Is Vernon Township, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Vernon Township is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, Vernon Township has remained a Seller's Market.

Key Takeaway

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

Housing Prices in Vernon Township, IL

How much do homes in Vernon Township, IL cost?

Median Sold Price

$507,375

$229/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$49,310(+10.8%)

Key Takeaway

Homes in Vernon Township have sold for 10.8% more than they did a year ago.

Summary: The median home sold price in Vernon Township was $507,375 in October 2024, up 10.8% from last year, and the median price per square foot was $229.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $195K$218K
+11.8%
2 $260K$290K
+11.5%
3 $405K$462.3K
+14.2%
4 $623.3K$637K
+2.2%
5+ $832.4K$945K
+13.5%

Summary: Vernon Township housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.8%, 2 bedroom homes increased by 11.5%, 3 bedroom homes increased by 14.2%, 4 bedroom homes increased by 2.2%, and 5+ bedroom homes increased by 13.5%.

Median Sold Price Compared To Nearby Cities

Riverwoods
+20.0%
Buffalo Grove
+14.0%
Lincolnshire
+11.1%
Vernon Township
+10.8%
Vernon Hills
+8.9%

Housing Supply in Vernon Township, IL

How many homes are available in Vernon Township, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
216232+7.4%

Summary: The Vernon Township real estate market had 232 homes for sale in October 2024, a 7.4% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 22
0.0%
2 5355
+3.8%
3 6678
+18.2%
4 7169
-2.8%
5+ 2428
+16.7%

Summary: The Vernon Township housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 3.8%, 3 bedroom homes increased by 18.2%, 4 bedroom homes decreased by 2.8%, and 5+ bedroom homes increased by 16.7%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
6269+11.3%

Asking Price vs. Sold Price

43 Homes Were Sold
Under Asking

10 Homes Were Sold
At Asking

16 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Vernon Township, you may be able to get a good deal. 62.3% of homes here sold below asking price last month.

Summary: A total of 69 homes were sold or pending in Vernon Township in October 2024, up by 11.3% month-over-month. Of the 69 sold homes, 62% were sold under asking, 14% were sold at asking, and 23% were sold over asking.

Days on Market for Vernon Township, IL

How long does it take to sell a home in Vernon Township, IL?

Average Sale Time

Oct 2023Oct 2024CHANGE
15 Days23 Days+52.9%

Summary: Homes in Vernon Township had an average of 23 days on market in Oct 2024, up by 52.9% compared to last year.

Breakdown of Home Sale Times

49 Homes Were Sold
Under 30 Days

17 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Vernon Township are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 69 homes were sold in Vernon Township; 71% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 4% 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 12 Days Ago

Newest Listings in Vernon Township, IL

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