Buffalo Grove, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Buffalo Grove, IL Real Estate Data

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 Q2 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Buffalo Grove Housing Market Information

With a population of 41,503, 16,094 total housing units (homes and apartments), and a median house value of $365,307, 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 51.64% of the village's housing units. Other types of housing that are prevalent in Buffalo Grove include large apartment complexes or high rise apartments ( 25.98%), row houses and other attached homes ( 17.67%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.71%).

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 78.89% of Buffalo Grove's homes, and 59.69% 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 ( 14.92%). A lesser amount of the housing stock also hails from between 2000 and later ( 5.26%). There's also some housing in Buffalo Grove built before 1939 ( 1.23%).

Buffalo Grove Home Appreciation Rates

Buffalo Grove's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Buffalo Grove during the period has been just -1.43%, which is lower than 80% of US communities.

Over the last year, Buffalo Grove appreciation rates have trailed the rest of the nation. In the last twelve months, Buffalo Grove's appreciation rate has been 3.60%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Buffalo Grove were at 2.05%, which equates to an annual appreciation rate of 8.46%.

Relative to Illinois, our data show that Buffalo Grove's latest annual appreciation rate is higher than 60% 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:
$365,307

Buffalo Grove, IL HOME PRICES

Value Range
> $1,142,000 0.9
$856,001 - $1,142,000 2.3
$571,001 - $856,000 10.7
$457,001 - $571,000 14.0
$342,001 - $457,000 22.8
$228,001 - $342,000 24.3
$114,001 - $228,000 19.2
$57,001 - $114,000 3.0
$0 - $57,000 2.7

Very High for IL
Very High for Nation

Value Relative to Nation Value Relative to State
11.7542010656362 7.0253164556962

Number Of Homes And Apartments:
16,094

Buffalo Grove Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2017 Q1 - 2017 Q2
Last 12 Months:
2016 Q2 - 2017 Q2
Last 2 Years:
2015 Q2 - 2017 Q2
Last 5 Years:
2012 Q2 - 2017 Q2
Last 10 Years:
2007 Q2 - 2017 Q2
Since 2000:
2000 Q1 - 2017 Q2
26.89% 1.37% 6 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,189 / per month

Homeownership Rate

Homeownership
Owners 78.89
Renters 21.11
Vacant 3.67

Housing Market Details

 

Age of Homes

AGE OF Buffalo Grove HOMES
2000 or Newer 5.3
1970 - 1999 78.6
1940 - 1969 14.9
1939 or Older 1.2

Types of Homes

TYPE OF Buffalo Grove HOMES
Single-Family 51.6
Townhomes 17.7
Small Apt. Buildings 4.7
Apt. Complexes 26.0
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Buffalo Grove HOMES
No Bedroom 1.30
1 Bedroom 9.91
2 Bedrooms 25.86
3 Bedrooms 30.22
4 Bedrooms 29.47
5 or more bedrooms 3.24