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 March 2023

Since last year, Long Grove has remained a Seller'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

$220/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$42,223(+5.6%)

Key Takeaway

Homes in Long Grove have sold for 5.6% more than they did a year ago.

Summary: The median home sold price in Long Grove was $802,223 in March 2024, up 5.6% from last year, and the median price per square foot was $220.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 --
N/A
2 $502.5K$1.3M
+168.7%
3 $605K$635K
+5.0%
4 $754.9K$828K
+9.7%
5+ $895K$860K
-3.9%

Summary: Long Grove housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 168.7%, 3 bedroom homes increased by 5%, 4 bedroom homes increased by 9.7%, and 5+ bedroom homes decreased by 3.9%.

Median Sold Price Compared To Nearby Cities

Kildeer
+25.5%
Vernon Hills
+6.4%
Long Grove
+5.6%
Vernon Township
+3.2%
Ela Township
0.4%

Housing Supply in Long Grove, IL

How many homes are available in Long Grove, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
2729+7.4%

Summary: The Long Grove real estate market had 29 homes for sale in March 2024, a 7.4% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 00
0.0%
2 55
0.0%
3 42
-50.0%
4 911
+22.2%
5+ 911
+22.2%

Summary: The Long Grove housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 50%, 4 bedroom homes increased by 22.2%, and 5+ bedroom homes increased by 22.2%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
770.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

2 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 could pay more than the asking price. 42.9% of homes here sold above asking price last month.

Summary: A total of 7 homes were sold or pending in Long Grove in March 2024, the same as the previous month. Of the 7 sold homes, 29% were sold under asking, 29% 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

Mar 2023Mar 2024CHANGE
22 Days22 Days-1.3%

Summary: Homes in Long Grove had an average of 22 days on market in Mar 2024, down by 1.3% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

0 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 March 2024, 7 homes were sold in Long Grove; 86% of homes were sold within 30 days, 0% 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 25 Days Ago

Newest Listings in Long Grove, IL

Nearby Markets to Long Grove, IL

What housing markets are near Long Grove, IL?