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 May 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

$825,000

$219/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$75,000(+10.0%)

Key Takeaway

Homes in Long Grove have sold for 10% more than they did a year ago.

Summary: The median home sold price in Long Grove was $825,000 in May 2024, up 10% from last year, and the median price per square foot was $219.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 --
N/A
2 $502.5K$1.3M
+168.7%
3 $650K$586.2K
-9.8%
4 $754.9K$821K
+8.7%
5+ $905K$860K
-5.0%

Summary: Long Grove housing prices by bedroom type for May 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 decreased by 9.8%, 4 bedroom homes increased by 8.7%, and 5+ bedroom homes decreased by 5%.

Median Sold Price Compared To Nearby Cities

Kildeer
+12.3%
Long Grove
+10.0%
Vernon Township
+6.8%
Vernon Hills
+6.6%
Ela Township
+5.5%

Housing Supply in Long Grove, IL

How many homes are available in Long Grove, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
3044+46.7%

Summary: The Long Grove real estate market had 44 homes for sale in May 2024, a 46.7% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 44
0.0%
3 43
-25.0%
4 1116
+45.5%
5+ 1121
+90.9%

Summary: The Long Grove housing inventory by bedroom type for May 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 25%, 4 bedroom homes increased by 45.5%, and 5+ bedroom homes increased by 90.9%.

Number of Homes Sold

Apr 2024May 2024CHANGE
78+14.3%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

2 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. 50% of homes here sold below asking price last month.

Summary: A total of 8 homes were sold or pending in Long Grove in May 2024, up by 14.3% month-over-month. Of the 8 sold homes, 50% were sold under asking, 25% were sold at asking, and 25% 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

May 2023May 2024CHANGE
18 Days51 Days+175.5%

Summary: Homes in Long Grove had an average of 51 days on market in May 2024, up by 175.5% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

1 Home Was 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 May 2024, 8 homes were sold in Long Grove; 75% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 13% 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 1 Day Ago

Newest Listings in Long Grove, IL

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