Buffalo Grove, IL—60089
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Buffalo Grove, IL
As of Oct '25, the median home price in Buffalo Grove, IL is $428,000, with a year-over-year change of 4.7%. This indicates that home prices in Buffalo Grove, IL are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $428,000 | 4.7% |
| Single Family | $497,000 | 4.4% |
| Condos | $263,000 | 4.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $164,000 | 3.1% |
2 Bed | $276,000 | 4.9% |
3 Bed | $413,000 | 4.3% |
4 Bed | $553,000 | 3.4% |
| 5 Bed | $733,000 | 2.9% |
% of Housing Stock
Rental Trends — Buffalo Grove, IL
As of July '25, Rentcast reports the average rent in Buffalo Grove, IL is $3,010, with a year-over-year rent change of 22.9%. Per bedroom, the median rent as of July '25 in Buffalo Grove, IL is studios: $2,100, 1-bedrooms: $2,620, 2-bedrooms: $3,440, 3-bedrooms: $3,590, 4-bedrooms: $4,000. The most common rental property sizes in Buffalo Grove, IL are 2-bedroom and 3-bedroom, accounting for 40.4% and 25.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,850 | $3,010 |
| Studio Rent | $2,100 | $2,100 |
| 1 Bed Rent | $2,590 | $2,620 |
| 2 Bed Rent | $3,700 | $3,440 |
| 3 Bed Rent | $3,600 | $3,590 |
| 4 Bed Rent | $4,200 | $4,000 |
% of Rental Stock
Property Listings — Buffalo Grove, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Buffalo Grove, IL is 27. This is a decrease of -3.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 10.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $410,000 | 16.0% |
Listing Count | 104 | 5.0% |
| Listings as % of Homes | 0.4% | 5.0% |
Days on Market | 27 | -3.0% |
Demographics — Buffalo Grove, IL
As of the latest ACS Survey released in 2023, Buffalo Grove, IL has a population of 42,800, which has increased by 3.4% over the past 5 years. Buffalo Grove, IL is a moderately popular place for families, as children make up 24.7% of the population. The area has a highly educated workforce, with 66.7% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 28.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 42,800 | 3.4% |
% Under 18 | 24.7% | 9.3% |
% Seniors | 15.4% | 4.8% |
% WFH | 28.4% | 336.9% |
% w/ College Degree | 66.7% | 0.3% |
As of the latest ACS Survey released in 2023, Buffalo Grove, IL is a predominantly white area, with 58.6% of the population identifying as white. The white population has shrunk by 14.5% in the last 5 years. The second most common race or ethnicity in Buffalo Grove, IL is asian, making up 28.3% of the population. Foreign-born residents account for 36.7% of the population in Buffalo Grove, IL, and this percentage has increased by 8.6% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 58.6% | -14.5% |
% Black | 3.8% | 58.3% |
% Hispanic | 6.3% | 14.5% |
% Asian | 28.3% | 29.8% |
% Foreign Born | 36.7% | 8.6% |
Mortgage and Risk — Buffalo Grove, IL
According to HUD data as of 2023, there were 703 mortgage originations in Buffalo Grove, IL, of which 95.0% of loans were conventional mortgages. The average loan-to-value was 65.0%, with 20.0% above 90% LTV (very high). This implies large mortgage risk in Buffalo Grove, IL. Investor activity is low, as 2.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 703 |
% Conventional Loans | 95.0% |
% Government Loans | 5.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Buffalo Grove, IL
As of 2024, the percent of homes in Buffalo Grove, IL under the Section 8 program is 4.5%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Buffalo Grove, IL, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 178 |
Total Units Section 8 | 178 |
% Rentals under Section 8 | 4.5% |
% Occupied Section 8 | 86.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$350 | $2,590 | $2,240 |
| 2 Bedroom | -$1,170 | $3,700 | $2,530 |
| 3 Bedroom | -$350 | $3,600 | $3,250 |
| 4 Bedroom | -$380 | $4,200 | $3,820 |
Affordability — Buffalo Grove, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.8 |
| Median Home Price | $428,000 |
| Median Household Income | $130,000 |