Buffalo Grove Real Estate Market Update
The Buffalo Grove Real Estate Market continues to see good market conditions despite the low inventory. Single family home sales increased more than 12% and inventory decreased more than 58% in July.
Single family home market times decreased in July. Homes were on the market for an average of 17 days compared to 71 days last year at the same time, a 76.1% decrease. The average time a condo/townhome stayed on the market was 47 days compared to last year when it was 71 days, a decrease of 33.8%.
Single family home inventories in Buffalo Grove had a 1.3 month supply at the end of July, a 58.1% decrease compared to last year at this time when the months supply was 3.1 months. The supply of condos and townhomes decreased 55.3% in July with 2.1 months supply this year compared to last year when the months supply was 4.7 months.
Homes For Sale
At the end of July there were 62 single family homes for sale in Buffalo Grove, a decrease of 38% from last year when there were 100 homes for sale. The number of condos and townhomes for sale decreased 32.8% in July with 88 for sale this year compared to last year when there were 131 for sale.
July single family home new listings increased with 75 new listings compared to 68 last year at the same time, a 10.3% increase. Condo and townhome new listings decreased with 63 new listings compared to 84 last year at the same time, a 25% decrease.
Real Estate Closings
The number of single family home sales increased with 62 closings this July compared to 55 last year, a 12.7% increase. Condo and townhome closings increased 60.6% with 53 closings this July, compared to the same time last year when there were 33 closings.