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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Buffalo Grove, IL Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q3 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2021 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Buffalo Grove, IL Housing Market Trends

With 42,569 people, 15,982 houses or apartments, and a median cost of homes of $471,415, Buffalo Grove real estate is some of the most expensive in Illinois, although Buffalo Grove home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Buffalo Grove, accounting for 53.80% of the village's housing units. Other types of housing that are prevalent in Buffalo Grove include large apartment complexes or high rise apartments ( 25.97%), row houses and other attached homes ( 14.31%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.45%).

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 80.36% of Buffalo Grove's homes, and 61.36% 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 ( 15.96%). A lesser amount of the housing stock also hails from between 2000 and later ( 4.58%). There's also some housing in Buffalo Grove built before 1939 ( 1.25%).

Buffalo Grove Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Buffalo Grove, where house values have increased just 46.00%, which is annualized rate of 3.86%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

NeighborhoodScout's data show that during the latest twelve months, Buffalo Grove's appreciation rate, at 4.41%, has been at or slightly above the national average. In the latest quarter, Buffalo Grove's appreciation rate has been 3.94%, which annualizes to a rate of 16.70%.

Relative to Illinois, our data show that Buffalo Grove's latest annual appreciation rate is higher than 70% 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 2000, to assist you in making the best Buffalo Grove real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$471,415

Buffalo Grove, IL Home Prices
> $1,269,000
$952,001 - $1,269,000
$634,001 - $952,000
$507,001 - $634,000
$381,001 - $507,000
$254,001 - $381,000
$127,001 - $254,000
$63,001 - $127,000
$0 - $63,000
0.4%
0.4%
2.2%
2.2%
16.1%
16.1%
19.8%
19.8%
26.1%
26.1%
20.3%
20.3%
12.0%
12.0%
2.0%
2.0%
1.2%
1.2%
0% 100.0%
% of Homes
Very High

for Illinois

Very High

for nation

Number of Homes And Apartments:

15,982

Buffalo Grove Appreciation Rates

Rent & Ownership

Average Market Rent:

$3,101 / per month

Homeownership Rate

Owners
Renters
Vacant
80.4%
80.4%
19.6%
19.6%
3.1%
3.1%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
4.6%
4.6%
78.2%
78.2%
16.0%
16.0%
1.2%
1.2%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
53.8%
53.8%
14.3%
14.3%
5.5%
5.5%
26.0%
26.0%
0.5%
0.5%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.3%
1.3%
9.1%
9.1%
23.4%
23.4%
30.1%
30.1%
31.3%
31.3%
4.9%
4.9%
0% 100.0%
% of Homes