Is Spring Grove, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Spring Grove is a neutral's market

Buyer's
Market

Difference Since May 2023

At the same time last year, Spring Grove was a Seller's Market.

Key Takeaway

Spring Grove is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Spring Grove, IL

How much do homes in Spring Grove, IL cost?

Median Sold Price

$376,000

$164/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

-$15,900(-4.1%)

Key Takeaway

Homes in Spring Grove have sold for 4.1% less than they did a year ago.

Summary: The median home sold price in Spring Grove was $376,000 in May 2024, down 4.1% from last year, and the median price per square foot was $164.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $201.5K$154.8K
-23.2%
2 $204.9K$198K
-3.4%
3 $407.4K$360K
-11.6%
4 $391.9K$487K
+24.3%
5+ $452.5K$497.5K
+9.9%

Summary: Spring Grove housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 23.2%, 2 bedroom homes decreased by 3.4%, 3 bedroom homes decreased by 11.6%, 4 bedroom homes increased by 24.3%, and 5+ bedroom homes increased by 9.9%.

Median Sold Price Compared To Nearby Cities

Randall
+13.0%
Fox Lake
+11.3%
Richmond Township
+10.3%
Burton Township
+4.2%
Spring Grove
-4.1%

Housing Supply in Spring Grove, IL

How many homes are available in Spring Grove, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
3650+38.9%

Summary: The Spring Grove real estate market had 50 homes for sale in May 2024, a 38.9% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 01
+100.0%
2 43
-25.0%
3 1419
+35.7%
4 1523
+53.3%
5+ 34
+33.3%

Summary: The Spring Grove 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 decreased by 25%, 3 bedroom homes increased by 35.7%, 4 bedroom homes increased by 53.3%, and 5+ bedroom homes increased by 33.3%.

Number of Homes Sold

Apr 2024May 2024CHANGE
880.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Spring Grove, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.

Summary: A total of 8 homes were sold or pending in Spring Grove in May 2024, the same as the previous month. Of the 8 sold homes, 25% were sold under asking, 50% were sold at asking, and 25% were sold over asking.

Days on Market for Spring Grove, IL

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

Average Sale Time

May 2023May 2024CHANGE
10 Days22 Days+111.0%

Summary: Homes in Spring Grove had an average of 22 days on market in May 2024, up by 111% compared to last year.

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 8 homes were sold in Spring Grove; 63% of homes were sold within 30 days, 38% 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 5 Days Ago

Newest Listings in Spring Grove, IL

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