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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing River Grove is a seller's market

Buyer's
Market

Difference Since January 2023

Since last year, River Grove has remained a Seller's Market.

Key Takeaway

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

Housing Prices in River Grove, IL

How much do homes in River Grove, IL cost?

Median Sold Price

$262,500

$195/sqft

Based on all homes sold in the last 12 months.

Difference Since January 2023

+$5,500(+2.1%)

Key Takeaway

Homes in River Grove have sold for 2.1% more than they did a year ago.

Summary: The median home sold price in River Grove was $262,500 in January 2024, up 2.1% from last year, and the median price per square foot was $195.

Median Sold Price By Bedroom Count

# BEDSJan 2023Jan 2024CHANGE
1 $123.7K$122.5K
-1.0%
2 $228.2K$200K
-12.4%
3 $299.5K$304K
+1.5%
4 $307.5K$363K
+18.0%
5+ $525K$472.5K
-10.0%

Summary: River Grove housing prices by bedroom type for January 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1%, 2 bedroom homes decreased by 12.4%, 3 bedroom homes increased by 1.5%, 4 bedroom homes increased by 18%, and 5+ bedroom homes decreased by 10%.

Median Sold Price Compared To Nearby Cities

Elmwood Park
+10.6%
Leyden Township
+7.1%
Franklin Park
+6.8%
Melrose Park
+3.4%
River Grove
+2.1%

Housing Supply in River Grove, IL

How many homes are available in River Grove, IL?

Number of Homes For Sale

Dec 2023Jan 2024CHANGE
2018-10.0%

Summary: The River Grove real estate market had 18 homes for sale in January 2024, a 10.0% decrease compared to December 2023.

Homes For Sale By Bedroom Count

# BEDSDec 2023Jan 2024CHANGE
1 32
-33.3%
2 42
-50.0%
3 88
0.0%
4 45
+25.0%
5+ 11
0.0%

Summary: The River Grove housing inventory by bedroom type for January 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes decreased by 50%, 3 bedroom homes remained the same, 4 bedroom homes increased by 25%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Dec 2023Jan 2024CHANGE
74-42.9%

Asking Price vs. Sold Price

3 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 River Grove, you may be able to get a good deal. 75% of homes here sold below asking price last month.

Summary: A total of 4 homes were sold or pending in River Grove in January 2024, down by 42.9% month-over-month. Of the 4 sold homes, 75% were sold under asking, 0% were sold at asking, and 25% were sold over asking.

Days on Market for River Grove, IL

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

Average Sale Time

Jan 2023Jan 2024CHANGE
31 Days41 Days+34.7%

Summary: Homes in River Grove had an average of 41 days on market in Jan 2024, up by 34.7% compared to last year.

Breakdown of Home Sale Times

3 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 River Grove are selling fast, if you're buying plan to act quickly.

Summary: During January 2024, 4 homes were sold in River Grove; 75% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 25% 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 23 Days Ago

Newest Listings in River Grove, IL

Nearby Markets to River Grove, IL

What housing markets are near River Grove, IL?