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 buyer's market

Buyer's
Market

Difference Since February 2023

At the same time last year, Burr Ridge was a Seller's Market.

Key Takeaway

Burr Ridge is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Burr Ridge, IL

How much do homes in Burr Ridge, IL cost?

Median Sold Price

$650,800

$240/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

-$81,700(-11.2%)

Key Takeaway

Homes in Burr Ridge have sold for 11.2% less than they did a year ago.

Summary: The median home sold price in Burr Ridge was $650,800 in February 2024, down 11.2% from last year, and the median price per square foot was $240.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $364K$385K
+5.8%
2 $417.5K$510K
+22.2%
3 $495K$500K
+1.0%
4 $775K$865.5K
+11.7%
5+ $1.1M$1.0M
-8.6%

Summary: Burr Ridge housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.8%, 2 bedroom homes increased by 22.2%, 3 bedroom homes increased by 1%, 4 bedroom homes increased by 11.7%, and 5+ bedroom homes decreased by 8.6%.

Median Sold Price Compared To Nearby Cities

Indian Head Park
+10.7%
Willowbrook
+8.3%
Willow Springs
+3.7%
Downers Grove Township
-0.6%
Burr Ridge
-11.2%

Housing Supply in Burr Ridge, IL

How many homes are available in Burr Ridge, IL?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
3755+48.6%

Summary: The Burr Ridge real estate market had 55 homes for sale in February 2024, a 48.6% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 35
+66.7%
3 68
+33.3%
4 1420
+42.9%
5+ 1422
+57.1%

Summary: The Burr Ridge housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 66.7%, 3 bedroom homes increased by 33.3%, 4 bedroom homes increased by 42.9%, and 5+ bedroom homes increased by 57.1%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
660.0%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was 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. 83.3% of homes here sold below asking price last month.

Summary: A total of 6 homes were sold or pending in Burr Ridge in February 2024, the same as the previous month. Of the 6 sold homes, 83% were sold under asking, 0% were sold at asking, and 17% 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

Feb 2023Feb 2024CHANGE
59 Days67 Days+13.5%

Summary: Homes in Burr Ridge had an average of 67 days on market in Feb 2024, up by 13.5% compared to last year.

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Most homes in Burr Ridge are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During February 2024, 6 homes were sold in Burr Ridge; 33% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 50% 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 2 Days Ago

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