Is Northbrook, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Northbrook is a seller's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

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

Housing Prices in Northbrook, IL

How much do homes in Northbrook, IL cost?

Median Sold Price

$586,200

$248/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$40,700(+7.5%)

Key Takeaway

Homes in Northbrook have sold for 7.5% more than they did a year ago.

Summary: The median home sold price in Northbrook was $586,200 in May 2024, up 7.5% from last year, and the median price per square foot was $248.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $143.9K$165.3K
+14.9%
2 $315K$340K
+7.9%
3 $485K$565.5K
+16.6%
4 $740K$751.5K
+1.6%
5+ $946.5K$1.0M
+7.8%

Summary: Northbrook housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.9%, 2 bedroom homes increased by 7.9%, 3 bedroom homes increased by 16.6%, 4 bedroom homes increased by 1.6%, and 5+ bedroom homes increased by 7.8%.

Median Sold Price Compared To Nearby Cities

Northfield Township
+9.2%
Northbrook
+7.5%
Deerfield
+4.4%
Glenview
0.2%

Housing Supply in Northbrook, IL

How many homes are available in Northbrook, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
180205+13.9%

Summary: The Northbrook real estate market had 205 homes for sale in May 2024, a 13.9% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 32
-33.3%
2 5452
-3.7%
3 5164
+25.5%
4 4455
+25.0%
5+ 2832
+14.3%

Summary: The Northbrook housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes decreased by 3.7%, 3 bedroom homes increased by 25.5%, 4 bedroom homes increased by 25%, and 5+ bedroom homes increased by 14.3%.

Number of Homes Sold

Apr 2024May 2024CHANGE
4160+46.3%

Asking Price vs. Sold Price

18 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

34 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Northbrook, you could pay more than the asking price. 56.7% of homes here sold above asking price last month.

Summary: A total of 60 homes were sold or pending in Northbrook in May 2024, up by 46.3% month-over-month. Of the 60 sold homes, 30% were sold under asking, 13% were sold at asking, and 57% were sold over asking.

Days on Market for Northbrook, IL

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

Average Sale Time

May 2023May 2024CHANGE
19 Days18 Days-8.7%

Summary: Homes in Northbrook had an average of 18 days on market in May 2024, down by 8.7% compared to last year.

Breakdown of Home Sale Times

50 Homes Were Sold
Under 30 Days

9 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 60 homes were sold in Northbrook; 83% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 2% 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

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