 2024, up 6.8% from last year, and the median price per square foot was $222.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $195K | $215K | +10.3% |
2 Bedrooms | $250.5K | $275K | +9.8% |
3 Bedrooms | $397K | $435K | +9.6% |
4 Bedrooms | $587.1K | $625K | +6.4% |
5+ Bedrooms | $787.5K | $847K | +7.6% |
Summary: Vernon Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.3%, 2 bedroom homes increased by 9.8%, 3 bedroom homes increased by 9.6%, 4 bedroom homes increased by 6.4%, and 5+ bedroom homes increased by 7.6%.
Median Sold Price Compared To Nearby Cities
Buffalo Grove | $356.2K | $394K | +10.6% |
Riverwoods | $735K | $799.9K | +8.8% |
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 Township, IL
How many homes are available in Vernon Township, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
268 | 307 | +14.6% |
Summary: The Vernon Township real estate market had 307 homes for sale in May 2024, a 14.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 2 | 0.0% |
2 Bedrooms | 56 | 66 | +17.9% |
3 Bedrooms | 93 | 93 | 0.0% |
4 Bedrooms | 88 | 109 | +23.9% |
5+ Bedrooms | 29 | 37 | +27.6% |
Summary: The Vernon Township 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 increased by 17.9%, 3 bedroom homes remained the same, 4 bedroom homes increased by 23.9%, and 5+ bedroom homes increased by 27.6%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
76 | 91 | +19.7% |
Asking Price vs. Sold Price
31 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
49 Homes Were Sold
Over Asking
Summary: A total of 91 homes were sold or pending in Vernon Township in May 2024, up by 19.7% month-over-month. Of the 91 sold homes, 34% were sold under asking, 12% were sold at asking, and 54% were sold over asking.
Days on Market for Vernon Township, IL
How long does it take to sell a home in Vernon Township, IL?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
30 Days | 19 Days | -35.1% |
Summary: Homes in Vernon Township had an average of 19 days on market in May 2024, down by 35.1% compared to last year.
Breakdown of Home Sale Times
81 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Summary: During May 2024, 91 homes were sold in Vernon Township; 89% of homes were sold within 30 days, 5% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.