Is Gurnee, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Gurnee is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Gurnee, IL

How much do homes in Gurnee, IL cost?

Median Sold Price

$337,083

$170/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$12,083(+3.7%)

Key Takeaway

Homes in Gurnee have sold for 3.7% more than they did a year ago.

Summary: The median home sold price in Gurnee was $337,083 in May 2024, up 3.7% from last year, and the median price per square foot was $170.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $122.4K$140K
+14.3%
2 $200.5K$220K
+9.7%
3 $300K$315K
+5.0%
4 $400.5K$427K
+6.6%
5+ $515K$500K
-2.9%

Summary: Gurnee housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.3%, 2 bedroom homes increased by 9.7%, 3 bedroom homes increased by 5%, 4 bedroom homes increased by 6.6%, and 5+ bedroom homes decreased by 2.9%.

Median Sold Price Compared To Nearby Cities

Waukegan
+12.5%
Third Lake
+9.8%
Warren Township
+8.5%
Gurnee
+3.7%

Housing Supply in Gurnee, IL

How many homes are available in Gurnee, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
91116+27.5%

Summary: The Gurnee real estate market had 116 homes for sale in May 2024, a 27.5% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 21
-50.0%
2 1624
+50.0%
3 3542
+20.0%
4 3142
+35.5%
5+ 77
0.0%

Summary: The Gurnee housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 50%, 3 bedroom homes increased by 20%, 4 bedroom homes increased by 35.5%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Apr 2024May 2024CHANGE
3327-18.2%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

19 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Gurnee, you could pay more than the asking price. 70.4% of homes here sold above asking price last month.

Summary: A total of 27 homes were sold or pending in Gurnee in May 2024, down by 18.2% month-over-month. Of the 27 sold homes, 22% were sold under asking, 7% were sold at asking, and 70% were sold over asking.

Days on Market for Gurnee, IL

How long does it take to sell a home in Gurnee, IL?

Average Sale Time

May 2023May 2024CHANGE
11 Days8 Days-25.4%

Summary: Homes in Gurnee had an average of 8 days on market in May 2024, down by 25.4% compared to last year.

Breakdown of Home Sale Times

26 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 27 homes were sold in Gurnee; 96% of homes were sold within 30 days, 4% of homes were sold within 30 to 90 days, and 0% 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 11 Days Ago

Newest Listings in Gurnee, IL

Nearby Markets to Gurnee, IL

What housing markets are near Gurnee, IL?