Buffalo Grove appreciation rates and housing market information
Buffalo Grove housing market information
With 41,687 people, 16,206 houses or apartments, and a median cost of homes of $293,408, Buffalo Grove house prices are not only among the most expensive in Illinois, Buffalo Grove real estate also is some of the most expensive in all of America.
Single-family detached homes are the single most common housing type in Buffalo Grove, accounting for 52.88% of the village's housing units. Other types of housing that are prevalent in Buffalo Grove include large apartment complexes or high rise apartments (26.23%), row houses and other attached homes (16.58%), and a few duplexes, homes converted to apartments or other small apartment buildings (4.31%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Buffalo Grove. Owner-occupied housing accounts for 83.45% of Buffalo Grove's homes, and 57.73% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Buffalo Grove built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Buffalo Grove built between 1940-1969 (15.52%). A lesser amount of the housing stock also hails from between 2000 and later (5.40%).
Buffalo Grove home appreciation rates
Real estate appreciation rates in Buffalo Grove's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 0.59% during the period.
Appreciation rates are so strong in Buffalo Grove that despite a nationwide downturn in the housing market, Buffalo Grove real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Buffalo Grove appreciation rates continue to be some of the highest in America, at 5.42%, which is higher than appreciation rates in 75.84% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Buffalo Grove. Buffalo Grove appreciation rates in the latest quarter were at 1.52%, which equates to an annual appreciation rate of 6.24%.
Relative to Illinois, our data show that Buffalo Grove's latest annual appreciation rate is higher than 80% of the other cities and towns in Illinois.
One very important thing to keep in mind is that these are average appreciation rates for the village. Individual neighborhoods within Buffalo Grove differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Buffalo Grove - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Buffalo Grove real estate investment or home purchase decisions.