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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Long Grove is a seller's market

Buyer's
Market

Difference Since February 2023

At the same time last year, Long Grove was a Buyer's Market.

Key Takeaway

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

Housing Prices in Long Grove, IL

How much do homes in Long Grove, IL cost?

Median Sold Price

$802,223

$219/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$52,223(+7.0%)

Key Takeaway

Homes in Long Grove have sold for 7% more than they did a year ago.

Summary: The median home sold price in Long Grove was $802,223 in February 2024, up 7% from last year, and the median price per square foot was $219.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 --
N/A
2 $485K$1.3M
+178.4%
3 $620K$613.7K
-1.0%
4 $749K$836.1K
+11.6%
5+ $895K$853K
-4.7%

Summary: Long Grove housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 178.4%, 3 bedroom homes decreased by 1%, 4 bedroom homes increased by 11.6%, and 5+ bedroom homes decreased by 4.7%.

Median Sold Price Compared To Nearby Cities

Kildeer
+26.2%
Long Grove
+7.0%
Vernon Hills
+5.8%
Vernon Township
+1.6%
Ela Township
0.5%

Housing Supply in Long Grove, IL

How many homes are available in Long Grove, IL?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
2129+38.1%

Summary: The Long Grove real estate market had 29 homes for sale in February 2024, a 38.1% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 65
-16.7%
3 44
0.0%
4 410
+150.0%
5+ 710
+42.9%

Summary: The Long Grove 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 decreased by 16.7%, 3 bedroom homes remained the same, 4 bedroom homes increased by 150%, and 5+ bedroom homes increased by 42.9%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
37+133.3%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Long Grove, you may be able to get a good deal. 57.1% of homes here sold below asking price last month.

Summary: A total of 7 homes were sold or pending in Long Grove in February 2024, up by 133.3% month-over-month. Of the 7 sold homes, 57% were sold under asking, 0% were sold at asking, and 43% were sold over asking.

Days on Market for Long Grove, IL

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

Average Sale Time

Feb 2023Feb 2024CHANGE
1 Days30 Days+1957.1%

Summary: Homes in Long Grove had an average of 30 days on market in Feb 2024, up by 1957.1% compared to last year.

Breakdown of Home Sale Times

4 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 Long Grove are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 7 homes were sold in Long Grove; 57% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 14% 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 27 Days Ago

Newest Listings in Long Grove, IL

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