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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Vernon Hills is a seller's market

Buyer's
Market

Difference Since November 2023

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

Key Takeaway

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

Housing Prices in Vernon Hills, IL

How much do homes in Vernon Hills, IL cost?

Median Sold Price

$419,250

$217/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$29,283(+7.5%)

Key Takeaway

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

Summary: The median home sold price in Vernon Hills was $419,250 in November 2024, up 7.5% from last year, and the median price per square foot was $217.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $155.7K$171.2K
+10.0%
2 $210K$244.5K
+16.4%
3 $400K$425K
+6.3%
4 $577.4K$575K
-0.4%
5+ $897.5K$880K
-1.9%

Summary: Vernon Hills housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10%, 2 bedroom homes increased by 16.4%, 3 bedroom homes increased by 6.3%, 4 bedroom homes decreased by 0.4%, and 5+ bedroom homes decreased by 1.9%.

Median Sold Price Compared To Nearby Cities

Vernon Township
+12.0%
Lincolnshire
+7.6%
Vernon Hills
+7.5%
Mettawa
-36.3%

Housing Supply in Vernon Hills, IL

How many homes are available in Vernon Hills, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
8265-20.7%

Summary: The Vernon Hills real estate market had 65 homes for sale in November 2024, a 20.7% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 10
-100.0%
2 2615
-42.3%
3 2523
-8.0%
4 2421
-12.5%
5+ 66
0.0%

Summary: The Vernon Hills housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes decreased by 42.3%, 3 bedroom homes decreased by 8%, 4 bedroom homes decreased by 12.5%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
2923-20.7%

Asking Price vs. Sold Price

9 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

8 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Vernon Hills, you may be able to get a good deal. 39.1% of homes here sold below asking price last month.

Summary: A total of 23 homes were sold or pending in Vernon Hills in November 2024, down by 20.7% month-over-month. Of the 23 sold homes, 39% were sold under asking, 26% were sold at asking, and 35% were sold over asking.

Days on Market for Vernon Hills, IL

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

Average Sale Time

Nov 2023Nov 2024CHANGE
17 Days41 Days+133.5%

Summary: Homes in Vernon Hills had an average of 41 days on market in Nov 2024, up by 133.5% compared to last year.

Breakdown of Home Sale Times

16 Homes Were Sold
Under 30 Days

4 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 Hills are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 23 homes were sold in Vernon Hills; 70% of homes were sold within 30 days, 17% 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 20 Days Ago

Newest Listings in Vernon Hills, IL

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