Is Burr Ridge, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Burr Ridge is a seller's market

Buyer's
Market

Difference Since June 2023

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

Key Takeaway

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

Housing Prices in Burr Ridge, IL

How much do homes in Burr Ridge, IL cost?

Median Sold Price

$750,000

$242/sqft

Based on all homes sold in the last 12 months.

Difference Since June 2023

+$90,000(+13.6%)

Key Takeaway

Homes in Burr Ridge have sold for 13.6% more than they did a year ago.

Summary: The median home sold price in Burr Ridge was $750,000 in June 2024, up 13.6% from last year, and the median price per square foot was $242.

Median Sold Price By Bedroom Count

# BEDSJun 2023Jun 2024CHANGE
1 $357K$385K
+7.8%
2 $440.5K$520K
+18.0%
3 $462.5K$567.5K
+22.7%
4 $715K$899K
+25.7%
5+ $1.1M$1.3M
+15.2%

Summary: Burr Ridge housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.8%, 2 bedroom homes increased by 18%, 3 bedroom homes increased by 22.7%, 4 bedroom homes increased by 25.7%, and 5+ bedroom homes increased by 15.2%.

Median Sold Price Compared To Nearby Cities

Burr Ridge
+13.6%
Downers Grove Township
+11.1%
Indian Head Park
+9.7%
Willowbrook
+7.3%
Willow Springs
+2.2%

Housing Supply in Burr Ridge, IL

How many homes are available in Burr Ridge, IL?

Number of Homes For Sale

May 2024Jun 2024CHANGE
7081+15.7%

Summary: The Burr Ridge real estate market had 81 homes for sale in June 2024, a 15.7% increase compared to May 2024.

Homes For Sale By Bedroom Count

# BEDSMay 2024Jun 2024CHANGE
1 10
-100.0%
2 109
-10.0%
3 1517
+13.3%
4 2127
+28.6%
5+ 2328
+21.7%

Summary: The Burr Ridge housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes decreased by 10%, 3 bedroom homes increased by 13.3%, 4 bedroom homes increased by 28.6%, and 5+ bedroom homes increased by 21.7%.

Number of Homes Sold

May 2024Jun 2024CHANGE
1319+46.2%

Asking Price vs. Sold Price

11 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

7 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Burr Ridge, you may be able to get a good deal. 57.9% of homes here sold below asking price last month.

Summary: A total of 19 homes were sold or pending in Burr Ridge in June 2024, up by 46.2% month-over-month. Of the 19 sold homes, 58% were sold under asking, 5% were sold at asking, and 37% were sold over asking.

Days on Market for Burr Ridge, IL

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

Average Sale Time

Jun 2023Jun 2024CHANGE
23 Days22 Days-2.4%

Summary: Homes in Burr Ridge had an average of 22 days on market in Jun 2024, down by 2.4% compared to last year.

Breakdown of Home Sale Times

17 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During June 2024, 19 homes were sold in Burr Ridge; 89% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 11% 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 26 Days Ago

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