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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Vernon Township is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

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

+$31,059(+6.8%)

Key Takeaway

Homes in Vernon Township have sold for 6.8% more than they did a year ago.

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

# BEDSMay 2023May 2024CHANGE
1 $195K$215K
+10.3%
2 $250.5K$275K
+9.8%
3 $397K$435K
+9.6%
4 $587.1K$625K
+6.4%
5+ $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
+10.6%
Riverwoods
+8.8%
Vernon Township
+6.8%
Vernon Hills
+6.6%
Lincolnshire
-2.2%

Housing Supply in Vernon Township, IL

How many homes are available in Vernon Township, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
268307+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

# BEDSApr 2024May 2024CHANGE
1 22
0.0%
2 5666
+17.9%
3 9393
0.0%
4 88109
+23.9%
5+ 2937
+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 2024May 2024CHANGE
7691+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

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Vernon Township, you could pay more than the asking price. 53.8% of homes here sold above asking price last month.

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 2023May 2024CHANGE
30 Days19 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

Breakdown of Home Sale Times

Key Takeaway

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

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.

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 Township, IL

Nearby Markets to Vernon Township, IL

What housing markets are near Vernon Township, IL?