Is Burr Ridge, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Burr Ridge is a neutral's market

Buyer's
Market

Difference Since October 2023

At the same time last year, Burr Ridge was a Seller's Market.

Key Takeaway

Burr Ridge is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Burr Ridge, IL

How much do homes in Burr Ridge, IL cost?

Median Sold Price

$805,000

$258/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$163,400(+25.5%)

Key Takeaway

Homes in Burr Ridge have sold for 25.5% more than they did a year ago.

Summary: The median home sold price in Burr Ridge was $805,000 in October 2024, up 25.5% from last year, and the median price per square foot was $258.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $372.5K$385K
+3.4%
2 $520K$509K
-2.1%
3 $452.2K$691.5K
+52.9%
4 $792.5K$885K
+11.7%
5+ $1.1M$1.3M
+21.8%

Summary: Burr Ridge housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.4%, 2 bedroom homes decreased by 2.1%, 3 bedroom homes increased by 52.9%, 4 bedroom homes increased by 11.7%, and 5+ bedroom homes increased by 21.8%.

Median Sold Price Compared To Nearby Cities

Burr Ridge
+25.5%
Downers Grove Township
+16.8%
Willowbrook
+12.1%
Willow Springs
+10.0%
Indian Head Park
+6.8%

Housing Supply in Burr Ridge, IL

How many homes are available in Burr Ridge, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
71710.0%

Summary: The Burr Ridge real estate market had 71 homes for sale in October 2024, the same as September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 10
-100.0%
2 1314
+7.7%
3 1916
-15.8%
4 2120
-4.8%
5+ 1721
+23.5%

Summary: The Burr Ridge housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 7.7%, 3 bedroom homes decreased by 15.8%, 4 bedroom homes decreased by 4.8%, and 5+ bedroom homes increased by 23.5%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1911-42.1%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Burr Ridge, you may be able to get a good deal. 72.7% of homes here sold below asking price last month.

Summary: A total of 11 homes were sold or pending in Burr Ridge in October 2024, down by 42.1% month-over-month. Of the 11 sold homes, 73% were sold under asking, 0% were sold at asking, and 27% were sold over asking.

Days on Market for Burr Ridge, IL

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

Average Sale Time

Oct 2023Oct 2024CHANGE
29 Days40 Days+36.7%

Summary: Homes in Burr Ridge had an average of 40 days on market in Oct 2024, up by 36.7% compared to last year.

Breakdown of Home Sale Times

7 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During October 2024, 11 homes were sold in Burr Ridge; 64% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 18% 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 16 Days Ago

Newest Listings in Burr Ridge, IL

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