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 November 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

$777,500

$257/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$117,500(+17.8%)

Key Takeaway

Homes in Burr Ridge have sold for 17.8% more than they did a year ago.

Summary: The median home sold price in Burr Ridge was $777,500 in November 2024, up 17.8% from last year, and the median price per square foot was $257.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $385K$378.5K
-1.7%
2 $510K$510K
0.0%
3 $495K$642K
+29.7%
4 $822.5K$857.5K
+4.3%
5+ $1.1M$1.4M
+25.0%

Summary: Burr Ridge housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.7%, 2 bedroom homes did not change, 3 bedroom homes increased by 29.7%, 4 bedroom homes increased by 4.3%, and 5+ bedroom homes increased by 25%.

Median Sold Price Compared To Nearby Cities

Burr Ridge
+17.8%
Downers Grove Township
+14.7%
Willowbrook
+7.9%
Indian Head Park
+7.6%
Willow Springs
+7.1%

Housing Supply in Burr Ridge, IL

How many homes are available in Burr Ridge, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
6364+1.6%

Summary: The Burr Ridge real estate market had 64 homes for sale in November 2024, a 1.6% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 00
0.0%
2 1317
+30.8%
3 1616
0.0%
4 1718
+5.9%
5+ 1713
-23.5%

Summary: The Burr Ridge housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 30.8%, 3 bedroom homes remained the same, 4 bedroom homes increased by 5.9%, and 5+ bedroom homes decreased by 23.5%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
129-25.0%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

2 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. 77.8% of homes here sold below asking price last month.

Summary: A total of 9 homes were sold or pending in Burr Ridge in November 2024, down by 25.0% month-over-month. Of the 9 sold homes, 78% were sold under asking, 0% were sold at asking, and 22% 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

Nov 2023Nov 2024CHANGE
18 Days34 Days+86.0%

Summary: Homes in Burr Ridge had an average of 34 days on market in Nov 2024, up by 86% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

1 Home Was 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 November 2024, 9 homes were sold in Burr Ridge; 67% of homes were sold within 30 days, 22% 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 3 Days Ago

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